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Variable mortgages
Rubyminx
Posts: 30 Forumite
Why can't I apply for a mortgage at a variable rate instead of having to agree to a term, ie fixed / tracker etc ?
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Comments
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Can you just explain what you want properly?
My gut instinct is to say you can, but i would prefer to understand what you want before i do say that.I am a Mortgage AdviserYou 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 -
A tracker is a variable rate. It moves up and down with movements in another industry rate, such as Bank of England base rate.
Many lenders stopped people borrowing on standard variable rate as you could leave any time, penalty-free and SVRs were, at the time, sometimes lower.
Now, there are lenders offering mortgages at SVR so you can borrow on a variable rate, either tracker or SVR.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks - I want to buy a 2nd home togEther with my partner but I have not been able to sell my own property, whereas he has. I have reduced my selling price significantly, but still no joy. The plan is to rent my property in the meantime. So I will apply for a consent to lease.
We are restricted to who will lend to us because I have a mortgage and because we have a 10% deposit only. We are also 50, so not a lot of yrs for a mortgage.
Any advice welcome !0 -
Live in yours. Continue to pay the mortgage down. Continue saving. Eventually you've find a buyer. By then you'll be in a much better financial position as well.0
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Linking this in with your other post you made....
You dont really have a great deal of options, you can sit on the SVR with your current lender paying a higher rate or convert to a Buy to Let - maybe one without a tie in period - but the downside to that is the rate will usually be higher - it is also reliant on the property you want to rent out having a mortgage of below a certain percentage of the properties value - as a guess i would say 70%.
You could do with sitting down with a broker to be honest and let them work out a plan of action.I am a Mortgage AdviserYou 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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