In 12 months our halifax fixed rate is up- can anyone tell me what will happen ?

[fakeblonde]

Cheers

I think they will invoite you to come in and talk about what other products they have, and which would suit you. They may not have a fixed rate any more, but they might have one that tracks the base rate.

you will just go onto variable until you make a decision

you can see an independent financial advisor to see what the best deal is

12 months?? I don't think anyone will be able to tell you what will happen in 12 weeks never mind 12 months. I wouldn't worry about it just now - but a couple of months before it ends you will want to speak to Halifax about what they can offer and then go to other lenders to compare.

My bet is that Bank of England rates will be lower than they are now, but the inter-bank lending rate, which is what banks base their interest rates on, may well be higher. But it's just too early to tell. I'd start looking into it in about 6-9 months and it's worth speaking to a broker (such as London and Country) as well as looking into it yourself - some of the better rates aren't available through brokers.

And you can sign up to good rates in other banks several months before hand so that you don't need to go onto the SVR.
First Direct for instance
Be prepared, but god knows what's going to happen to the rates

No chance of predicting what rates will be in 12 months. Agree that you need to start looking into your options a good few months before your fixed rate period is up. Otherwise you might find yourself just shunted onto a variable rate and struggling for a couple of months while you sort a new deal out. Mark a date in your calendar to remind you.

Thanks everyone.

Be aware that fees for new deals are much higher than they were. We remaorgaged in April and had to pay abou £400 - I think the cheapest deal is now about £600, but if you want a good rate, many fees are in the £1500 region. We went to an IFA who was pretty helpful, but the first deal we went for was withdrawn from the market before we'd signed up. The one we got took about a month longer than predicted to set up, so we had to go onto SVR for a month which cost us about £100 extra in interest.

Agree with others though. What is happening now is no indication of how things could be in 12 months time.