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Skipton Tracker mortgage killing me

droodleskins
droodleskins Posts: 56 Forumite
in Mortgages & endowments
hi,

i got a skipton US libor traker mortgage just over two years ago and since its done nothing but go up !

I'm tied into it til july 07, has anyone had any experience in changing their mortagage at this stage or have any advice as to the best approach ?

thanks,

Comments

  • tomstickland
    tomstickland Posts: 19,538 Forumite
    10,000 Posts Combo Breaker
    What are the redemption fees.
    Read Martin's article on the main site - even with redemeption fees you have the possibility of saving money in the longer term by moving.
    Happy chappy
  • ydarin
    ydarin Posts: 11 Forumite
    Part of the Furniture Combo Breaker
    Hi

    You are not the only one. I wonder how many more of us are in this situation.
    Have a look at my post under “Help with re-mortgage” signed ydarin.
    When I called skipton BS and suggested possibility of some sort of rearranging the mortgage, they were not interested at all. Have you contacted them?
    If I get any more information, I will forward them to you.

    Kind regards

    Y Darian
  • droodleskins
    droodleskins Posts: 56 Forumite
    well i called skipton and they were not that helpful and said i was tied in til 2008 not 7 !! didn't offer any alternatives.

    they are sending a redemption statement to me as well.
  • emmaHarris_2
    emmaHarris_2 Posts: 350 Forumite
    Are you with (or were with) the Skipton Building Society or a subsidiary of them? Why are they charging you LIBOR rate?
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    From memory, I believe it was the actual Building Society that did this and not any of their subsiduaries.

    There should have been caution to getting this product as you are relying on an foreign market.

    I guess that the first place to start is to look at how much it is going to cost you to get out of the product. You will then need to see what alternate products are available and the cost of that. From this information you should be able to gain a fair idea of whether you can either stop the rot or improve the situation.

    The product will be a variable rate product and may go down but with the US economy as it is, I understand why you are concerned.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • emmaHarris_2
    emmaHarris_2 Posts: 350 Forumite
    It's quite an old post but the facts as stated and the treatment certainly could be viewed as more sub prime than prime. Thanks Homer_J:)
This discussion has been closed.
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