Slightly off topic - and also a bit early to be worrying..

What is likely to happen when my fixed rate ends with Santander?
I think I still have at least 5 yrs left on it if I remember correctly.
Will they offer me another fixed rate or am I likely to be stuck on a variable with them for the remainder of the term?
Anyone had a similar situation that can offer any insight?

Hi JintyMcSkinty.

That's just a commercial decision that they'll make when the time comes.

Some lenders offer replacement products, others don't and move their customers onto a standard variable rate. There have been lenders that sometimes offer replacement products and sometimes don't.

My partner has just received a new deal on another fixed rate with the Halifax. Her earnings have dropped since she got her mortgage a couple of years ago and was told as long as she wasn't looking for more money they could offer her a new deal. They told her at the time, however, that new regulations coming in next year would mean that the whole new application/credit scoring would have to be done once this new fixed term deal was finished. So, it's likely she would then be on a variable rate for the remainder of the mortgage unless her circumstances changed for the better before then and she would qualify for a new mortgage.

Ach well, just need to wait and see.

The irony is, if I was still on the variable I might never have been insolvent as I took up my fixed rate way before the reccession and the interest rate crash.
In fact if my house hadn't went down in value by as much, I could have refinanced all my debts into a new mortgage and the payment would have only have been slightly higher as it is today! But I was knocked back for than and the rest is, as they say, history.

Hi Mark that is encouraging news[:)]

Did he name lenders by any chance?

Do you mean products to allow equity to be released or do you mean post trust deed?

Paul

Hi Paul

From my discussions, it seems that it may be once the trust deed payments have finished but not been discharged.

I'm going to speak further with him today and hopefully get some more info.

Mark

hi mark came out of a trusted earlier this year can you give any more information regarding
mortgages and who is providing them

Hi Jackie1803.

We tread a fine line on directing people towards certain mortgage lenders or products. Mortgage advice is a regulated area for which none of the experts here are authorised to provide advice.

It's always best to approach a broker if you want to find out your mortgage possibilities. They have access to software that matches your needs and circumstances to applicable mortgage products. They also have access to lenders that you may not have heard of or which you cannot directly apply to (without a broker). These are the types of lenders that are more likely to consider applications from people with less than perfect credit histories.

hi it was regarding Marks meeting with a IFA to see which companies are potentially providing mortgages next
year

Hi Jackie

I'm not sure, but I have another meeting (coffee!) and will get more details.

Generally he thought there was an easing on lending. maybe logic in lending will prevail!

Mark

I think given the size of the sub prime market previously as soon as one company starts lending to those with a chequered past, they will all be at it, although 125% mortgages and self employed certifying their earnings as high as they like will be long gone.

Bigger deposit=bigger choice of products.

Paul

Hi Paul

I think you are right. The bigger the deposit, the smaller the exposure to re lender, although as history tells us, their criteria for lending will reduce as the market becomes more confident.

I see they are still peddling the myth that there are not enough properties on the market to deal with the demand!

Mark

It was a relatively short-term market though Paul.

Investment banks wanted to sell packages of mortgage debt. The more mortgage business they could write the more of these packages they could sell. The risk wasn't generally theirs - they passed that on to the purchasers.

We all know what happened next!

As Mark says there may be some easing of the market over time, but probably towards a risk-pricing model rather than what happened before. Mortgages may become more available to people with less than perfect credit histories but I think they're likely to be asked to pay a much higher price than before which reflects the lenders perception of the risks involved.