MOrtgage Express / Gmac

gmou

Hi Everyone,

I am currently on a 2 year fixed rate of 5.99% with Mortgage Express, which is coming to an end by the end of May, afterwhich we go on to 2.05% above LIBOR Rate. My LTV is 90%.

My queries are :

1. Do Mortgage Express give any fixed rate for existing customers?
2. Is, yes, when do I call them? Now or later after my fixed term finishes?
3. Is this the right time to ask mortgage express if they can offer a fixed rate or be on their 2.05% plus LIBOR ( which would be lesser than my current 5.99%) for some time and then request???
4. Is it worth even checking with other lenders if they can give any good fixed rate, for a 90% LTV.

Thanks in advance.

Gmou

unite79

1 - No thy are trying to get rid of mortgage book, mainly due to having people on stupidly low rates, like what you are about to go onto.
2 - Answered above.
3 - Answered above.
4 - Unlikely to be above Libor - Usually GMAC deals are above base, you wont get ANY better than you are going onto, over pay as much as you can, and hope decent High LTV products come out in 6-12 months.

sooz

Have you been reading any of the information they have sent you recently?

They want rid of all btl clients. They are offering no new products, but are trying to offer a chance to move with an ERC waiver til 30th June 09. Or you can make a penalty free capital repayment until this date. Or, once your fixed term ends, it will continue as stated in your T&C's

gmou

sooz wrote: »

Have you been reading any of the information they have sent you recently?

They want rid of all btl clients. They are offering no new products, but are trying to offer a chance to move with an ERC waiver til 30th June 09. Or you can make a penalty free capital repayment until this date. Or, once your fixed term ends, it will continue as stated in your T&C's

I have a residential mortgage and not BTL

unite79

I bet a pound it was self cert.