Random Mortgage Offer

naughty_nix_87

I got a letter from my mortgage company saying they had had a review of their products and can offer us £29,500 off the mortgage if we remortgage with another lender by 14th August, they are waivering the mortgage exit fee, no early repayment fees. Has anyone else heard of this?? They had us tied into a high interest mortgage till late 2010, so why would they do this??! The mortgage company is linked to Morgan Stanley

unite79

Who is lender.

Yes a few have doen this, Mortgage Express being the main one - They are keen to reduce mortgage book, mainly they have high risk - High Loan to value so this is to aid people into moving!

maninthestreet

They don't want your business anymore - the fact that you are on a high interest mortgage indicates they had already considered you at higher risk of defaulting on your mortgage payments. Now they consider you too high a risk altogether, and want anothert lender to take on your risk.

happybroker

there is quite a bit of this going on at the moment, Mortgage Express customers have until the end of June I think to switch and avoid erc's, customers of GE Money Home Lending (IGroup and First National) can also leave foc if they are in their last year of tie in and ask for the fees waiving though they aren't actively marketing this.

Many of these lenders simply need to get the size of the mortgage book down and are encouraging people to leave. You could save yourself some serious money here, get some advice on what else is available to you and you might get a nice surprise.

All the best

naughty_nix_87

I'm glad others have heard about it- most people seem to not believe me! Its with Advantage. Our credit rating is alot better than when we got the mortgage so hopefully we should be able to get a good deal, and save some more £s! It just seems a heck of a lot- our house is worth around £130k but they'e knocking off £30k??

happybroker

£30k does seem a lot but Edeus who were a similar lender were offering their customers a "discount" off the mortgage balance at one time to move away, maybe this is what is happening to you.

Sportbilly_2

My sister's just had the exact same offer on an existing Morgan Stanley mortgage. Looks a good deal if you can get a decent rate elsewhere.

hayley833

Do you know wether Mortgage Express are offering 'discount' off thier mortgages? I've recieved a letter about wavering the ERC, but at the moment my LTV is about 90%; I think if mortgage express were to offer a discount I would be in a much better position to move lender (which I would really really like to do!)

Thanks

luckyfool

Check out what deals are available and if you have enough equity to move. If you don't, or even if you do, it might be worth going back to them and making an even lower offer. I have heard of this being successful with some similar lenders, they are only getting 50-60p in the pound if they sell some of these specialist mortgages to investors or other banks.

Conrad

Yes I've done a few of these.

Be aware Advantage had a pledge in thier offers to cover the cost of negative equity, so it's no wonder they want you off thier books