A & L - advice please

worto03

I certainly agree that it's fustraiting!!

Someone on here turned it round in my head by putting it like this:-

'5.49% is still (slightly) less than I'm paying now so in effect they are protecting me against any price rises for 5 years for a one off fee of £399 which isn't a bad deal really and to boot I get to pay a bit less than I pay now.'

What annoys me is that everything seems to go on LTV at the moment it doesn't matter that I have been paying for 4 years with no missing or late payments, have had no credit problems since I've been born and have enough money to pay my mortgage and save 20k in the next 3 years (assuming all goes to budget) for my extension as well as having no debts at all apart from the mortgage.

It's just a case of LTV = xx therefore you go into that bucket - take it or leave it.

From my point of view knowing that I'll be paying x which I know I can afford for the next 5 years means I can budget properly for the extension plans we have without worrying about rates going up in quickly in 12 months (or whenever) and runing all of our plans.

hummmm more ramblings - I'm not sure if any of that helps you or not but we seem to be in roughly the same boat either way!

jrs101

worto03 wrote: »

I certainly agree that it's fustraiting!!

Someone on here turned it round in my head by putting it like this:-

'5.49% is still (slightly) less than I'm paying now so in effect they are protecting me against any price rises for 5 years for a one off fee of £399 which isn't a bad deal really and to boot I get to pay a bit less than I pay now.'

What annoys me is that everything seems to go on LTV at the moment it doesn't matter that I have been paying for 4 years with no missing or late payments, have had no credit problems since I've been born and have enough money to pay my mortgage and save 20k in the next 3 years (assuming all goes to budget) for my extension as well as having no debts at all apart from the mortgage.

It's just a case of LTV = xx therefore you go into that bucket - take it or leave it.

From my point of view knowing that I'll be paying x which I know I can afford for the next 5 years means I can budget properly for the extension plans we have without worrying about rates going up in quickly in 12 months (or whenever) and runing all of our plans.

hummmm more ramblings - I'm not sure if any of that helps you or not but we seem to be in roughly the same boat either way!

Yes, I see your point but this LTV is so damn annoying.

I am exactly the same - no missed payments for 4 years etc

I am looking around for another deal either way so of course will let you know if anything comes up. Is it really that bad that if your ltv is 88% its hard to switch to another lender in thse times?

Fliss_M

Erm *gingerly sticks hand up* while you may have paid on time, no missed payments, its a loan. Their doing you the favour, effectivly, by letting you pay over a long time. Its your responsibility to pay in full on time, you dont get rewarded for it. Just punished if you miss. 2I took my A&L deal out 3 years ago at 95% which means right now am in neg equity and while my A&L deal means am now on a life tracker of +0.99%, were it to have gone onto SVR I wouldnt think that as I had paid on time they owed me a good rate.

With a high LTV your a risk in such a flucuating market. So you have rates to reflect that.

worto03

Grrrrrrrrr


lol - OK, OK I see your point - anyway on the plus side - it's Friday, I finish now & I'm not oncall until Sunday night - Whooo - 2 nights on the beer for me