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C&G SVMR + additional borrowing
solarstone
Posts: 176 Forumite
At the moment I've got a mortgage deal with C&G that has just ended and now on their 2% + base SVMR. This seems like a pretty good deal to me at the moment. I need to get some additional borrowing from them, which isn't so hot at ~5.19% for 2yr Fix.
In the short term, I'm thinking of sticking with their SVMR to see if their "new deal" rates drop down and then fixing at a later date.
Two questions, for the additional borrowing, do you have to get a deal, or can you go on SVR (3.99%). Secondly, how does this sound as a plan?
In the short term, I'm thinking of sticking with their SVMR to see if their "new deal" rates drop down and then fixing at a later date.
Two questions, for the additional borrowing, do you have to get a deal, or can you go on SVR (3.99%). Secondly, how does this sound as a plan?
Like a priceless jewel buried in dark layers of soil and stone, earth radiates her brilliant beauty into the caverns of space and time.
Stately trees seem to brush the deep blue sky. Clouds billow to form magestic peaks. The songs of birds fill the air creating symphony upon symphony
Stately trees seem to brush the deep blue sky. Clouds billow to form magestic peaks. The songs of birds fill the air creating symphony upon symphony
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What plan ?
You went onto the BMR of 2% above base so 2.5% at the moment so you are saving money compared to your old fixed rate deal ( more luck than planning YES)
You need extra money so they want to lend to you at 5.19% fixed for 2 years then SVR 3.99% YES
If you do go onto a new fix will you pay the ERC to leave the 5.19% fix ?
The BOE base rate has been 0.5% for 24 months and the only way is UP so your mortgage costs are going to rise before you borrow more money !!!!
No you cant get 3.99% SVR for extra borrowing and do you need the extra money for clearing debts or adding value to your home ?0 -
Whats your LTV? you will probably do better remortgaging elsewhere BR+2& is not too hot if you have a reasonable amount of equity, then the additional as well will be at a decent rate.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Whats your LTV? you will probably do better remortgaging elsewhere BR+2& is not too hot if you have a reasonable amount of equity, then the additional as well will be at a decent rate.
LTV is 75%.
Fixes on the additional borrowing are not brilliant, but the additional is 25% of total borrowing.
The other 75% of borrowing is currently at 2.5% (up from a 1.29% above base tracker I had).
Part of the problem is finding a lender that would do 100% of what I need. Sticking with the existing allows that. I either fix the lot now, or leave the larger chunk BR+2 for the short term and see if C&G get better deals on their currently overpriced fixes.Like a priceless jewel buried in dark layers of soil and stone, earth radiates her brilliant beauty into the caverns of space and time.
Stately trees seem to brush the deep blue sky. Clouds billow to form magestic peaks. The songs of birds fill the air creating symphony upon symphony0
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