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Intrest Only at 0.5% lifetime tracker - would bank reduce settlement if i paid early?
paulnstar
Posts: 22 Forumite
Hi everybody
Back in 2008 we completed on our 1st flat with an interest only mortgage tracking at 0.5% lifetime with C&G.
We have been trying to sell the property and we finally have an offer however the offer is below our mortgage settlement figure.
Question: Would C&G (now TSB?) be willing to negotiate on the mortgage fee outstanding its £133k the same balance from 2008 (we've just been paying the interest every month)?
My thinking is that its in C&G interest to get their £133k back sooner so they can lend it out again at a higher rate.
Thoughts?
thanks
Paul
Back in 2008 we completed on our 1st flat with an interest only mortgage tracking at 0.5% lifetime with C&G.
We have been trying to sell the property and we finally have an offer however the offer is below our mortgage settlement figure.
Question: Would C&G (now TSB?) be willing to negotiate on the mortgage fee outstanding its £133k the same balance from 2008 (we've just been paying the interest every month)?
My thinking is that its in C&G interest to get their £133k back sooner so they can lend it out again at a higher rate.
Thoughts?
thanks
Paul
0
Comments
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Highly unlikely.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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No. .0
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I doubt it. Can I just ask why are you selling the property? Are you porting the mortgage to another property or selling to rent?
If your mortgage has been around £100 or under for the last 10 years have you been putting any money into savings to enable you to repay the balance?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.0 -
ok - looks unlikely, but worth checking :-)
we've been living in the property until recently, now we're just looking to get rid and move on.
thanks all.0 -
if you are going into rented can you not ask for consent to rent the property out? If your mortgage is that cheap then the rent you receive should cover it and then some.
If you are selling and buying on can you apply to move the mortgage to the new property?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.0 -
With interest rates so low why haven't you been repaying the capital debt? Do you now own your own property?0
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