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Will the bank buy me out of my mortgage

Hi

I am on a tracker - 0.69% above Bank of England base rate for life.

What chance is there the Bank will pay me to sell up and move into rented or use my savings to pay off the remaining amount owing??

After all they must be making a loss on the deal - surely?:D

Thx Mr Dudley

Comments

  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Absolutely no chance.....................
    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.
  • Mr_Dudley
    Mr_Dudley Posts: 17 Forumite
    Absolutely no chance.....................

    Why not? It would help the bank recapitalise and they can lend it out again at base + 3% quite easily....

    Mr D
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Spot on - I think you missed the thread about an unamed bank offering this, with a sweetner that an all expenses 3 week holiday on Barbadoes just after completion - nice
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mr_Dudley wrote: »
    Why not? It would help the bank recapitalise and they can lend it out again at base + 3% quite easily....

    Easier for banks to recoup their losses by charging new borrowers more.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    Mr Dudley - make this suggestion to your bank - you never know, they might just agree to it.
    "You were only supposed to blow the bl**dy doors off!!"
  • Gentoo365
    Gentoo365 Posts: 554 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    It is still possible to make money from a mortgage at 0.69 over base rate.

    If your mortgage is securitized they may be paying LIBOR + 0.15 or less.

    The reason a few lenders have offered early repayment incentives is either because they want to shut up shop in the UK, or their wholesale lending is maturing and they may find difficulty rolling it over.
  • Yeah they will probably give you $1,000,000.

    Let us know how it goes.
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