Hi, I have a two year fixed term mortgage, which ends in October 2013. After this I will need to re-negotiate my mortgage. I currently have my mortgage with a sub-prime lender because I had a bad credit history. In October, I would like to change my lender and go with a high-street bank, which hopefully has a much lower interest rate.
The problem is I have just been offered a new job, which is on a one-year contract and ends in December 2013. The salary is higher and the job is more interesting. Would taking up a new job, which isnt permanent effect who I can re-negotiate my mortgage with?
Also, could anybody explain to me the process after a fixed term mortgage ends? i.e my mortgage was two year fixed. What happens after the two years? I know that I have to pay an arrangement fee if I go with a new lender, but is it really as easy as that to change lender.
Thank you all in advance.
The problem is I have just been offered a new job, which is on a one-year contract and ends in December 2013. The salary is higher and the job is more interesting. Would taking up a new job, which isnt permanent effect who I can re-negotiate my mortgage with?
Also, could anybody explain to me the process after a fixed term mortgage ends? i.e my mortgage was two year fixed. What happens after the two years? I know that I have to pay an arrangement fee if I go with a new lender, but is it really as easy as that to change lender.
Thank you all in advance.