Can my current mortgage provider refuse to renew my mortgage with them?
My partner and I bought our house two years ago and the interest rate fixed is coming to an end in late December. The thing is that we got into a little trouble at the beginning of this year and got behind with our payments the mortgege, car finance and a few other direct debits, all arrears have been paid off, but our credit rating has been affected, especially the mine. Our mortgage provider is the Halifax and I worry that when we will renew them as a customer do not like us more. Help, please?? Can you tell us to find another lender?? I should add that first-time buyers and as £ 30,000 in our house so we had a large deposit of large and have a lot of equity in our house.
It depends on the wording of the mortgage. Usually, when the fixed rate period comes to an end that is automatically transferred to your standard variable interest rate. It is then up to you to try to negotiate a better deal, either with the same lender or another. With today's compression and damaged credit rating is likely to not find one.
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