help ubs incentive to redeem mortgage early

hipomad

my daughter has a mortgage with ubs its fixed rate for 3 years and had it for just over one. has received letter offering incentive to redeem early with no penalty (about £8,000.) and a cash refund of 5% ive never heard anything like this before it sounds dodgy to me, any help, info would be great.thanks:eek:

GL78

I too have received this offer, so I’m now v keen to get a more competitive mortgage and some cash back before the 31st Dec when their offer ends.
I have spoken to a few Banks/Building Societies in last 2 days in my re-mortgage hunt; some have never came across this kind of offer, but a guy at Halifax said that Northern Rock offered something similar before their down-fall last year. So hopefully it is genuine and not too-good-to-be-true as it initially seems.

Any further info would be greatly appreciated!

minimike2

Edeus first did this about 8 months back....UBS have followed suit.

TAKE THE DEAL if you are able to remortgage elsewhere.

Makes me wish I was with them!

opinions4u

It's a genuine deal.

They are struggling to get the funding for their mortgage book so helping you move elsewhere may stop them going under!

If you can get a decent remortgage deal elsewhere, take it!

Toughluck

As the 2 posts above have stated, if the equity is there and a re-mortgage can be done tell her to do it as she will bebefit from a lower mortgage amount for doing sod all!!!! New lending set up costs apply but it may well be worth it.

MarkyMarkD

Northern Rock did not do this, and if your chap at the Halifax said that they did, he is a muppet.

Toughluck

I'm confused!

dontknowwhattodo_3

I have also received a letter from UBS offering me 5% back and also they would not charge me the penalty for transferring mortgage - I have had my mortgage with them for just over 12 months and was on a fixed rate for 2 years - since receiving this letter I have tried to remortgage with Halifax and they said they had never heard of this before - they checked my details and came up with an offer of 63000 pounds to remortgage but need 86000 - because of my credit card debts of around 20,000 they could not help because my credit score is on the low side - don't know where to go now as I have tried a few telephone calls with mortgage advisers - one HSBC said they couldn't help and offered me nothing - can anybody else advise what is the best thing for me to do - I am feeling desperate now in case I lose everything.

My annual salary with overtime is 24,000

My present mortgage is 500 per month
my credit card debts are taking most of my money trying to pay off the minimum payments and that is why I am really struggling - I am now actually living off my credit cards not having any money left -

My house was valued at 110,000 12 months ago but is now only worth about 99,000 the mortgage outstanding at the moment is 91,000.

I am so desperate have even thought about going bankrupt but would have nowhere to go or know what consequences I would face with my job etc as I handle cash with my job and not sure if bankruptcy would affect that - I know this would be a last resort but just don't know what to do

Would really appreciate any advice on remortgaging with a low credit score - I have never been arrears with my mortgage payments and only had a few late payments on my credits cards - have no CCJs