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Mortgage advisor

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 DCAM
(@dcam)
Eminent Member
Joined: 8 months ago
Posts: 10
Topic starter  

Hello all, 

 

My mortgage advisor from slater Hogg called me there. My fixed rate is up in July and wanted to know if I was going back with them to sort out my next rate. I asked them to call back in June and we’d sort something. I’ve been in a trust deed since September last year. 

so really my question is what is going to happen in anyone’s experience from here? Am I going to end up on a variable rate? Will they give me another fixed rate? Or am I down the pan as such. 

any guidance appreciated. 

thank you

 


   
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 nm89
(@nm89)
Active Member
Joined: 8 months ago
Posts: 8
 

Hi DCAM,

The odds of an individual getting a new mortgage whilst subject to a Trust Deed are almost non-existent.

A few points to note:

1) You can approach your existing mortgage provider and request a new "mortgage deal". This will keep you on the same mortgage (with the same final payment date), however they can often offer a new fixed rate without the need for any income or credit checks. You may still wish to consider some sort of professional advice on whether a new fixed rate, or if the variable rate on offer may be better for you. 

2) In the event your monthly repayment increases, your new monthly repayment should be factored into your next income and expenditure review and could lead to a reduction in your monthly contribution.


   
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 DCAM
(@dcam)
Eminent Member
Joined: 8 months ago
Posts: 10
Topic starter  

@nm89 thanks for you reply. 

I’ve had a mortgage with the same bank for 4 years so I’m hoping it’s an easy process just to get back on to a fixed rate or whatever the plan is and they don’t look into my finances too much. I haven’t ever missed a payment so hopefully will go in my favour. 

cheers 


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

Some good advice from nm89 there.  Let us know how you get on would you DCAM?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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