Stevie1der
New Member
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- 2
Hi looking for advice per below;
Currently mortgage loan is with Mars Capital, they recently contacted me to advise they can "seek credit approval to stabilise the rate at 4.7% for a period of 12 months, after which it will roll on the SVR applicable at that time" (my mortgage provider was originally EBS, who sold loan to Mars in 2021).
All outstanding arrears were paid off in September 2022 and the monthly payments have been kept up to date since, with no new arrears. I suspect previous variable rates may have been higher than former lender, would need to check this. There is currently 8.5 years left on loan.
I think I read rates should be as offered by previous mortgage provider, I have checked EBS website and fixed rate for existing clients states, 4.55%, variable 4.15%. With this point in mind, should they (Mars) have been charging me 4.15% anyway as a variable rate customer and secondly should they be offering me 4.55% fixed rate in line with EBS's current fixed rate, furthermore should they have been charging me older rates in line with EBS? I am only aware of this point more recently (rates should be as offered by previous mortgage provider)
I am skeptical at them offering me a fixed rate wondering what the catch is and have asked that question with them on two occasions, reply was they want to keep the loan on track going forward, I am still not convinced. I am recently aware of possibility of moving to new lender with a two year clean credit record albeit with further criteria and case by case basis, so not a given for all, however its a start in the right direction.
Thank you
Currently mortgage loan is with Mars Capital, they recently contacted me to advise they can "seek credit approval to stabilise the rate at 4.7% for a period of 12 months, after which it will roll on the SVR applicable at that time" (my mortgage provider was originally EBS, who sold loan to Mars in 2021).
All outstanding arrears were paid off in September 2022 and the monthly payments have been kept up to date since, with no new arrears. I suspect previous variable rates may have been higher than former lender, would need to check this. There is currently 8.5 years left on loan.
I think I read rates should be as offered by previous mortgage provider, I have checked EBS website and fixed rate for existing clients states, 4.55%, variable 4.15%. With this point in mind, should they (Mars) have been charging me 4.15% anyway as a variable rate customer and secondly should they be offering me 4.55% fixed rate in line with EBS's current fixed rate, furthermore should they have been charging me older rates in line with EBS? I am only aware of this point more recently (rates should be as offered by previous mortgage provider)
I am skeptical at them offering me a fixed rate wondering what the catch is and have asked that question with them on two occasions, reply was they want to keep the loan on track going forward, I am still not convinced. I am recently aware of possibility of moving to new lender with a two year clean credit record albeit with further criteria and case by case basis, so not a given for all, however its a start in the right direction.
Thank you
