Mortgage Express - Too good to be true?

OneDayCloser

Hello,

We are in the last 3 months of our current fixed rate deal (5.59%) and about to go to the SVR of 4.84%.

Mortgage Express have offered a new fixed rate of 4.29% for 2 years, available immediately, with no arrangement fees and no early redemption fees if we re-mortgage within the 2 years. In 2 years it goes to B.O.E. rate + 2.74%.

We were concerned this is too good to be true, considering we will save £240 per month, with no apparent charges.

Is this normal when you stay with your existing company?

Regards... O.D.C.

morg_monster

this smells a little of spam... but in case it isn't, off their website...

"
Mortgage Express and Public Ownership - Information for customers

Following the decision to take the mortgage assets of Bradford & Bingley Group into public ownership, Mortgage Express is currently closed to all new business. We will not accept new applications for mortgages, re-mortgages or further advances, and re-offers will no longer be made. From this point on, we may not necessarily be able to offer our customers a competitive new deal when they come to the end of their existing product term.
All mortgage offers that have been issued will be honoured, in line with the terms outlined in the specific conditions of each offer."

OneDayCloser

I read that on the website, however that's been there for months.

I'm awaiting the offer documents too check the fine print.

It was originally a GMAC-RFC policy that Mortgage Express took over.

feisty1

OneDayCloser wrote: »

Hello,

We are in the last 3 months of our current fixed rate deal (5.59%) and about to go to the SVR of 4.84%. Mortgage Express have offered a new fixed rate of 4.29% for 2 years, available immediately, with no arrangement fees and no early redemption fees if we re-mortgage within the 2 years. In 2 years it goes to B.O.E. rate + 2.74%. My wife is concerned this is too good to be true, considering we will save £240 per month, with no apparent charges. Is this normal when you stay with your existing company? Regards... O.D.C. /quote]

WHO OFFERED YOU THIS????

feisty1

OneDayCloser wrote: »

I'm awaiting the offer documents too check the fine print.


How many months exactly have you been waiting?

OneDayCloser

It was Mortgage Express, who currently look after my mortgage.

I called their "Alternative Rates Team".

Spoke to 3 different advisors (no problem getting through) and they all told me the same thing.

OneDayCloser

They were supposedly posted Thursday/Friday, so hopefully they will be on the mat when I get home.

illgetthere

i have been offered this too..

mummytofour

Fingers crossed for you! I am with them too. My rate ends in Nov and I hope that they are nice to me then. It sounds like a very good offer IMHO and to be fair when my last deal with them ran out the gave me another that was not that bad, I think I am on 6.59 signed in Nov 2007-Nov 2009.

illgetthere

i think its a deal that lets you decide whether you think low rates are here for a while, or whether the rate will hike up within 2 yrs. I was waiting for the recent rate decision to see whether a different product was available, but they havent decided on whether they are changing their svr yet AFAIK.

Rick62

I thought the standard ME BTL deal went to base plus about 1.95% after the initial incentive term. Are you sure the new offer is actually better than just staying on your original agreement?