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Switching fixed rates with same provider

PeteHi
PeteHi Posts: 181 Forumite
in Mortgages & endowments
Say you were fixed into a 6% fix and your mortgage provider has a new 3% fix, do you think you could swap without being charged an ERC?

i.e. just pay the associated fees?

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    No, you would have to pay the ERCs.
  • PeteHi
    PeteHi Posts: 181 Forumite
    _Andy_ wrote: »
    No, you would have to pay the ERCs.

    cheers, thought as much :p
  • Foyzone
    Foyzone Posts: 110 Forumite
    They may not even give you a new deal...mine refused!!
  • Rick62
    Rick62 Posts: 989 Forumite
    Most lenders are not allowing borrowers to switch even with paying the ERC fees.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • koexelek
    koexelek Posts: 7,847 Forumite
    and most new fixed are priced in a way that it would not be worth you paying the ERP on your curent fixed rate anyway, as this would be greater than any potential saving you would make.
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • funkylala
    funkylala Posts: 61 Forumite
    Foyzone wrote: »
    They may not even give you a new deal...mine refused!!
    I've just spoken to mine which is a fixed rate of 7% untril 2010 and he suggested putting my reasons in writing to their customer services. Any ideas apart from saying "because I don't want to pay as much" :D
  • koexelek
    koexelek Posts: 7,847 Forumite
    funkylala wrote: »
    I've just spoken to mine which is a fixed rate of 7% untril 2010 and he suggested putting my reasons in writing to their customer services. Any ideas apart from saying "because I don't want to pay as much" :D

    Tell a story of great personal hardship and mention that they should be " treating customers fairly";)
    I am a Mortgage adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • funkylala
    funkylala Posts: 61 Forumite
    You fancy my chances then? :rotfl:
This discussion has been closed.
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