How do I keep my home when my fixed rate ends?

Posted on 17 December 2012 by Michelle

Hi, My much younger partner left 2 years ago. Previously all properties were in my sole name until this last bungalow when I added him to the mortgage due to the amount required. There is currently £160,000 left and I pay interest only on a fixed rate until september 2013. When this rate ends, would I still on my own be able to continue to pay the mortgage at whatever the interest rate is at the time? I dont want to move as very happy here but know I could not get a mortgage now in my sole name due to my age (60). I am in full time employment and my ex partner wants nothing from the house. ~Where do I stand in keeping my home? Thank you, worried.


When you come to the end of the fixed rate next year, you will move onto the lenders standard variable rate. The lender won't re-underwrite the loan at that time, so all you will normally receive is a notifcation from them of what your new payment will be. You will therefore have two option, either to accept the new figure and stay with your current lender, or look to remortgage.

You mention that you wouldn't be able to remortgage because of your age (60), however this may not be the case. Also if you are on interest only, do you have a repayment vehicle to settle the loan at the end of the term ? If you don't, then now maybe a good time to also look at reassessing the repayment method.

As John Charcol, is an Independent, Whole of Market Broker we deal regularly with those lenders who still manually underwrite applications, and can therefore judge each on its merits.

If you'd like to talk in more detail about your options, then please let me know, and I'll arrange a convenient time for you to speak to one of our consultants.



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