end of fixed rate mortgage question?

When your fixed rate ends you will automatically transfer to their standard variable rate (SVR). This is likely to be one of the better rates available, because the Bank of England interest rate is so low - 0.5%. The only thing that will change is the interest rate, and depending on what your fixed rate was it will probably go down, so your repayment will go down as well. But because the rate is variable, it could go up at any time.

The word "deposit" is often misunderstood in relation to mortgages. When you take out a mortgage the lender will not (any more) give you the full value of the property. Currently they will expect you to put in about 25%, and people call this a "deposit".

If you don't like the SVR you end up on you may be able to remortgage, with RBS or another lender. They will value your house, and assuming your mortgage is not more than about 75% of the value, you will be able to borrow the money (subject to credit checks etc).

No, you will not have to pay your deposit again, you will simply roll onto their standard variable or a reversionary rate linked to bank base rate. If you have bad credit now, you can contact RBS to see if they will offer you a new fixed rate if that is what you prefer or you will simply have to stay on their standard variable rate – no bad thing for the time being. Try and repair your credit profile as quickly as possible so that when rates start to rise you are in a better position to obtain a fixed rate.

Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk/

whilst you're on a fastened fee i do no longer see how that would expire. If it is going to become an ARM beware. The sky must be the shrink. I had one that accompanied expenditures that banks cost one yet another. They mentioned that it may in no way circulate over 3/8 at a time. What they did no longer tell me grew to become into it did no longer count if the costs went up or down. Mine could bypass up yet no greater effective than 3/8 at a time. I had it executed over with our credit at a fastened fee. grew to become into very happy with it till finally i ultimately paid it off. lots of them are actually doing renegotiating of the loans. in case you have a credit union get it with them. The expenditures could sound greater, whether it relatively is ordinary pastime. merely like identifying to purchase a automobile. Ask what would be paid in on the top of the non-public loan. Even thought the credit union has a some distance better pastime fee it will be decrease on the top of the non-public loan with the aid of way they charfe pastime.

As above really, and also if you want to take out a new product, there is a product fee involved is well.