Apparantly my mortgage term has finished - Help reqd

skoda38

feisty1 wrote: »

For example?

The standard variable rate mortgage is available if you're a first-time buyer, moving to a new home or looking to move your mortgage to Britannia.
There are no early repayment charges.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON YOUR MORTGAGE
Standard Variable Rate

A variable rate, currently 4.99% for the term of the mortgage. The overall cost for comparison is 5.3% APR.

• No Arrangement Fee and No Administration Fee
• There are no early repayment charges

Mr._Nice

feisty1 wrote: »

For the 100th time........You cannot move onto another lender's standard variable rate.

Saying it a 1000 times doesn't make it always true. FD allow "direct entry" to their SVR as well as Britnania quoted above. There though it's not feeless, theres still an arrangement fee.

Gorgeous_George

SVR used to be normal before we went mad and had thousands of different deals available. Deals that were designed to make the choice more difficult than necessary and gave work to Mortgage Advisers and comparison websites.

A bit like the privatisation of the utility companies - without which there'd be no need for comparison websites. 'Work energy' that could have been spent doing something useful like making things to sell at home and abroad perhaps.

GG

ps I've told you a million times 'Don't exaggerate!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'

babyboo_3

Hi
I have a bit of a dilemma. Our fixed rate mortgage at 5.85% with Halifax ends next month. We went to see an adviser who informed us that the SVR next month is 4.5% which would reduce our payments by 100 quid (which we would put into savings with a view of making overpayments),, or the other option was another fixed rate mortgage of 4.79% but that would cost us 1200 which we would need to add to the mortgage making our payments 533 per month. I like the sound of staying on the SVR but is this risky if the rates shoot back up and then we wont be able to get as good a fixed rate deal..... hmmm decisions decisions...

Tinka21

Could I also add that The Mansfield Building Scoiety offer their SVR as a product to customers.

"Standard Variable Rate (MBR000)
Available exclusively direct from us for home purchase or remortgages i.e. mortgage transfers from another lender (Product Code MBR000)."

beecher

Rather disturbing that an adviser doesn't know about the SVR deals for non customers - even I knew that from previous posts on here!

To the OP, it depends on your LTV and how long you want to fix for. There are a lot of people sitting on the SVR waiting for good 5 year fixes with low fees. We might all be in for a shock if they don't appear, so it depends on how close you are to 75% LTV or 90% LTV, and your attitude to risk.

Have the Co-op offered you any new fixed rate deals?