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Product Transfer rates
Homeowner1654
Posts: 8 Forumite
My current fixed-term mortgage (5.89%) is coming to a close and we're moving onto SVR (just above 10%) which will take our monthly payments from £589pm to £828pm.
Due to some arrears we had on the account recently, we're having to hold out a few months before we can apply for a product transfer.
From other people's experience, how much could I expect to pay with a product transfer? Would the figure be closer to my current fixed % or the new SVR %?
Just looking for a rough ballpark figure as we're trying to establish whether we hold out for a few months until we're eligible, or sell the property if the rate isn't likely to be much better. (Note: we've explored options of remortgaging etc. but struggling currently due to LTV and DMP, so product transfer or sale are pretty much our only options right now).
Due to some arrears we had on the account recently, we're having to hold out a few months before we can apply for a product transfer.
From other people's experience, how much could I expect to pay with a product transfer? Would the figure be closer to my current fixed % or the new SVR %?
Just looking for a rough ballpark figure as we're trying to establish whether we hold out for a few months until we're eligible, or sell the property if the rate isn't likely to be much better. (Note: we've explored options of remortgaging etc. but struggling currently due to LTV and DMP, so product transfer or sale are pretty much our only options right now).
0
Comments
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Which lender?1
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Bluestone, so I'm expecting it will be a high interest % but would be good to know if it's likely to be closer to my previous fixed rate or their SVR rateBarelySentientAI said:Which lender?0
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