Abbey early re-mortgage deal

cheetaz47

Quick we need some advise before the 20th March:

Currently our mortgage is with Abbey and the fixed rate ends in July/August, we pay £390 per month, there is a £700 repayment charge.

We have received a letter stating we can change to one of their new mortgages now and not incur any charges, we have phoned to enquire and the offers are as follows:

1. 2 year fixed rate at 4.49%, repayments are £331 pm with an early repayment fee for next time of 2%
2. 3 year variable tracker, currently 3.39%, repayments are £310 pm with an early repayment fee for next time of 3%
3. For both there is apperntly a £100 transfer fee and I will gripe at them over this if we go ahead

anyone got any advise, we dont really have chance to look into anything else and cant decide if this is a good or bad thing!!

thanks
Cheetaz

Robert_Sterling_3

The three year rate looks tasty and that would be my preference.
You are being let off a £700 fee and charged a £100 fee and yet you want to complain. Do'nt.

cheetaz47

well its not that, its the letter clearly states 'without incurring a charge' - to me that means no charges whatsoever, so is being mis-sold in my book

however I been asking people I know and look like we take the fixed deal, we have some other reasons to go with it to make sure we get a reasonable deal, my wife out of work in July, so a new mortgage in Aug maybe a struggle (probably not with the advisor we normally use, but in the current market, less chances the better

dimbo61

What happens to your existing mortgage at the end of your fix ?
does it go onto the abbeys SVR ( 4.69% ) and costs you nothing to do so ?
Abbey also have a 5 year fix at 3.99% which gives you long term security fee £999 LTV 60%
If you do take the 2 year fix overpay if you can to keep the same mortgage payment each month and reduce your debt/increase your equity !!!