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Debate House Prices
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Lenders prepare to hike mortgages rates
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....so someone currently on a fixed deal that's coming to an end won't be hit by these increases if they stay with their current lender and have, in writing, confirmation that at the end of a fixed period the loan will revert to the BoE base plus a specific figure?
CheersHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
captainhaggis wrote: »....so someone currently on a fixed deal that's coming to an end won't be hit by these increases if they stay with their current lender and have, in writing, confirmation that at the end of a fixed period the loan will revert to the BoE base plus a specific figure?
Cheers
That is what happened to me. Fixed rate of 4.99% reverted to BOE + 0.75, giving a pay rate of 1.5%. Its a lifetime tracker, with no exit penalties after the end of the fixed rate term. If its in the T&C, the lender is stuck with it:DI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
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So you would think but a couple of building societies are currently trying to pull out of such deals on the basis of 'unless something very unusual happens' clauses in the small print. Threads on here and mortgage boards.That is what happened to me. Fixed rate of 4.99% reverted to BOE + 0.75, giving a pay rate of 1.5%. Its a lifetime tracker, with no exit penalties after the end of the fixed rate term. If its in the T&C, the lender is stuck with it:DI think....0
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I just don't quite understand the logic.... my lender currently has me on 7.54 :eek: and the SVR they have is Base + 2.440% so currently 2.94%. I called them the other day to try and get in to a new fixed term and they said they had NO PRODUCTS available to offer me (not because they did a check and I didn't qualify, but because they "aren't offering any fixed rate deals").That is what happened to me. Fixed rate of 4.99% reverted to BOE + 0.75, giving a pay rate of 1.5%. Its a lifetime tracker, with no exit penalties after the end of the fixed rate term. If its in the T&C, the lender is stuck with it:D
Wouldn't it make sense for lenders in these cases to offer new fixed deals at even a single %point below one's current deal to get them tied back in with the same lender and to make more money from the borrower than if he or she is paying the lender's SVR?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I hate to say I told you so, but I told you so.
http://forums.moneysavingexpert.com/showthread.html?t=2077641
But these obviously aren't prime lenders, they're compensating for losses elsewhere on their books. Just a shame we can't do anything about it
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