Brendan Burgess
Founder
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It's more likely a person who bought in NI 5 years ago at 4.49% for a 90% LTV may be trying to get the bank to reduce the rate to 3.99% for an 85% LTV. Normal capital repayments are low in the opening years of a mortgage, if you ignore variations in house prices, then it takes around 11 years of a 25 year mortgage to get your LTV from 90% to 65%.While this is technically true, it’s completely academic. This is a notional rate which is paid only by people who do not shop around.
... a customer who bought a house 5 years ago with a 90% LTV mortgage, who has reduced the LTV to 65%, can get a tracker rate of base rate + 1.29% for the remaining term of the loan.
I moved to the 1.79% rate this year and am now considering moving to their 2-year fixed rate of 1.59%
It's more likely a person who bought in NI 5 years ago at 4.49% for a 90% LTV may be trying to get the bank to reduce the rate to 3.99% for an 85% LTV.
According to this article 40% of all mortage owners are on the SVR in the UK. http://www.telegraph.co.uk/finance/...our-200000-mortgage-and-save-up-to-85000.html.
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