What rate drop did you get end of term?

Luke86

Just interested to see if I got a decent rate drop on my new fixed rate.

Originally 2.79% with a 10% deposit, 2-year fixed. After term 4.34% variable.

Now 1.99%, no product fee, now 72% LTV, 2-year fixed. I believe variable is the same as above.

Saves me a nice chunk, so kept the payments the same to try and clear it sooner

Was really easy, around 15 minutes on the phone, and saved me some £, so I'm happy. Probably could have got a little better elsewhere, but hey-ho...I'll take it

MrCH

Nice bit of equity gained in 2 years (unless you heavily made overpayments)

somethingcorporate

The SVRs are rubbish. I had 3 parts to my mortgage, 2 recently dropped onto NWs SVR of over 4%. I quickly moved them onto trackers (+£100 cashback per product) around 2% whilst I wait for the large fixed element to come out of its fixed period (around 3.5%).


When it's all done I will tie the whole lot up with a new lender, fixed for 10 years @ 2.5%.

obay

4.48% going to 5.24% from 30th november, dropped to 2.2%.

Luke86

MrCH - No, no over payments. The switch takes affect next month (option for 1 month before or 1 month after fixed rate term), so 23 months

I'd like to think I thought it through and made the best purchase I could. Being single, the mortgage in principle limited me considerably. With such a tight net of properties and searching daily as you do, it became obvious which one was the best deal.

That's my version. But I guess it could also be labelled as luck

Somethingcorporate's - Good point. I tried to find the chart with the fixed rates by year, but I must have ditched it. There's a chance I will move after this term anyway, so didn't want to be locked in with a large early repayment charge. On that note, I also got £100 cashback (Nationwide, no idea why, a promo of some kind).

obay - Great news on the drop. 4 & 5% seems high though, was that a 5% deposit, BTL or fixed a long time ago? Either way, enjoy the extra £

obay

Luke86 wrote: »

MrCH - No, no over payments. The switch takes affect next month (option for 1 month before or 1 month after fixed rate term), so 23 months

I'd like to think I thought it through and made the best purchase I could. Being single, the mortgage in principle limited me considerably. With such a tight net of properties and searching daily as you do, it became obvious which one was the best deal.

That's my version. But I guess it could also be labelled as luck

Somethingcorporate's - Good point. I tried to find the chart with the fixed rates by year, but I must have ditched it. There's a chance I will move after this term anyway, so didn't want to be locked in with a large early repayment charge. On that note, I also got £100 cashback (Nationwide, no idea why, a promo of some kind).

obay - Great news on the drop. 4 & 5% seems high though, was that a 5% deposit, BTL or fixed a long time ago? Either way, enjoy the extra £

wasn't 5% it was 15% deposit, with a failed credit score provider . but we've done our term with them now! and have moved!!

works out to be around £280 per month which I'm very happy with!

Luke86

Ah!

That's an awesome drop pcm though

01afraser4

I'll be coming to the end of my first fixed term shortly too so this is a good topic for me to get some information from!

We purchased our home in March 2017 and have a Fixed Rate Mortgage until 28 Feb 2019 at 2.04% (don't have the variable rate to hand at the moment). I believe this was a lower rate as an incentive as we were both first time buyers.

We made a 15% deposit and I have calculated that we will fall just below the 80% LTV by the time February comes around. I've had a look at various comparison sites with some lenders coming in as low as 1.65% fixed (assuming I've drafted the quote details correctly!).

My current mortgage lender do not appear on the comparison sites so I'm looking forward to contacting them first to see what they can offer.

What would be the ideal time to contact them to discuss this or can things be done relatively quickly nearer the time?

Luke86

Seems like good news to me. My parents own a few properties and I think most are up around 15% across this period, so I'd assume with 15% down, you'll be well into 80% or below. But, I think 75% is where you want to be at. I sit in the 60-75% rate, which I can only assume is standard for lenders. I could have argued value, but it wouldn't go below the 60%, so I didn't bother.

Your 2.04% currently is much better than my initial rate; 2.89% fixed. Variable 4.34% after the term. I dropped to 1.99% (no product fee), so I think a reasonable expectation is the 1.65% you mention. £100 cashback too.

Timeline wise. My fixed term is up 13th January (yes, first house, Friday 13th!). I've negotiated 2 months early, with the option to start 1 month before the term, or postpone until one month after. Obviously I've chosen to start from December 1st.

So, I'd contact them as soon as you can. I wanted 2-year fixed and nothing else, so just had to opt out of their "advice", cutting the call from 90 minutes to less than 15.

You can dispute the value of your property if it doesn't achieve the LTV you need; they'll just use a online tool, like the one on Nationwide's site. As an example, the one house my parents own was valued at £430,000. My Dad disputed that as he needed £450,000 to improve the rate. After discussion is was revalued at £518,000 as there was a mistake initially, so he jumped 2 rates.

I would contact to discuss as soon as possible and say you've been advised by a mortgage adviser you can get a much better rate. If you pay on time, they're going to want to keep you; it's their business after all.

Ibrahimovic786

Any good brokers ?? Please helpppp

Luke86

I used Chris Evans for my initial fixed rate, he used to work at GHL but now works at the Mortgage Advice Bureau.