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Trial separation, what are my options?

Posted on 2 December 2012 by Jo Morris


Hello, my husband and I are having a trial separation but our mortgage is due for renewal in January 2013. I'm not living at the house and am reluctant to tie myself into another mortgage agreement in case things don't work out. Can we extend our current agreement or are there other options? Thanks.

Jo,

It is unlikely that your lender will be able to extend the current deal, so your main options would be to either:-

  • Move onto your lenders Standard Variable Rate (SVR), or
  • see if they have any new deals that don't have any penalties / tie-ins.

A lot would depend on how much longer your trial separation still has to go. If it's only a couple of months then moving to SVR is probably the easiest option, unless they penalty free rate is significantly lower, and doesn't have a high arrangement fee.

Once you have a better idea of the timescales involved, then please let me know and I'll arrange for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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