Switching Mortgage Advice

ricriley

Hi people,

I have just recently received a letter from Mortgage Express informing me that they wont be able to offer me a new rate at the end of my current term (fixed rate - Dec 09). It also stated in the letter that if we wanted to switch lenders early, they would waiver any charges that may of occurred.

In the past a mortgage adviser took care of this for me so I have a couple of questions for you.

• How do I go about switching mortgages?
• Is it worth paying extra for a fixed rate mortgage in the current economical climate?
• Does it make sense to my mortgage adviser or would I get a better deal 'going solo'?

Thanks in advance,
Ric

feisty1

Quote: Does it make sense to my mortgage adviser or would I get a better deal 'going solo'?
For the fact you are asking all these questions here I would suggest you see an adviser.Remember on here you only receive opinion, it is high risk to take mortgage, financial or legal "advice" on the internet
Many people sit on this site all day and answer questions, you don't know their qualifiations.....if you accept what they say and then it is wrong, you have no comeback

beecher

Have a look and see what rate you'd revert to in December if you did nothing. From other posts on here it sees like you might go onto an attractive rate which might be better than switching lenders. That might be why ME are keen to get rid of you

ricriley

Have a look and see what rate you'd revert to in December if you did nothing. From other posts on here it sees like you might go onto an attractive rate which might be better than switching lenders. That might be why ME are keen to get rid of you

Thank you for your replies.

I don't think I really understand Mortgage Express's situation.

The letter I recieved says:
"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"

Surely this means I have to switch lenders?
Though according to another post someone has been offered an excellent new fixed-rate deal with ME.

Could someone clear this up for me? I'm new to this.


Thanks alot
Ric

beecher

Have a look at your original documentation - it'll tell you what you'll revert to once your fixed rate comes to an end. You don't have to switch lenders - you'll go onto SVR/tracker - whatever it says on your original forms