Worried about my Mortgage

DilbertJones

My current deal (5.14%) expires tomorrow, I have been in contact with mortgage company (skipton) and on the 18th agreed to a 5 year fixed (5.89%) I fully expected the paperwork to be despatched second class so did not worry about not getting the forms for a while. I then re-contacted them on Saturday (27th) and was advised there is an issue and the person I originally spoke to would call me yesterday.

I never received a call yesterday and I called them around 5:30 only to be told the product was withdrawn on Thursday (25th) and the paperwork cannot now be re-sent out without talking to a senior member of staff possibly even a director.

As the product has been withdrawn unless Skipton know better, the rates are cetain to go up and I feel bitterly dissapointed in the situation as for a period of time in my mind my mortgage was something I didnt have to worry about for the next 5 years (untill both my kds are in school)

Do I have any leg to stand on with my current provider if they decide not to allow me on the old product? I am due a phone call around 12-1PM today so would like to have a clear view of what to expect.

Thanks for your time.

maninthestreet

You probably aren't going to be able to hold them to the original 5.89% offer, especially as you have no paperwork related to it. The financial markets are in absolute turmoil at the moment, mortgage offers can be withdrawn at the drop of the hat.

minimike2

New Skipton deals should come out tomorrow, roughly 0.25% higher than thier last product range. Still very good compared to a lot of others, but I would still at least try and push them for the other deal.

DilbertJones

bloomin idiots.....

Because they didnt sent the paperwork, I have to suffer and my Family at that matter, 0.25% extra is pretty small but still it will cost me an additional £10. Budget is a Budget at the end of the day and while i can afford that and more that is now and who's to know what will happen in 3 months or 3 years ????

DilbertJones

Received the call I was expecting,

Looks promising, they need the authority of two executives to agree to release the old product and as there was no reason why the forms were not produced originally then they should allow this through.

minimike2

What is your LTV?

New 5 Year Fix deals are:

5.89% £895 Fee 60% LTV
6.04% £895 Fee 75% LTV
6.64% £995 Fee 90% LTV

DilbertJones

LTV is a tricky one to answer.....

We took out a Mortgage based on less than 75% of the value of the property. 25% is owned by Festival housing on a no rent scheme, 25% re-payable only if I move/sell and maybe re-Mortgage and the amount is 25% of the current value at that time.

Current price around £125k
Debt to Skipton £71k
Debt to Festival Housing around £31250

What does that make my LTV???

EVERTON_2

Just coming to the end of my fixed rate with the Abbey i havnt got a clue bout mortgages my ex husband used to sort it all out, i have just been on phone to Abbey who said the can give me a mortgage at a rate of 6.39% fixed for 10 yrs. Can someone please help me and give me advice if this is a ok deal

latecomer

firstly I would post your question in a new thread rather than in here.

Secondly, it doesn't sound too bad to me but I've not been paying close attention to the current rates (we fixed for 5 years in Feb). You need to check out the fees , redemption penalties and use one of the mortgage comparison tools to see what else is on offer at the moment.

DilbertJones

paperwork came at last 5.69% (better then i was expecting) fixed for 5 years £895 fee added to the loan, £475 per month.

I am a happy bunny

teedy23

EVERTON wrote: »

Just coming to the end of my fixed rate with the Abbey i havnt got a clue bout mortgages my ex husband used to sort it all out, i have just been on phone to Abbey who said the can give me a mortgage at a rate of 6.39% fixed for 10 yrs. Can someone please help me and give me advice if this is a ok deal

I,m by no means an expert, but I think you should shop around a bit more. I dont think I would lock in for 10yrs either, a lot can happen in that time. I really dont have a clue either but you could do better.