Abbey offfering existing lenders "great deals". Good or not?

kjafc

Just had a letter from my lender the Abbey, offering to repay my early repayment charge and transfer me to a lower interest deal.

Not sure if this is worth doing, always a bit suspicious.

£150 k fixed rate mortgage at prsent but would love to reduce monthly cost. Tracker or fixed? Abbey or not? should I wait.

Much appreciate any help.

kj

Robert_Sterling_3

Not enough information given.

SunflowerMum

I received the same letter and have decided to sit and wait.

They are only offering to pay the early repayment charge. I got a quote for both a fixed rate and tracker mortgage which would work out about £100 per month cheaper than I currently pay. When I went onto a couple of money comparison websites I found that I can pick up a mortgage at least £200 per month cheaper on a shorter term.

So I suggest you do the same, call and get a quote from the Abbey (it costs nothing!) and then look around as i did and make your decision from there.

horizon

I too recieved one of these letters on Friday morning (6th march)

My fixed rate deal with them comes to an end in August. I haven't called them yet, but will.

They clearly sent this letter out before the latest rate reduction on the 5th March. So i'll give them a bit of time to drop their rates, and then see if the become competitive.

I will be looking to get myself a new 2 or 3 year fixed deal in the coming months.
There is surely no point in having a tracker mortgage ? From 0.5% the rate can only go up !?


Horizon

Mr_E_Man_2

Robert_Sterling wrote: »

Not enough information given.

What does it matter how much information is given? You just spout complete rubbish anyway.

uzubairu

Mr_E_Man wrote: »

What does it matter how much information is given? You just spout complete rubbish anyway.

Your comment doesn't help the OP.
I hope you've got it off your chest (whatever it is :rolleyes: )

I would have thought that you would need to consider a few more things when deciding tracker or fixed rate mortgage.

Current mortgage interest rate, LTV, job security, family planning etc.

Mr_E_Man_2

uzubairu wrote: »

Your comment doesn't help the OP.
I hope you've got it off your chest (whatever it is :rolleyes: )

I would have thought that you would need to consider a few more things when deciding tracker or fixed rate mortgage.

Current mortgage interest rate, LTV, job security, family planning etc.

It wasn't intended as help for the OP. Robert_Sterling encourages people to lie about their situation on mortgage applications. Don't trust him.