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ERC - From 'fixed' to SVR?
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The important fact for me (and perhaps other money savers) here is that they are allowing me to switch products even though my LTV is about 90%. I therefore do not have to find the approx £12-23,000 to reduce my LTV to 80-85% which would be required to remortgage with another lender. (This may be in contrast to Jez's experience??.)
Luckily in my case my LTV worked out to 66% which was well below the threshold for the new product. Therefore they effectively remortgaged me as it was the only way they claimed that they could kill my fixed deal.
Out of interest, did you have to pay any product fees? I ended up with my ERC (2%) along with a £699 product fee for the tracker. Felt slightly ripped off at paying it, but it still results in a massive saving in the first year alone, assuming rates do not rise too sharply of course!
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