Interest rate with Mars capital

My mortgage was sold to mars quite a number of years ago, it's been performing ever since.

Rate is changing from 2.35% fixed which was my mortgage rate with original provider to 6.05% variable with them as my fixed rate is expired now, adding 300 a month to repayments.

I realise I can't stay on the 2.35% rate forever and if I was with original mortgage provider it would be now 4.65% which would be approx 200 a month higher than fixed rate but still lower than what it will be at 6.05% obviously.

Is there anything I can do to negotiate rates?

LTV is now under 50% so I think 6% is very steep

Thanks in advance

You can only negotiate if you've got something to negotiate with. If you can move provider you could threaten them with that. Realistically you might just be as well moving if you can but the question is are you in a position to move.

What's your LTI like? What does your CCR report say?

Well my 5 CCR is all good now so I suppose I could move the mortgage. LTI is about 2 times.

How would mainstream lenders receive an application from someone where payments to Mars capital are showing?

I was more thinking along the lines of challenging the fact that the terms of mortgage now are different than the terms would be if I stayed with original lender which I have seen as one of the stipulations. But I could be wrong on that.

Nb1980 said:

Well my 5 CCR is all good now so I suppose I could move the mortgage. LTI is about 2 times.

How would mainstream lenders receive an application from someone where payments to Mars capital are showing?

Click to expand...

Why not just apply and find out?

Nb1980 said:

I was more thinking along the lines of challenging the fact that the terms of mortgage now are different than the terms would be if I stayed with original lender which I have seen as one of the stipulations. But I could be wrong on that.

Click to expand...

I suspect that you would be wasting your time. You could have a look at this but I also think that this is a waste of time too: