stuck on low mortgage svr?

frostylady_2

my 3 year fixed mtg rate came to an end recently but because its now less than £25,000 my provider says I can only now ever have svr? I would have to borrow more to get a lower rate! is that TCF?? is this normal with mortgage providers?

elsien

I've found it's the best option for me at the moment as it's such a comparatively small amount that it's not worth the fees to switch elsewhere while the svr is so low.
And yes I've also been told by other providers that the amount I want to borrow isn't enough, I'd need to take out a higher mortgage to move elsewhere.
Do the sums - you might find that sticking where you are with the svr at the moment isn't such a bad deal when all the fees are taken into account.

martinsurrey

frostylady wrote: »

my 3 year fixed mtg rate came to an end recently but because its now less than £25,000 my provider says I can only now ever have svr? I would have to borrow more to get a lower rate! is that TCF?? is this normal with mortgage providers?

Depending on your financial situation you could do one of the following

- Get an offset mortgage for more than you need, and then ofset the withdrawn equity on the day you open it.

- Get an unlimited overpayment mortgage (such as the HSBC fee free tracker, for the minimum amount, and then repay the excess on day one.

But you are not ‘stuck on SVR’

ACG

TCF = treating customers fairly. So to treat people fairly one way of doing that is to treat them all the same. So EVERYONE with a mortgage below £25k can only have the SVR, if they made an exception for you or someone else then that wouldnt be treating customers fairly.

Its the age old thing - If your not happy, show them with your feet and go elsewhere.