End of fixed rate

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Jodiei
Jodiei Posts: 1 Newbie
in Mortgages & endowments
Hi, wondering if you can give us some advise. We brought our house in 2017 with a fixed 5 year repayment mortgage unfortunately a year later i had meningitis. I was hospitalised for a few weeks and signed off work for nearly 5 months. In this time my partner and i fell behind on our credit card and loan payments. We are now on a debt repayment plan. We have never missed a mortgage repayment or a payment on our debt plan.
I am worried that we wont be able to find a better deal on our mortgage after the 5 years is up because of the debt plan. Any advise please?

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Little point in worrying until the time arrives. Your existing lender isn't going to penalise you.
  • dimbo61
    dimbo61 Posts: 13,716 Forumite
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    Just keep paying the bills each month and try to spend less than you earn each month.
    Use this website to save every single penny you can each month and build up your savings.
    When you come to near the end of the 5 years check on your lenders website for new deals for existing customers and sign up online.
    Good Luck and look after your health
  • TomCollier
    TomCollier Posts: 7 Forumite
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    Hi Jodiei,

    There a few lenders out there that will consider the DMP, there are a few other factors to consider, primarily the proximity of these missed payments but based on what you have given here it's perfectly reasonable that you will be able to secure a new rate that's chunk lower than your existing lenders SVR. These rates aren't as good as the highstreet but not bad! Depending on the lender you're with you may have the option to transfer to a new product without further underwriting which would be great.

    Hopefully this is useful, you're best time to engage a broker is around 6 months before you come tot he end of your 5 year fix.

    Cheers,
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,445 Forumite
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    The majority of lenders will offer you a new rate when your current rate ends without considering your credit history.

    If you let us know your current lender we should be able to confirm that you will get some new product options without question.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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