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Switch to another SVR mortgage
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Shaker99
Posts: 1 Newbie
Hi all,
I was wondering if its worth speaking to my mortgage company (Halifax) to see if I can somehow lower the interest rate on my standard variable rate mortage.
Some details.
When I purchased my property I took out a 3 year fixed term mortgage, based on a LTV of 80%. As that deal has now ended, I've moved onto their standard variable rate mortgage. The obvious option is to now remortgage back onto another fixed term deal.
However as I'm now planning on selling my property sometime this year, I dont really want to lock myself into another deal and then have to pay the penalties. Also, its worth noting that I might not be buying another property after I sell my current one - so porting any new fixed term deal might not be an option....
As I said my current (original) mortgage was based on a LTV of 80% but due to radically overhauling the property my LTV is now somewhere around 40%. So my question is, is there a way that I could move to a more favourable SVR mortgage , possibly with the same lender (Halifax) based on a lower LTV ?
I'm guessing I already know the answer to this, but was wondering if anyone had any experience or thoughts on this?
Mnay thanks in advance,
Ian
I was wondering if its worth speaking to my mortgage company (Halifax) to see if I can somehow lower the interest rate on my standard variable rate mortage.
Some details.
When I purchased my property I took out a 3 year fixed term mortgage, based on a LTV of 80%. As that deal has now ended, I've moved onto their standard variable rate mortgage. The obvious option is to now remortgage back onto another fixed term deal.
However as I'm now planning on selling my property sometime this year, I dont really want to lock myself into another deal and then have to pay the penalties. Also, its worth noting that I might not be buying another property after I sell my current one - so porting any new fixed term deal might not be an option....
As I said my current (original) mortgage was based on a LTV of 80% but due to radically overhauling the property my LTV is now somewhere around 40%. So my question is, is there a way that I could move to a more favourable SVR mortgage , possibly with the same lender (Halifax) based on a lower LTV ?
I'm guessing I already know the answer to this, but was wondering if anyone had any experience or thoughts on this?
Mnay thanks in advance,
Ian
0
Comments
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You need to be looking at flexible products that do not carry ERC's, instead of looking to a negotiate what is a static universal SVR.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0
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