When a Fixed Rate Mortgage Ends
If you have a mortgage then you could be on a fixed rate mortgage which is shortly about to come to an end. When your fixed rate deal ends, usually after 2, 3 or 5 years, then you will move onto a variable rate.
The variable rate will mean your monthly payments to your lender could increase. During your fixed rate mortgage you will be used to a set amount being repaid every month, which would change under the variable mortgage.
You can easily apply for another fixed rate, which could be an ideal solution as the Bank of England interest rates are expected to increase in the near future. This would mean your repayments to your mortgage would increase under a variable mortgage. We can help you at ER Network with your new fixed rate deal.
Self Employed Fixed Rate Mortgage Deals
There are some people we’ve recently been able to help where they have become self employed in the past two years and don’t have the necessary paperwork to obtain a mortgage. There is a variety of different techniques available where we can assist you in getting another mortgage.
If you are unable to get a new mortgage at present then it would mean once your fixed rate deal ends you’ll move onto a variable rate. At present the interest rate is 0.5% plus the mortgage fees. Your repayments could be lower than your fixed rate deal at present, however when interest rates increase your variable mortgage payments will be larger each month too.
If you would like to speak to a mortgage advisor about a new mortgage deal you can call ER Network on 0141 243 2475.