Mortgage. Increasing the amount of capital paid each month.

Jsaon_Drakes

There is nothing hidden in the mortgage. You try mortgage calculator on any website and see what it tells you. It is also possible that bank is overcharging you.

getmore4less

martrayf wrote: »

Hi all,

Thanks for the replies. It is not sounding great and kind of backs up what I have been thinking.

I am so annoyed with Alliance & Leicester though because their SVR is 4.99% when other banks are 2/2.5%.

There are hardly any(none?) at that rate.

who do you think are on those low SVR rates?

Most(all?) people with those rates are on base rate trackers not SVR.

Even the likes of Nationwide that used to have base+2%(BMR) followons are now 3.99 SVR(SMR)
http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

martrayf

I know two people at my work that were on fixed deals which have now ended and went from 5%+ to now 2.5/3% SVR, hence saying/overpaying a fair amount each month.

I quickly googled best standard variable rates and this is what I found.

• Bank of England base rate 0.5%
• Halifax standard variable rate (SVR) 3.5%
• Nationwide Building Society SVR 3.99%
• First Direct SVR 3.69%
• Natwest SVR 4.00%
• HSBC SVR 3.94% (this does not track the BOE base rate)
• Barclays SVR 2.49% (via the Woolwich)
• Santander SVR 4.24%

So near enough all the top lenders are over 1% less SVR than Alliance & Leicester.

With this, I still think Alliance and Leicester are being greedy! Especially as Santander who own them are 0.5% less!

This is why I wish I could work out a way to lower my current LTV so I can get out of this mortgage!

carlosthejackal

martrayf wrote: »

I know two people at my work that were on fixed deals which have now ended and went from 5%+ to now 2.5/3% SVR, hence saying/overpaying a fair amount each month.

I quickly googled best standard variable rates and this is what I found.

• Bank of England base rate 0.5%
• Halifax standard variable rate (SVR) 3.5%
• Nationwide Building Society SVR 3.99%
• First Direct SVR 3.69%
• Natwest SVR 4.00%
• HSBC SVR 3.94% (this does not track the BOE base rate)
• Barclays SVR 2.49% (via the Woolwich)
• Santander SVR 4.24%

So near enough all the top lenders are over 1% less SVR than Alliance & Leicester.

With this, I still think Alliance and Leicester are being greedy! Especially as Santander who own them are 0.5% less!

This is why I wish I could work out a way to lower my current LTV so I can get out of this mortgage!

My situation is very similar. Bought a 2 bed terrace in July 2007 for £147500. My fixed deal with Alliance and Leicester ended and they shoved us on the SVR at 4.99%. Santander and new A&L customers get an SVR of 4.24%. It sucks paying £80 more interest every month.

I have decided try and reduce my household expenditure, overpay by £500 every month and make a lump sum payment from my savings. Hopefully in 2-3 years I will have enough LTV to get a better deal because at the moment it is impossible to remortgage as valuations are so low.

getmore4less

Barclays SVR 2.49% (via the Woolwich)

http://www.barclays.co.uk/Mortgage/Ourmortgagerates/P1242562266844

where do you get that from SVR is 4.99%

somethingcorporate

getmore4less wrote: »

Barclays SVR 2.49% (via the Woolwich)

http://www.barclays.co.uk/Mortgage/Ourmortgagerates/P1242562266844

where do you get that from SVR is 4.99%

I think they mean the BBBR which is below the SVR.

getmore4less

somethingcorporate wrote: »

I think they mean the BBBR which is below the SVR.

NO that is 0.5%