I do believe they're trying to get rid of me!

Gillybean

I have a BTL mortgage and the fixed rate deal is up in June, reverting to 2.19% above LIBOR.

Anyway we've looked around, taken IFA and it seems the best thing for us to do is sit tight. Not surprisingly the BTL mortgage market is somewhat limited these days! Our position is good- we've had the same tenant for over 4 years, excellent LTV even with the drop in property prices.

Anyway today we've had a letter from our mortgage providers offering a cash lump sum if we pay off in full or move to another lender! It's not big bucks, about 10% of the outstanding balance. Plus no exit admin fees if we go.

Even with this cash offer I still don't think it's going to be worth moving, our IFA was only able to come up with deals that would cost us quite a bit to arrange.

I feel unwanted!

_Andy_

Which lender is this?

koexelek

You must be on a good deal that is costing them money if they want to pay you to go.

If that is the case, and you can't get better elsewhere, stick with it.
It's their own fault if the terms they are obliged to give you are too good :cool:

Dan_1976

A few lenders are doing this. Mainly the yank owned ones that sit between prime and sub prime!

Gillybean

Mortgage is currently with Advantage, don't know where they stand as lenders in terms of being embroiled in subprime.

We're going to have to look long and hard at the deal, see whats out there and how it compares to what we'd have with them once the fixed term deal ends.

Think my brain is going to hurt...

clairbear_3

Interesting,Ive just recieved letter from my BS stating I can pay off as much of my mortgage as I like without penalty(prev limited to 10%)
Im on tracker BOE+.14
So pointless paying off,virtually interest free,wonder if theyde offer lump sum???
What % off would make it viable??

tez_c

I've heard about these offers where lenders are trying to decrease their mortgage book - if its a substantial sum and you can get a good deal elsewhere it might be worth it.

Matt1982

Ask them for more of a discount to make it worth while you going elsewhere.

getmore4less

Whats the best deal you can get elsewhere, take into account LTV based on various levels of discount.

You need to look at the long term costs so any follow on rate if you take a initial fix/discount.

Decide how much you want to save on the deal then that will give the level of discount needed no point in moving to break even.