Abbey National have no fixed rate?? HELPP

Poppy_Kennedy

Hi all...

our fixed rate runs out end of Jan so i am looking into a new deal.

Unfortunately i cannot get our LTV under 76% as no money to pay off mortgage at present.

All other mortgage lenders can only offer me: 6.99% which is loads

Abbey (my existing lender) cannot offer me anything other than their standard variable which is 5.44%

i dunno what to do really - they said to call back in a couple of weeks to see if they have any more offers, but even if they do, they can prob only offer me 6.99% interest rate.

maybe im best sticking to variable in the hope that it wont go up that much?

im a bit panic stricken and due to give birth in a week :mad:

thanks

TheGreatBear

SVR rates are looking quite attractive at the moment. It is likely, although not guranteed, that rates will continue to drop next year, which will help your monthly costs. Products above 75% are expensive at the moment and it may be worth waiting for the new year when lenders will have more of an appetitie to lend. Most lenders have filled their mortgage book for the year so are stepping out of the market, with regard to attractive rates. If you really want to switch Bank of ireland have a good fixed at 5.85% - 80% LTV - this is obviously subject to your current financial posistion.

hope it works out for you

udydudy

Poppy_Kennedy wrote: »

Hi all...

our fixed rate runs out end of Jan so i am looking into a new deal.

.......
Abbey (my existing lender) cannot offer me anything other than their standard variable which is 5.44%..........

maybe im best sticking to variable in the hope that it wont go up that much?
im a bit panic stricken and due to give birth in a week :mad:
thanks

I would think the best thing right now would be to allow the mortgage to go on to SVR which as you rightly said is 5.44%. At the moment the 3yr(25% LTV) is available at 5.29% which is only 0.15% below the SVR and the remaining 2yr & 5yr fixed ones require a high LTV.

Interest rate at worst may stay at the presnet levels and at best go down another 1%. I would expect as the credit crunch eases and banks lend to one another we would see more products on offer and relaxed lending criteria(though not like last year).

if you let the mortgage automatically go to SVR then there is no arrangement costs and there will be no penalties to move over when better products come in.

Poppy_Kennedy

thanks for your responses.

staying on teh SVR looks like my best bet - we wont be able to go on to this until our current fixed rate runs out - end of jan... hope it will have dropped again by then.

Would really have liked security of fixed as on mat leave, but cant be fussy i suppose.

really thought abbey could have offered something more for their existing customers

jayremoh

last week, abbey only offered me a poor fixed rate or the SVR, they said no trackers were available.