Skipton/Amber SVR Rise, Will they let me fix?

JPS29

Hi.

I have 2 mortgages with Skipton group, 1 with Amber which is my main residence and one btl with Skipton. I am now affected by the rate rise and note from the announcement they will release people without penalties or change payment type.

Does anyone know whether they will let me switch to a fixed rate WITHOUT going through the whole new application procedure. I am a discharged bankrupt due to a failed business, and even though I am doing fine now I know that a "fresh" mortgage app wwould be a no goer.

However I wouldn't mind fixing for 5 years or so just so I know a definite amount without the prospect of raises.

TBH even if its a no goer I suppose I am in a better position than a discharged BR trying to get 2 mortgages now, where I expect the rates would be 8% plus, + hefty deposit, if a mortgage was offered at all.

Thanks for any help

chironicle

Hello ITBS, I spoke with a Skipton chap yesterday about potentially swapping to their 7yr 5.59% fixed rate. I currently have a residential mortgage on their SVR.

They've put an illustration of the product in the post to me and I *think* but am not certain, that the man said there would be something to sign should we wish to proceed. No mention was made at all of a new application. Give them a ring though, Skipton customer services seem to have a mixed reputation. I've found them to be uniformly excellent in branch - I chose them initially because they impressed me when I visited different branches as a Mystery Assessor - and ranging from completely pants to okay when you phone them.

As you'll know, normal Skipton fees and LTV are waived for customers shifting from their rising SVR.

(Am thinking the fixed rate over. Tempted by a Woolwich tracker to get rid of a chunk of the mortgage while rates are low. I currently overpay by quite a chunk so have some slack should rates rise.)

Bests.

geoffgeoff

I went in to the Skipton today as I have a mortgage with them on their SVR and am also therefore effected by their rate increase.

I don't know the exact answer to your question - but I can tell you that all they were interested in was in getting rid of me as a customer. They were not interested in talking to me about a new product and even went as far as to suggest they could help to find me an alternative mortgage provider and promptly logged on to moneysupermarket.com to show me.

Shocking customer service - i'd have been better off talking to an empty chair. I'm and ex SBS customer who were always spot on with their customer care - so I was not impressed.

Put simply, they just weren't interested in me as a customer, as they feel that they aren't making any money out of me.

Good luck - hope you fair better talking to them than I did!

JPS29

Thanks to both of you Chironicle and geoff.

TBH if I was offered to fix the main residence (amber) at 5.59 for 7yrs I would jump at it. Unfortunately though Geoff i had feared it would be as you experienced and they just want people off their books. Problem with this is my past bankruptcy meaning they have me by the short and curlies.

Chironicle could you please PM me when you have the paperwork and let me know if you are to be credit checked and put through as a new customer again?

Thanks again.

Best Regards

chironicle

Further to geoffgeoff's experience, I've just discovered through another forum that what the telephone customer service chap told me about Completion fees being waived was rubbish. In the SVC rise Q&A booklet it states:

14. If I switch to a new mortgage product with Skipton during my 90 day exit period, will I have to pay any fees?
If you switch to a new mortgage product with Skipton and you choose a product that has a fee, you will have to pay that fee for your new product, just as you would if you were to apply for a mortgage with a different lender. There will be no fees for charges to exit your current product

In other words, what I was told and reasured after asking for clarification was rubbish: we ARE going to be charged the completion fee for taking out a new product. He even asked if I was looking at the website when I mentioned the £895 and told me to ignore it, there would be no fee.

Incredible.

Good luck, and ITBS, I'll PM you when the info arrives.
ch.

VIGILANT22

InTheBrownStuff;


1.Amber have withdrawn from the lending market so no more new deals...

2. At present Skipton have no buy to let deals

VIGILANT22

chironicle wrote: »

Further to geoffgeoff's experience, I've just discovered through another forum that what the telephone customer service chap told me about Completion fees being waived was rubbish. In the SVC rise Q&A booklet it states:

14. If I switch to a new mortgage product with Skipton during my 90 day exit period, will I have to pay any fees?
If you switch to a new mortgage product with Skipton and you choose a product that has a fee, you will have to pay that fee for your new product, just as you would if you were to apply for a mortgage with a different lender. There will be no fees for charges to exit your current product
In other words, what I was told and reasured after asking for clarification was rubbish: we ARE going to be charged the completion fee for taking out a new product. He even asked if I was looking at the website when I mentioned the £895 and told me to ignore it, there would be no fee.
Incredible. Good luck, and ITBS, I'll PM you when the info arrives.
ch.

Never ever believe what you're told on the phone, the turnover in all these call centres (lenders/banks) is such that staff are never there long enough or trained adequately to learn criteria....You could fone 3 times in the same day, ask 3 different people the same question and receive 3 different answers.......

JPS29

VIGILANT22 wrote: »

InTheBrownStuff;


1.Amber have withdrawn from the lending market so no more new deals...

Ergo I'm stuck on the SVR unless I go elsewhere

2. At present Skipton have no buy to let deals

Ditto above

Hi Vigilant

Are my points right above then?

VIGILANT22

As it stands at the moment Amber/Skipton have no product they could transfer you to.......If you wanted to transfer your residential to Skipton, it would be treated as a new application as they are 2 seperate companies.......