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Abbey Mortgage Expired - Options
scottp_2
Posts: 149 Forumite
Hi,
My Dad have received a letter today from Abbey, his mortgage provider, stating that his mortgage will be increasing from next month by around £80 as it is reverting to the SVR. His current balance is £44250.19 and his payments will be £344.81, which I believe means he has 20 years remaining (which will take him into retirement). The reason he has left it to expire is because the house was supposed to be sold to a builder earlier this year, but that has fell through recently. He does plan to move in the next few years once the market has settled down, so I would say that the maximum fix he could go for would be 2 years.
He would prefer to stay with Abbey if it meant he would not have to mess around proving income and everything, as he is self employed so has trouble proving his income. He has never missed a mortgage payment and as far as I am aware he has a clean credit history. If there was a fee involved, it would have to be a lot less than what it will save him over the next few months, as he is in the building trade and work is a little slow at the moment, so he doesn't have a few thousand kicking about for product fees.
Any help will be appreciated.
Thanks!
Forgot to say, the house is valued at around £220,000 so the mortgage is quite small.
My Dad have received a letter today from Abbey, his mortgage provider, stating that his mortgage will be increasing from next month by around £80 as it is reverting to the SVR. His current balance is £44250.19 and his payments will be £344.81, which I believe means he has 20 years remaining (which will take him into retirement). The reason he has left it to expire is because the house was supposed to be sold to a builder earlier this year, but that has fell through recently. He does plan to move in the next few years once the market has settled down, so I would say that the maximum fix he could go for would be 2 years.
He would prefer to stay with Abbey if it meant he would not have to mess around proving income and everything, as he is self employed so has trouble proving his income. He has never missed a mortgage payment and as far as I am aware he has a clean credit history. If there was a fee involved, it would have to be a lot less than what it will save him over the next few months, as he is in the building trade and work is a little slow at the moment, so he doesn't have a few thousand kicking about for product fees.
Any help will be appreciated.
Thanks!
Forgot to say, the house is valued at around £220,000 so the mortgage is quite small.
0
Comments
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Go back to Abbey and ask them what deals they can offer with little or no fees.
Staying with them and asking for a product switch should be straight forward and quickI am a Mortgage AdviserYou 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.0
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