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Another Mortgage Express Dilemma
ricriley
Posts: 44
Forumite
Hi,
I have been with Mortgage Express for 2 years in November, I managed to get a 106% first time buyer Mortgage just before the crash. As you are aware they are letting their customers jump ship free of charge.
ME pasted my details onto a company called Mortgage Force to find me a new Mortgage deal, I also spoke to my bank Nat West. This is what I was offered:
Current Mortgage: 6.79% Fixed until Nov. Reverts to PVR in November
Nat West: 6.4% fixed for 2 years.
Mortgage Force: Said that they couldn't offer me anything because I didn't yet have 10% equity in my house. Therefore I would have to pay £2000 to make up the difference. Once I had made up the 10% he could only offer me 6.5% fixed for 5 years.
Once my current term finishes I revert to the PVR which in the current climate would be 2.5% a very attractive rate.
If then house prices fell and interest rates go up, I could possibly be stuck with even less equity in my house, making it even harder to find a new mortgage deal.
I know that nobody can tell me what will happen to the economy in the next year, but I am interested in your opinioin.
I'm really not sure which route to follow with this one
.
I am tempted by the fixed rate deal rather than gambling with the BoE rates.
Does this sound like the right decision?
Thanks,
Ric
I have been with Mortgage Express for 2 years in November, I managed to get a 106% first time buyer Mortgage just before the crash. As you are aware they are letting their customers jump ship free of charge.
ME pasted my details onto a company called Mortgage Force to find me a new Mortgage deal, I also spoke to my bank Nat West. This is what I was offered:
Current Mortgage: 6.79% Fixed until Nov. Reverts to PVR in November
Nat West: 6.4% fixed for 2 years.
Mortgage Force: Said that they couldn't offer me anything because I didn't yet have 10% equity in my house. Therefore I would have to pay £2000 to make up the difference. Once I had made up the 10% he could only offer me 6.5% fixed for 5 years.
Once my current term finishes I revert to the PVR which in the current climate would be 2.5% a very attractive rate.
If then house prices fell and interest rates go up, I could possibly be stuck with even less equity in my house, making it even harder to find a new mortgage deal.
I know that nobody can tell me what will happen to the economy in the next year, but I am interested in your opinioin.
I'm really not sure which route to follow with this one
.I am tempted by the fixed rate deal rather than gambling with the BoE rates.
Does this sound like the right decision?
Thanks,
Ric
2 Wins so far: £1000 on Kurt Geiger Shoes, Ben Sherman Gift Set
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