old spml.....and LIBOR rate ?

cardtrick

I have to stay with what was SPML for another 5 month's and they use LIBOR rate to track my mortgage. Well i'v just looked and the libor rate is 3.25% my mortgage tracks @ 3.25% above this rate = 6.5% that's better than the fixed rate i had for the first two years, or will spml hit me something else...... we will see....

Tiddler_2

Where have you picked the 3.25% rate from?

SPML & Preferred's mortgages are administered by Capstone Mortgage Services and the LIBOR charged from 1st Dec is 3.91%, as stated here

http://www.capstonemortgageservices.co.uk/capstone/sitedocs/libor.aspx

cardtrick

http://www.google.com/hostednews/ukpress/article/ALeqM5jWRdHKleSrQi9B-OdlIsSy9hFL5g it says 3.25% here....but i'll take 3.91%...

Tiddler_2

The LIBOR is 3.25% today, but SPML set customers rates for the next 3 months based on the rates on 1st of the month.

Sammy_Girl

Hi,

My mortgage is with SPML and my fixed rate ends in March, currently 6.34%. I called them up to enquire what would happen at the end of the term - i.e the % it tracks above the Libor, only to be told that with my mortgage, it will track the BoE base rate at 2.49%.

In the current climate, this would bring my rate to 4.49% which would make me very happy indeed. I did clarify this with the chap on the phone as I was under the impression that SPML tracked the Libor rate. But the chap told me that because my account was passed on by Alliance & Leicester, then I would be tracking the base rate.

I think I need to get my original documents out to check!!

In the short term it looks good news as it seems unlikely that I'd be able to remortgage with another lender due to LTV. Long term.....