Made me laugh...

Xbigman

I spotted this gem in an article about how those UK buyers who took out US linked mortgages have seen their rate go from 2.99 to 7.25, plus they are tied in for 5 or 7 years by big fees.


Borrowers with Accord have complained that they now face a £10,000 charge plus a £199 exit fee. Accord has waived the £150 transfer fee.

Generaous, eh?
Regards


X

DavB93

Don't find it that funny, I've got one of the said mortgages. In abit of a dilema at the moment, paying £900 a month on the 5 year term (3 years to go). Would cost around £6000 to buy out (didn't know about this £199 exit fee, so thanks for that). But the US rates have started to come down abit now and with our rates going up (Can get a 3 year fixed for around £755) we'd save £5500 at the moment so not worth it.
Just wondering what people thought, do you think we should just cut our losses now (£500) and revert back to UK based with the rates over here going up and more rises expected.

dwsjarcmcd

As Accord only deal with brokers, why don't you go back to the broker who recommended the product and ask for their advice?

DavB93

I did, they advised around 2 months ago to switch but I'm in too minds as £6000 is alot of money. We are coping with the £900 a month at the moment and would be lovely to be paying alot less but just reluctant to part with that amount of money.
The more our rates go up and there's come down the less money I'm going to be losing.

Xbigman

I wouldn't bail out now. US rates may go down whilst UK rates are creeping up. Another feature of a lot of UK mortgage deals is that they have attractive rates but fees have sneaked up. Or you can go for a higher rate and reduced fee. Either way UK deals are getting dearer.

Possibly this is a warning to anyone looking at euro or yen mortgages of what can happen.
Regards


X

DavB93

Xbigman wrote:

I wouldn't bail out now. US rates may go down whilst UK rates are creeping up. Another feature of a lot of UK mortgage deals is that they have attractive rates but fees have sneaked up. Or you can go for a higher rate and reduced fee. Either way UK deals are getting dearer.

Possibly this is a warning to anyone looking at euro or yen mortgages of what can happen.
Regards


X

Yeap tell me about it....going to give it another 6 months I think and see how the rates this side and the other side of the water.