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CBS Offering BTL fixed at 3.99 for 5 Years
pickles110564
Posts: 2,374 Forumite
Just recv a letter from CBS that quote says ' due to the recent BOE base rate reduction means that the .075%base rate tracker that your BTL would mature on Jan 1st 2009 would be 3.75%.
The BR is now the lowest since 1955 which means your base rate tracker gives you a great deal and your mortgage rate will follow any further cuts without any FLOOR on the product meaning that your monthly payment could reduce still further.
It goes on to say that I could fix at 3.99% for 5 years and they will not charge me a fee to transfer over.
Are they starting to get worried over how low the rates are likely to go?
Do you think I should snap their hands off and accept the fix and know what I will be paying for the next 5 years?
As usual I await your comments
Rgds
Pickles
The BR is now the lowest since 1955 which means your base rate tracker gives you a great deal and your mortgage rate will follow any further cuts without any FLOOR on the product meaning that your monthly payment could reduce still further.
It goes on to say that I could fix at 3.99% for 5 years and they will not charge me a fee to transfer over.
Are they starting to get worried over how low the rates are likely to go?
Do you think I should snap their hands off and accept the fix and know what I will be paying for the next 5 years?
As usual I await your comments
Rgds
Pickles
0
Comments
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pickles110564 wrote: »Just recv a letter from CBS that quote says ' due to the recent BOE base rate reduction means that the .075%base rate tracker that your BTL would mature on Jan 1st 2009 would be 3.75%.
The BR is now the lowest since 1955 which means your base rate tracker gives you a great deal and your mortgage rate will follow any further cuts without any FLOOR on the product meaning that your monthly payment could reduce still further.
It goes on to say that I could fix at 3.99% for 5 years and they will not charge me a fee to transfer over.
Are they starting to get worried over how low the rates are likely to go?
Do you think I should snap their hands off and accept the fix and know what I will be paying for the next 5 years?
As usual I await your comments
Rgds
Pickles
You don' have to ask do you? or are you just winding them up again?'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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I would fix, but be worried that the bank knew more than me.Freedom is not worth having if it does not include the freedom to make mistakes.0
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Lotus-eater wrote: »I would fix, but be worried that the bank knew more than me.
I am tempted to fix but the gambler inside me thinks that if they cut another 1.5% like !!!!!!? has been saying I rekon they might have to offer a fix even lower than this.
If then that did happen I could pass on some of the saving to my tenants.0 -
Thats an amazing deal. I was just looking at Nationwides rates for punters and they are still nearly 6% for fixed 2 years.0
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If it were me, I'd think about fixing. It might fall, but on average I'd think it would be higher than that over 5 years. But I'm quite risk-adverse....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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Lotus-eater wrote: »I would fix, but be worried that the bank knew more than me.
They wouldn't be in pickle they are in if they knew that much.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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I've got the same BoeBR +0.75%, but on a residential lifetime tracker not BTL.
They've not offered me any enticement to change yet. TBH they have probably written to you as your fix ends shortly.
Why not ask the question on the mortgage board?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I've got the same BoeBR +0.75%, but on a residential lifetime tracker not BTL.
They've not offered me any enticement to change yet. TBH they have probably written to you as your fix ends shortly.
Why not ask the question on the mortgage board?
Good idea, When i go to work tonight I will ask the question there as well, off for a nap now see u later.0
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