Self employed and need to remortgage

ynwa

Actually having spoken to my lender, my current rate is 6% as it is 3% above base but with a floor of 3% also. Not sure why this is different to what it says on my key facts.

kingstreet

ynwa wrote: »

Actually having spoken to my lender, my current rate is 6% as it is 3% above base but with a floor of 3% also. Not sure why this is different to what it says on my key facts.

Three percent over BoE base would be 3.5%pa at the moment. The floor only applies if BoE base fell to zero.

Ask them to explain the difference between what you were told on your KFI (and your offer if you have that handy to check!) and what appears to be happening.

6% appears to be a lot higher than expected.

ynwa

kingstreet wrote: »

Three percent over BoE base would be 3.5%pa at the moment. The floor only applies if BoE base fell to zero.

Ask them to explain the difference between what you were told on your KFI (and your offer if you have that handy to check!) and what appears to be happening.

6% appears to be a lot higher than expected.

In that case it must still be 5.50% above base as it states on my keyfacts as that would equal the 6% that it is now. It is high but it's lower than my 7.54% that it was fixed at.

Having spoken to them they are not offering any deals to existing customers at the moment, so unless there is a lender out there prepared to offer me a better rate on a rather small looking net profit, I'm pretty much stuck with it it seems.