Abbey Mortgage Offer - Existing customer

SarBear1980

Have you tried Abbey Direct? Sometimes they have different rates I believe.

gooday

What do you mean Abbey direct? I phoned Abbey direct not a broker.

Sponge

My 0.16% below base rate deal ends in October (reverts to SVR @ 4.24%) so this afternoon I called Abbey to see what they could offer me. I didn't confirm what LTV figure they were using, but I guess it's in the region of 75%.

Tracker
3yrs @ 3.49% above base rate.
£100 fee

Fixed
2yrs @ 4.49%
£100 fee

Apparently, the tracker offered is the one and only one on the table. (I was interested in a 2yr tracker, but not really a 3yr.) However, I think there may be other fixed rates available to me as she said it was the 'best value' one. I didn't ask about the others. I think I'll call back tomorrow to see what exactly is available.

I believe Natwest have a 2yr fix @ 3.99%, but when you take into account their £799 fee and the exit fee to the Abbey (not sure what this is off the top of my head), I'm not sure the saving is worth the hassle of switching mortgage provider, e.g. valuations, solicitors, paperwork, etc.

Edit: I've just called the Abbey and asked about what LTV figure the were using - he couldn't tell me. He said they don't use it, well, they do, but in conjunction with a whole load of other information. Bottom line, he couldn't provide me with a number.

I've asked for the paperwork on the 2yr fix @ 4.49% as it guarantees me that deal for 14 days (time to sign and return paperwork). I guess my dilemma is now whether to take it, or hope something better is on offer over the next 6 weeks or so. (Agent said the deals change daily.)

smileycaz2005

Hi - I was just about to post my situation on here and see what people thought - but in checking my facts with the Abbey it seems I'm in a more dire situation than I'd imagined

I too bought in Nov 2007, My current mortgage balance is £185000 (split into 2 deals: £101000 to end Nov 2009, £83000 to end July 2010) I initially was looking at whether to allow the £101000 to go to the SVR until July or whether to fix as I'm unlikely to be able to move provider due to NE...

However I've just spoken to them and the can not currently offer me any deal - so SVR it will have to be! (This will save me £80 p/m providing it stays low, but come July I'll still be in the same position and praying the SVR doesn't increase !!!)

They are estimating a house value of £156000 (although zoopla estimate £175000) and they said it's usually accurate and paying for a valuation rarley changes their valuation.

My query here is - what the hell do I do!!!???!!!

They say that I would need to pay £36000 to achieve a fixed deal with them. WHilst I currently have £10000 in an ISA this has been earmarked as a rainy day fund (husband is an IT contractor) and as an IVF saving pot. We also have a couple of thousand we had earmarked to replace the kitchen with (this seems like an essential to me as it has no heating and we have a baby due in DEC - but that might just be my - want it/need it now hormones - we could possibly put that off )

Any one been in this situation with Abbey? (I'm very envious of all those with 80% and less LTV's)

Cx

Mike_Wood_2

Hi, My Fixed rate with Abbey ended 3 months ago and i have stayed with the variable rate 4.24% ever since - mainly to see what develops. Abbey have just offered me a 2 year tracker at 2.79% above base, no fees, no ERC and the option to fix at any time in the future. Although it appears to be a good deal I can't say I trust abbey 100%. With this in mind I wonder if the SVR is due to come down again due to pressure from the Government or do I live in cloud cuckoo land expecting lenders to pass on rate cuts to us mortals.