Mortgage Express standard variable rate

Gavin_R

Does anyone know what the current SVR is for Mortgage Express? as I called them and they said it takes a week for someone to get back to you with it..

hayley833

I think its 4.59% ( from 1st March)- I believe the SVR is set by Bradford and Bingley as they own Mortgage Express.

donal_f

I have a 3 year buy to let mortgage with Mortgage Express which is expiring in October. So, I'm starting to consider my options.

Does anyone know if the SVR mentioned above also applies to Buy to Let mortgages?

The Mortgage Express website is very unhelpful. I will try calling ME tomorrow after the bank holiday.

theartfullodger

Mortgage Express is/was (it's part of Bradford & Bingley, now owned by us all..) largely buy2let...

I'm in the same boat... last I heard SVR was 4.75%.. f**k knows what the SVR & other rates in the market will be later this year or if Mortgage Express are going to change their rules on going from fixed-rate-period % to SVR% on not.

In other words, dunno, anyone who says they do know what the rate will be in, say, October may not be smoking tobacco but something else & I hope you enjoy playing poker...

Have a look also at..

http://www.moneysupermarket.com/community/forums/t/bampb-mortgage-express-what-now-25850.aspx?PageIndex=3

&

http://mortgage.ghead.co.uk/search/label/mortgage%20express

Cheers & Good luck!

Lodger

donal_f

Thanks. If I knew I could get an SVR that's below 5%, I'd be pretty happy to be honest. It would save me the costs of moving mortgage (including possibly a mortgage broker's fee), and I could sit it out until the Credit Crunch eases a bit?

donal_f

I have just dug out my mortgage offer and documentation. It says that I move to a PVR after my three year fixed rate expires in October.

At the time the PVR was 6.5% and the BoE Base Rate was 4.75% - therefore its Base Rate + 1.75%. So, if Base Rates remain unchanged, I think I would be on a 2.25% interest rate? Pretty sweet for a Buy to Let mortgage? :T

donal_f

I called Mortgage Express today and they confirmed that if base rates remain unchanged, I will go on an interest rate of 2.25% in October. I got through quickly and the guy I spoke to was quite helpful.

This is a nice little surprise as I was expecting Mortgage Express to be charging me a very high SVR. Thus, I was planning to remortgage to gett a better deal. So, not only do I not have to go through the cost and hassle of a remortgage over the next few months - I should be getting a very low interest rate!

theartfullodger

Don't want everyone to panic but, just read my free (? why are they wasting money again?) B2L magazine from ME, Spring '09.

Page 2 under "Waiving our early repayment charge"....

"
.. we may not be able to offer a competitive interest rate deal when your existing deal term ends."

Oooo eerrrr.......


Cheers & Best wishes to all, including those who don't agree with me..


Lodger

donal_f

I think this is pretty consistent with their other communications. They're trying to wind down their mortgage book by encouraging customers to go elsewhere?

However, if your product states you're getting a PVR based on off the BoE Base Rate as many of our products do once our fixed rates end. Then this could prove to be a very competitive rate - but one that they have no choice but to offer?

When I called B&B/Mortgage Express and clarified that based on BoE rates today I'll be paying 2.25% in October, the guy tried to tell me the same thing. He said they couldn't offer more competitve rates and that I should consider looking elsewhere! Where are you going to beat a 2.25% rate on a Buy to Let in this market?