Mortgage Express - Too good to be true?

illgetthere

current svr is 4.84%, not including any decisions yet on january's rate cut. Its a negligable change so it depends on whether you want the fixed element. i dont think there will be any more cuts from MExpress...

mummytofour

illgetthere wrote: »

current svr is 4.84%, not including any decisions yet on january's rate cut. Its a negligable change so it depends on whether you want the fixed element. i dont think there will be any more cuts from MExpress...

Why dont you think there will be any more cuts?

Mike1999

It's definitely all true and I've seen this story on mortgages for business, timesonline, mortgage solutions and now here so I don't think it's too good to be true!

payless

mike - thats about an different issue for which there is another thread offer ..( http://forums.moneysavingexpert.com/showthread.html?t=1415009 ) . in fact the no erc issue and reasons behind it would bring into question why they would be offering OP a new deal

luckyfool

payless wrote: »

mike - thats about an different issue for which there is another thread offer ..( http://forums.moneysavingexpert.com/showthread.html?t=1415009 ) . in fact the no erc issue and reasons behind it would bring into question why they would be offering OP a new deal

Payless - it might be because he could have a competitive reversionary rate. i.e. if he reverts to a tracker deal at 1.95% above base that would give a current rate of 3.45%, and as such it might make sense for Mortgage Express to try to get clients fitting that profile onto a fixed deal to limit their exposure to even lower rates.

illgetthere

mummytofour- they seem really reluctant to discuss rates, always fobbing me off over the phone saying that they wont give any info regarding the recent base rate cut. I dont think they have much leverage on their books.
also, as they are not obliged to pass anything onto svr customers, i think they will use this opportunity to hold the rate..

koexelek

The problem they have, is that a lot of their buy to let cases are now unremortgagable, due to falling house prices which have affected the loan to value

Dave_Rowtree

Yep Mortgage Express are trying to get rid of liabilities or something, this is a great deal if you are with them. Effectively this is an amnesty to allow Mortgage Express borrowers (both residential and Buy To Let) to re-finanace away at no exit cost. They were talking about this on a buy to let blog yesterday

owner

I wonder if they will start to offer a discount to anyone wanting to redeem their mortgage like Oakwood and a few others did, now that would be better news.

grb1975

Hi all....
Need a bit of advice. I have a mortgage with ME on a fixed rate until August 2010 at 5.99%. Couple of years ago i changed to an interest only mortgage as my job wasn't exactly safe. I am still on interest only and am £200 (two hundred) in arrears.
They sent me a letter this morning about paying my mortgage off early and that they will be offering no new mortgages.
Thing is, i want to pay off the arrears and change back to a repayment mortgage. Will they allow me to do this? And also, when my mortgage does come up for renewal, what options do i have? As i think with my credit history i would struggle to get a mortgage elsewhere.

Any help would be very grateful. As i am very worried.