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New Mortgage deal
GRIFF1980
Posts: 2 Newbie
Hi
Our current fixed rate deal is coming to an end as was for 3 years and we have a 32 year mortgage which is now defaulting to the variable rate unless we select a new deal.
My question is, if we choose a new offer does this effect the 32 year mortgage is any way if for example a new 3 year fixed deal was rejected, or if it was rejected would we just default to the variable rate?
As we have the 32 year mortgage in place just wanted to make sure nothing could jeopardise this.
Thanks in advance
Steve
Our current fixed rate deal is coming to an end as was for 3 years and we have a 32 year mortgage which is now defaulting to the variable rate unless we select a new deal.
My question is, if we choose a new offer does this effect the 32 year mortgage is any way if for example a new 3 year fixed deal was rejected, or if it was rejected would we just default to the variable rate?
As we have the 32 year mortgage in place just wanted to make sure nothing could jeopardise this.
Thanks in advance
Steve
0
Comments
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A customer retention product will not affect the mortgage term.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
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Thanks for the reply, so if we applied for the new fixed rate product and they decided we were not eligible they would just refuse the product and we would default to the variable rate? They couldn't do anything with the overall 32 year mortgage as this is already agreed and in place?0
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Yes. They are stuck with you.
It's the retention deal or the standard variable rate, if that's your "follow-on."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
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