📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Building Society's offering follow-on deals?

Has anyone got any experience of building societies offering follow-on deals once the initial term has expired?

I'm currently looking at a property that is not mortgage by the normal highstreet lenders.
Various building societies seem to provide specialist lending against the property. 

The initial 2 or 3yr terms are fairly competitive but the follow-on svr is horrendous. 
Presuming the property is not going to be acceptable to a mainstream lender in 2/3yrs either and can see my self getting trapped into massive monthly repayments. 

Do building societies normally offer a follow on deal at much lower than the svr?

Comments

  • ACG
    ACG Posts: 24,666 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The SVR for all lenders is horrendous.
    We do a lot with building societies as we do a lot of adverse. Most will offer you something better than SVR without having to re-apply. 
    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.6K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.9K Spending & Discounts
  • 244.6K Work, Benefits & Business
  • 599.9K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.