stuck on fixed rate!

cookie82_2

Hi, if anyone has any advice i would be grateful as i am so confused...

I have a self cert mortgage and we are on a fixed rate untill 31/10/11 as i stupidly fixed last october for 3 years at 6.85%!!! if i was on SVR it would be 2.99%. I found out what redemption fee would be and i decided that i wanted to change to SVR and pay redemption fee. BUT mortgage company said that I cant do this as to quote "thats what everyone would be doing if they let people do that". However before this recession they used to let people do it as i have enquired previously!

I am really mad with them as i feel they are being unfair.....

Thanks
Charlotte

happybroker

can't you remortgage?

cookie82_2

They will let me pay redemption fee and go on new fixed rate with them but it is only 0.5% less so isnt worth it. We cant remortgage with another company as my husband has a bad credit rating for the last 9 months, so we wouldnt be accepted! looks like we are snookered!

_Andy_

If it's of consolation, I doubt changing to SVR would save you that much in the medium term, given the ERCs etc.