If you do nothing your fixed rate will automatically revert to the Chelsea's standard variable rate currently 5.79% (comparatively high). They do have new fixed rates solely for good existing customers, so your first step should be to ask them what THEY can offer you.(it might be too soon so you might have to leave it til Oct/Nov). You intimated you are on a low income so that might mean remortgaging could be difficult. However, once you have the new Chelsea 'offerings' then get professional advice from an Independent Mortgage Adviser who can assess the viability of getting something better elsewhere. Please be wary of amateur answers.My fixed rate mortgage ends in december with chelsea building soceity. any basic advice or steps to take?
Start looking for another bank that will finance you. How can a fixed rate mortgage end? Find some one to take the loan at a fixed rate now. don't wait. Try national city bank or go to a loan mortgagor. Now is the time before it ends. First option mortgage closes loans in 8 days. You can re-fi at a low rate like maybe 4.5? Go for it .
It sounds like you should check into refinancing. Call some lenders and explain your situation. They can tell you if they can help you. Interest rates are pretty low right now so you might be able to refinance and keep your payments about the same.
go see a independent financial advisor some are free some work on commission basis some charge a fee
they can advise you on the best option from a large range of banks and building societies rather then just the one source
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