Current Lender Not Allowing Me To Transfer To Lower Interest Rate

pixiepie99

scotsman4th wrote: »

Get another provider, pay the exit fees, get over it. Surely you wont complain about it and then stay with them?
Redemption penalties are to protect the banks. They give you a fixed interest rate, if they drop you'd leave so they have them to protect themselves against this.

What a nation of whingers we've become.

Well said.

ben_and_elly

scotsman4th wrote: »

Get another provider, pay the exit fees, get over it. Surely you wont complain about it and then stay with them?
Redemption penalties are to protect the banks. They give you a fixed interest rate, if they drop you'd leave so they have them to protect themselves against this.

What a nation of whingers we've become.

Yes, I did complain and yes, I have to stay with current lender. Do you really think that I would have been so cross if I had the money to move to another lender?!I could just about swallow the redemption penalty and the £299 fee to change to new rate with current lender.

If money was no option, I would have paid the redemption penalty and then the extra £997 fee to transfer to a new lender's rate, oh, and the valuation fees, oh and the legal fees! As it happens, I can;t afford to do that, so have no choice but to stay where I am and "whinge!"

feisty1

Why didn't you take a tracker mortgage if u wanted to benefit from any reduction in rates, posssibly because you didn't want to take the risk & you wanted stability of payments...........

ben_and_elly

feisty1 wrote: »

Why didn't you take a tracker mortgage if u wanted to benefit from any reduction in rates, posssibly because you didn't want to take the risk & you wanted stability of payments...........

Because at the time, it was recommended to go fixed rate. I am not all that clued up(as you can probably tell!)on it all and didn;t really think rates could fall as low as they have.

You live and learn I suppose.

Rolandtheroadie

I always take a 5 year fixed rate. I take it out because I'm willing to pay that amount for that term. It is what i budget for. If interest rates go up, i feel good. If they go down, I say to myself yes they are lower, but I was always comfortable with my payments anyway.
The entire MSE boards these days are all about getting out of things, getting off with things. Yes if you've been wronged thats fine but when we have made decisions of our own free will whether it be a fixed rate mortgage, speeding, parking somewhere we shouldnt, there comes a time when we should all be held accountable for our own actions.

ben_and_elly

scotsman4th wrote: »

I always take a 5 year fixed rate. I take it out because I'm willing to pay that amount for that term. It is what i budget for. If interest rates go up, i feel good. If they go down, I say to myself yes they are lower, but I was always comfortable with my payments anyway.
The entire MSE boards these days are all about getting out of things, getting off with things. Yes if you've been wronged thats fine but when we have made decisions of our own free will whether it be a fixed rate mortgage, speeding, parking somewhere we shouldnt, there comes a time when we should all be held accountable for our own actions.

I do agree with you and yes, if rates went up I would have felt good and for a time, when they went down I was like, that's fine, that was a possiblity. I think it just didn;t help when, as I said before, other bills go up and then you realise how much your mortgage would reduce etc. etc. And hey, don;t get me started on parking fines!!

I feel much better for having had a "vent" but hope I haven't annoyed too many people!:o

feisty1

ben_and_elly wrote: »

Because at the time, it was recommended to go fixed rate. I am not all that clued up(as you can probably tell!)on it all and didn;t really think rates could fall as low as they have. You live and learn I suppose.

Yes but have you considered the position u'd be in again when the rates start rising, this will happen thru the lifetime of yr mortgage, rates will go up and down, some people on here remember when rates went to 15% at last recession, yr view is very narrow, look historically, u have the peace of mind knowing what yr payments will be for the next few yrs..............

Rolandtheroadie

When my parents bought their house, they signed up to a 9.5% 10 year fixed rate as they had seen 15% rates. In 1999, rates were 5.5% but they were still on 9.5%. Luckily their mortgage was buttons.

ben_and_elly

scotsman4th wrote: »

When my parents bought their house, they signed up to a 9.5% 10 year fixed rate as they had seen 15% rates. In 1999, rates were 5.5% but they were still on 9.5%. Luckily their mortgage was buttons.

Those rates are scary!

Blunty

ben_and_elly wrote: »

Those rates are scary!

And quite possible here in the UK within a year or two.

Think carefully if you do manage to jump to an SVR with A N Other Lender. Lenders are restricting the availability of Fixed Rates already, suggesting they are worried about the future. Nationwide have withdrawn their 10 year fix, for example. Now, why would they do that?