Letter from Abbey

giovanni

I'm currently on their standard variable rate at 4.24%. They sent me a letter saying that I can get a 2 year fixed at 3.99% and then pay the Standard Varial Rate.

This seems like a good deal to me? Am I missing something?

davidla

Ha - it's funny you should write this - I asked almost the same thing earler today http://forums.moneysavingexpert.com/showthread.html?t=2098879
I don't think there is a catch - if you think it's a good deal then take because it has to be taken by mid December I think.
We're not sure which rate to take - just talking about it now.
David

KeithyT

I've also received this offer and think I might go for the 3 year fixed at 4.19.

It's slightly lower than SVR I'm currently on. Doesn't tie you in for quite as long. Wondering how much interest rates may rise over the next 2-3 years as to whether to go for 5 years fixed at 4.79. I certainly don't think they will drop any further but then who knows?

Lady1981

we also received this letter. we opted for the 3.89% plus fees of £125 over 2 years as that worked out the cheapest overall for us. it was a tough decision whether to take up the offer as Abbey have been USELESS over the last 2 years! But it was the best fixed we could find and much nicer than the 5.79% we had been paying!

I assume we received that letter as we have at least 50K in equity (I think/hope!) and have been overpaying. Is that the same for everyone who had the letter?

Lady xx

davidla

Lady1981 wrote: »

I assume we received that letter as we have at least 50K in equity (I think/hope!) and have been overpaying. Is that the same for everyone who had the letter?

Lady xx

No to the first part, but yes we have been overpaying.
David

gooday

Can anyone tell me if the letter they received had a 'code' on it?

I spoke to the abbey yesterday having had a flyer in with my bank statement, but they wouldnt offer me any fee free deals but the lady I spoke to did say there were better deals available if I had had a letter with a code on it???

Thanks

Treading_Water

Hi there it does have a reference, but I'm not sure if it is unique.

I've had the same letter and after a discusssion with my advisor, I am very tempted to go with the 5 year. Especially as the doom mongers among us are all predicting rate rises in the near future! Any "experts" with a view?

gooday

Thanks for the quick reply.

When I phoned up the best deal was a 4 year fixed at 4.89% with a £200 fee.

We have about 62% LTV and have been with the Abbey for the past 4/5 years I would have thought we would be able to get the best deal.

davidla

Perhaps you are not overpaying? If you are, then I would think your letter has been lost in the post.

David

Treading_Water

Hi

I am not overpaying, but I have sat on their SVR for the last couple of months.

davidla

So perhaps gooday is not on SVR or the letter is still in the post? Otherwise I have no further ideas!
David