imlach

So....discounted rate runs out soon, and looking to either remortgage or stay with existing lender if they offer me something attractive.

Obviously I don't expect the existing lender to offer me a competitive deal compared to moving to a new lender, but wondering if any of you had asked your existing lender for a new deal, and what sort of deals you got compared to remortgaging....

ie, if remortgage would get a 5% 3yr fixed rate for example, what did your current lender offer?? 5.5%?

Oh, and I'm currently with Std Life....

Peanuts

iTrader: (15)

Standard life are in all sorts of financial bother, do a search on tmesonline for details.

if they fold will they forclose your mortgage, or let you off as a debtor?

Scooby96

I doubt they'll let the debtor off!

Someone would take the debt over for sure

imlach

Hehe, no, you won't get your mortgage discharged just because the company goes under!!

To be honest, I'm not bothered about the financial health of Std Life....nt a factor at all. A mortgage is setup at the outset, and I'd never have to pay more than agreed.

blair

I'm not sure if Standard Life will negotiate on their standard products offered to the market.

Have a quick look on a broker website like charcolonline.co.uk and see whats the best fit for you there then give Standard Life a call and see what they can do

A lot of lenders will take the hassle out of moving by doing all the legal work, valuations etc for you, often for free depending on the deal.

fast bloke

Standard Life's best 2 year discount at the minute is 4.35%. - Three year discount 4.9% Tell them you want one of these deals. If they wont do it, Halifax, Abbey and A&L all have similar deals with no fees, and free legals

lightning101

What a dream come true that would be - Getting your mortgages all paid off if the company went under. Thats positive equity if I ever heard it.

Jolly Green Monster

iTrader: (4)

When my C&G mortgage came up for renewal / the offer ended they offered a better deal than anywhere else.. I think I found one place that could match it but I would have to pay the transfer charges.. I was shocked and signed up with them again with a big grin.

3.79% fixed.. for a year.. evidence that they expected the base rate to ride as 2years was 3.89 and 3 years 3.99 etc..

Previous it was the other way around.. longer the fixing the lower the rate.

JGM

Richard Simpson

I'm with C&G and they just switched me to a tracker..... 5.something percent...!

Time to give em a call!

Richard

davegtt

just taken a fixed rate for 2 years with northern rock @ 1.85% on a 90k loan. very quick and efficient. 4weeks in total, cost me £180 valuation fee and £260 admin fee. they paid solicitors fees etc and its all gone through hunky dory

imlach

1.85% for 2 years???? Surely not!!!

davegtt

aiii I promise you I searched for about 2 months for the best deal and I looked into everything. remember buying my house a while back, bl00dy estate agents tried their best to try and get me to take out a loan with "their" finacial advisors "advise" remember him saying ohh I can save u £100 a month on your morgage, I me saying yeah but it'll cost me the best part of 4k to cancel my current lender and set up the new 1 these advisors are cr@p

http://moneycentral.moneyextra.com/c...a128f4d6d587_0

found all the best deals here west bromwich building society was good too

fast bloke

Dave - Is this fixed for 2 years with a 5 year extended redemption at SVR (currently 5.99%)?

If interst rates go up you would be better having taken a 5 or 10 year fixed deal
If they stay low you would have be better to go for a short term discounted deal.


As it stands - this deal is only generally useful for someone who expects their income to increase dramatically over the next couple of years, as you have a short term fixed rate with a long redemption overhang, so you the only possible benefit you have is that the payments are cheap for two years. You would only normally opt for a fixed deal if you believe rates will go up. If you think this is the case are you not concerned about what the payments might get to for 5 years after the fixed period ends?

imlach

Yeah...it has to be 1.8% fixed with 5 year redemption - that would make sense, but no chance i'm going near one of them!

Tiggs

std life are fine and hardly on the verge of collapse!

davegtt

correct yes extended 5 year on the variable.

not too bothered tbh. I do expect the rates to go up. Id be silly not too, but Ive been stuck in a fixed rate of 7% for the last 3 years and for it to come down so much now its fine, and where are people predicting rates to be in 2-5 years time? if I knew now what I knew 4 years ago when I was looking at morgages I wouldnt have been paying over the top for so long. so in 2 years time if the base/variable rate is at 7% i'll only be paying what I have been doing for the last 4 years with no debt either thus being able to afford the payment and still better off each month than what I have been recently (if u follow that) different schemes suit different people. could have secured a fixed rate for 5 years yes but whats the point. saving so much more each month now anyhow so in 2-5 years time I'll have money to tide me over if need be

lightning101

You coulf take the 1.85% mortgage for two years and it allows overpayments up to 10% of the value of the house over any 12 month period. So therefore over 20% paid back in 2 years. Then default the mortgage by moving and pay them their tie in percentage of 2%.

fast bloke

erm lightning- the tie in for that one is 8% after 2 years.


Dave - have you already signed up to the deal?

imlach

A 5 yr redemption on a std rate is, IMHO, a bit silly in the current climate.
If rates WERE to climb to 10% (remember, they were 15% only 15 years ago) within the next 7 years, you are seriously fooked....

I'm gonna try and get a 3 or 5 yr fixed for now as I need some stability in my outgoings for the next few years.....if that costs me 5% or so, then fine. I'd rather know my outgoings for 5 years then sweat over where rates might be between 2006 & 2011 which is what happens with a 5 yr redemption (unless you pay the penalty clause of course).

lightning101

I just got 4.99% fixed for 5 years not long ago from northern rock with no tie-ins after initial 5 yrs. Is also flexible and is called the Together mortgage if thats any help. I agree - interest rates are bound to go up to curb spending and borrowing and over inflating property.

davegtt

and you know my state of affairs dont u? u know I cant afford to pay my morgage @ a cost of 10% around £960 a month? u know that off course dont u. u know what money I'll have owed to me in a couple of years, u know Im gonna be fooked.

jeez, your 1 seriously knowledgable guy

ProperCharlie

well if rates do get to 10% i will be seriously fooked as my mortgage will be a bit more than my current take home.

got a fixed rate until January 2008, so have to hope things have calmed down by then.