Does this sound right ??

bowf

I've recently come out of a fixed rate with the Royal Bank of Scotland.I'm paying way over the odds as I'm still on a 100% deal for the £80K the house cost 4 years ago.
The value of my house has increased to around £120K,so I'm looking to not only replace my mortgage but I want to take out additional borrowing of around £25K to build an extension.
That will give me a mortgage of £105K on a house worth £120K,so that's around 85% of a mortgage I require.

Now,to the point.
I decided to let the RBS re-quote me using their "loyalty team".
They have told me that,because I want to borrow more,I can only get their variable rate or a fixed rate. ???
I really wanted a discounted rate.
Am I going to face this problem wherever I go ? :-/

Mortgageman

I'm paying way over the odds as I'm still on a 100% deal for the £80K the house cost 4 years ago.

What was the deal - are there currently penalties?

Am I going to face this problem wherever I go ?

no, you may however find that you have to pay pens to move to a different lender

bowf

It was a 100% fixed rate deal,but it's expired now.
I'm currently paying their variable 100% rate (or at least their standard variable rate anyway),which off the top of my head is the high 6's.
I hope penalties don't come into it ! >:(

Mortgageman

I expect you are on SVR then, so there shouldn't be pens

I'd have a shop around if I were you

regards

MM

Mortgage_Master

Hi Bowf,

If you're specifically looking for a discount and their "Loyalty Team" doesn't offer you a deal in the 4.5% to 4.75% range, then you should get a better deal elsewhere.

Ask them for an illustration, check there's no penalties on your exiting mortgage, then shop around.

There are some good remortgage deals around with little or no fees to be incurred by the borrower. ie include free legals/val... some charge an arrangement fee (from £100) which can be added to the loan if required.

Good luck
Simon

Ludders_2

Copy and paste this into your browser, use the mortgage wizard and you will be able to see for yourself what is available to you. The system covers 99% of all lenders.

http://www.moneyworld.com/Mortgages/mortgagenowframe.htm

Ludders.

DiggingOut

Ludders, I suggest you read the site rules at the top of the board, and possibly contact Martin or the Moderator about what is allowed (and what isn't) in regard to touting for business on these boards.

This thread might be instructive:
http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Technical;action=display;num=1088793914

What you've done here, posting a link to your own website without stating your connection, is clearly in violation of the rules. Whether the rules would allow you to post that link and say, "This is our site" is doubtful, but I suggest you ask Martin.

The purpose of this board is to provide general information, not to be an advertising forum. If you answer people's questions in a way that shows that you know what you are talking about and are trying to help them, some will undoubtedly contact you from time to time.

Note that two mortgage brokers responded with helpful information without touting. That's the way the site should work.

Mortgage_Master

bowf,

If your looking an online mortgage search facility try either CharcoleOnline or MoneySupermarket.

The one mentioned by Ludders is a white labbled version provided by Network Data. It's ok but not as good as those above. (Sorry Ludders. That's my personal opinion having used it in our website 2 - 3 years ago)