Interest only self cert ends soon what to do?

tightasagnats

Hi everyone,

I have a self-cert fixed rate with BM @ 5.39% ends June 1st. I called the broker I went through initially, and they said despite interest rates falling mortgage rates aren't - and I was quoted 6.1% as their best deal (for same type of mortgage I have now - which is my only option).

I found a fixed rate of 5.95 75% LTV with Bristol and West for 3 years which looks good to me - anyone think I'm likely to do better? I think my current lender will not match this. Are rates likely to fall in next month or two if base rate falls?

Any advice welcome,

Best wishes
T

dwsjarcmcd

Your current lender won't match anything. I can't tell you whether you can do better than the B & W rate, but in my opinion, fixed rates will increase over the next few months because of the credit crunch and liquidity constraints.
Just my opinion

David

tightasagnats

Thanks David,

THat's what the broker said. I have an AiP from B&W valid for 30 days....

T

UK007BullDog

Is your credit record OK?
What is the house value?
Mortgage amount?
Your income before tax?
Why cant you move to another lender?

dunstonh

Interest only and self cert are going to have a lot of lenders on guard as that puts you into a high risk group.

tightasagnats

UK007BullDog wrote: »

Is your credit record OK?
What is the house value?
Mortgage amount?
Your income before tax?
Why cant you move to another lender?

Yes credit excellent
Value approx £200,000 might be a little more
Mortgage £168500
Income 43,000
I can move

herbiesjp

You can find lower deals - all depends on what fees you want to pay and whether that £43k income is verfiable