Abbey Mortgage Offer - Existing customer

pilch23

My fixed mortgage rate finishes in August and I can put a new deal in place upto 4 months in advance.

I have to stay with Abbey and have no option to change, I have been offered the following:-

1 Year Fixed 4.9% Fee £724
2 Year Fixed 3.99% Fee £524
3 Year Fixed 4.49% Fee £125
5 Year Fixed 4.99% Fee £125
7 Year Fixed 5.29% Fee £125

All above are less than current at 5.54%

Job is secure, but if job went anyway, house would go also.

Do I wait to see if drop further? I am warming to 5 year as I firmly believe rates will increase in the future.

Thoughts/comments please

spat08

hi, can i ask on what LTV this is?

we have about 88% and have been offered 5.49% fr 5 years so urs sounds very good. But, depends on what your LTV is..

System

hmm interesting, none of those deals are listed on their site

riles

Yes, could we have your LTV please?

Everytime I see one of these Abbey threads I cross my fingers that little bit tighter that A&L will follow suit before I need to remortgage in June (same parent company, natch), and that they aren't considering the LTV (Ridiculous hope? Of course, but hey). I have negative equity and while the SVR is the same as my current fix, I'd pay a little more to not see my payments go up in the future, as they ain't going down...

The OP saying that they can't move is leading me to think that they have a LTV at least in the 90s, maybe higher.

spat08

Yeah, when i read the OP i read it thinking they must have high LTV but then the rates seem to good for a high LTV...

if they are for 90% or above, then the rates i was pleased with from the abbey dont seem quite as good..

beecher

Yeah riles, I was thinking the same - must be a high LTV. If so I'd grab that 5 year deal and be really thankful!

flyingfemme_2

We've been offered a swap with Abbey - no penalties, choose either fix or tracker.
The paperwork they sent said that the tracker rate changed "at the same time" as the BOE base but they actually change rates on the 3rd of the following month. They have tried to fob me off with excuses but can't explain the difference and can't seem to understand why I don't want to sign something they have already told me is untrue.........how can a major financial institution be so stupid and so slapdash?
If I told them I agreed to pay each month and then said that "it doesn't actually work like that" I'm sure they would repossess!

pilch23

My mortgage is 125k left on a purchase of 195k but the builder lent the other 30% on the purchase and has to be paid within 15 years.

The current value would be circa. 170k, luckily the builder takes 30% of any loss should i choose to sell.

space_rider

I think I would go for the 5 year fix too. I went for a 5 year tracker in December that was agreed in Sept due to it being a nearly new house and falling property value.

WaveyDave_2

just arranged a new fix through Abbey (exisiting customer).

They offered me

4.99% over 5 years with a £624 fee
5.29% over 7 years with a £125 fee

I took the 5 year fixed, reasonably pleased with it tbh!

System

All these posts mean nothing without the LTV specified.