Mortgage Express PVR

pennies_from_Heaven · 10 March 2009 at 7:50PM

Hi there everyone!
Just wondered if someone could give me any help regarding Mortgage Express PVR??

We have a self cert mortgage with ME, which has a fixed rate of 5.39%, due to end in Jan 2010.

After the letter reagarding early exit without fees on fixed rate deals, I dug out the paperwork to see what the rate would revert to - and instead of Standard variable rate (which I've seen others refer to on here!) my mortgage will revert to PVR - product variable rate.

We have tried calling on numerous occasions without any luck getting through - does anyone know what the pvr is currently on the self cert mortgage with them, so we have an idea what we might go to once the fixed rate ends!

Thanks

theartfullodger · 30 March 2009 at 10:27AM

It says here...
http://www.moneysupermarket.com/community/forums/t/mortgage-express-svr-29895.aspx

That ....
"
My mortgage reverts to the product variable rate (PVR) when it expires not the SVR. The PVR is essentially a tracker at base rate + 1.75%, so I may well save a bit

"

I'm waiting to see if the UK Government (who now own it..) change the rules ... which they might decide to (as they pass the laws they can pretty much do wot-they-want..)

Cheers! (In same boat, but mine dated Sept '09)

Lodger

Tiglet · 19 April 2009 at 11:57AM

I have a fixed rate BTL mortgage with Mortgage Express that's due to end shortly.

I've checked the mortgage offer, and it says that it will revert to the "Buy-to-Let Variable Rate". It doesn't mention either a PVR or an SVR as such.

Can anybody tell me whether this rate is the same as a PVR or, if not, what the current rate is. Thanks.

theartfullodger · 20 April 2009 at 9:36AM

Don't want everyone to panic but, just read my free (? why are they wasting money again?) B2L magazine from ME, Spring '09.

Page 2 under "Waiving our early repayment charge"....

"
.. we may not be able to offer a competitive interest rate deal when your existing deal term ends."

Oooo eerrrr.......

Cheers & Best wishes to all, including those who don't agree with me..

Lodger

Tiglet · 21 April 2009 at 9:30AM

I've just checked with Mortgage Express and they said that the BTL Variable Rate is the same as a PVR i.e. base rate +1.75%

mummytofour · 29 April 2009 at 9:50PM

Ok so my rate ends in Nov. IIRC ME allow you to get out of you deal 3 months early. Can anybody tell me if I can get out of my fixed rate early and onto the PRV which is what it should revert to at the end of the term. I would soooo love to pay 2.25% opposed to the 6.59% I am paying!

Tiglet · 29 April 2009 at 9:58PM

I don't know whether it's the same for everybody but the deal they offered me was that they would waive the early repayment fee up to the end of June. That would mean that you can switch to a mortgage with a different lender without being penalised. I haven't heard of them letting people cancel their fixed-rate deals early.

Lennylegs · 24 October 2009 at 7:58AM

http://mxdev.net-imps.com/pdf/usp%20flyer.pdf

Hi the above link might help people coming off Mortage express rates onto various PVR's (we have a mortgage with them and were interested to know the answer as our fixed rate of 6.59% ends in Jan '10 too)

Basically:
Self-cert - BOE + 2%
Max 130 - BOE + 1.8%
Buy to let - BOE + 1.75%

I'm guessing if you had a 'standard' mortgage with them it will be the SVR? Not sure though.

Hope that helps.
Lennylegs

mummytofour · 24 October 2009 at 7:43PM

Im not sure now.. I think mine is product variable rate but not sure. I was with Gmac ( self cert), and they sold my mortgage to ME 3 and a half years ago. Since then I have taken out a fixed deal with ME which was at 6.59, this ends in Nov. Can anybody confim if I am on PVR?

Doh! I see that both rates are the same, or is that only for BTL?

So are ppl really paying 2.5% with ME? I did ask them a couple of months ago and they said the rate was 4something. But to be honest I am never sure with ME if all the staff know what they are talking about...

Many thanks

Lennylegs · 5 December 2009 at 4:55PM

Hiya,
Just to let those of you who may be interested know, my new mortgage payment came out this month* and it was BOE + 2% (ie 2.5%).:j Mine is definately a Mortgage Express Self Cert Mortgage. Fingers crossed everyone else is lucky too.
Extra fingers crossed that the base rate doesn't go over 4.5% in the next couple of years as am really making progress with paying off debt.
Lennylegs

*we thought the new monthly repayment would be w.e.f 03/02/10 payment but I think we got that a bit wrong due to the wording of the mortgage offer/end of our last fix so new payment was from 03/12/09. Mortgage Express haven't written to us to let us know what our new payment is, although we do live in a flat and one of the other flats is empty with post piling up....every chance that it could be there!

Mortgage Express PVR

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