7.4% fixed for 5 years coming to an end

Mr_Incredible

wow you got ripped off there, sorry to hear, definitely shop around, I'd try nationwide at the moment, fees are low

gemstars

I've not really got any advice, I'm in a very similar boat to you.

5.49% from Natwest in Aug 2009, so my five year fixed term ends a month before yours. I am here looking for advice too and have a thread. https://forums.moneysavingexpert.com/discussion/4112303

I'll keep an eye on this one too :-)

getmore4less

Check if your followon was SVR or a tracker, not sure what they were doing then but some lenders did have what are no great tracker followons.

Slowly_does_it..

My 5 years of 7.14% ended in Feb, I have decided to just stay on the banks SVR, which is 3.99%. I have been overpaying monthly, so the amount I pay has stayed the same, just the amount that comes off the mortgage each month has increased.

I could get a fixed deal, but would have to get the property valued, and the savings I would make over the 2 year fix would be the same as the price of the valuation...

Yorkie1

Slowly_does_it.. wrote: »

My 5 years of 7.14% ended in Feb, I have decided to just stay on the banks SVR, which is 3.99%. I have been overpaying monthly, so the amount I pay has stayed the same, just the amount that comes off the mortgage each month has increased.

I could get a fixed deal, but would have to get the property valued, and the savings I would make over the 2 year fix would be the same as the price of the valuation...

Unless something significant has changed with your property, a retention deal with your present lender is unlikely to require a valuation which you pay for. Did you check this out, or assume it would be the case?

Slowly_does_it..

I thought I had checked this out...
I did buy a place in an area where the value is higher than the national average - so on their desktop system I am still on about a 95% LTV. However if I use the buying price of the property I am on about 76.595%. I estimate the value has also gone up (GSH installed and nearby sales). To get a better deal they insisted I would have to pay for a new valuation that would be valid for 6 months - and then they would only offer me 3.3% or so for a 2 year fix.

I did not think to threaten them with leaving, but you are making me think about that again!