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Shocking fixed rate...

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robashby
robashby Posts: 16 Forumite
in Mortgages & endowments
In summer 2008 I moved abroad and so changed my mortgage to consent to let with my bank. Not sure what the rates were going to do I just fixed it at 6.79% for 3 years (finish in August 2011) with a 1% get out fee.

I am coming back to the UK soon and would like to just pay the fee (£1100) and go onto an SVR but halifax say I can not do that.

So I guess my questions are:

Can I move to another bank on an SVR?

Do I have to be on a buy to let mortgage if it is my only property? (the 2.5% fee and 75% is a nightmare)

Thanks very much in advance for your help.
Rob

Comments

  • mjm3346
    mjm3346 Posts: 47,269 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You don't have to be buy to let if you are going to be living there, just because it is your only property makes no difference though.

    Plenty of info on mortgages on the main MSE site

    http://www.moneysavingexpert.com/mortgages/


    At the moment (with rates so low) SVR is often restricted to those coming to the end of deals. You might get SVR with Accord but at 5.99% that is above most of their fixed rates anyway.
  • robashby
    robashby Posts: 16 Forumite
    Sorry, I didn't make that very clear. I will not be living there and it will carry on being let out; I am just visiting for the summer.

    Thanks for the info on SVR's.
  • dunstonh
    dunstonh Posts: 119,653 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Your title makes reference to a shocking fixed rate. Yet nothing in your post indicates a shocking fixed rate. Have you left that bit out?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    robashby wrote: »
    Sorry, I didn't make that very clear. I will not be living there and it will carry on being let out; I am just visiting for the summer.

    Thanks for the info on SVR's.


    So it is a BTL. The quantity you own is irrelevant.
  • robashby
    robashby Posts: 16 Forumite
    dunstonh wrote: »
    Your title makes reference to a shocking fixed rate. Yet nothing in your post indicates a shocking fixed rate. Have you left that bit out?

    6.79% surely is not a good rate to be paying at the moment?
    Thrugelmir wrote: »
    So it is a BTL. The quantity you own is irrelevant.

    Thanks, that makes me feel better. I just had a few people tell me that with one property you don't have to have a buy to let mortgage.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    robashby wrote: »
    6.79% surely is not a good rate to be paying at the moment?
    It seems to be the going rate if you're borrowing over 85% of property value.
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