BlueButton
Registered User
- Messages
- 32
Hi Folks,
Just want to get your opinion as I've recently come out of a fixed rate on my RIP mortgage. I had fixed it 3 years ago at a rate of 4.69% which was due to finish at the beginning of Oct. I was expecting them to let me know the new rates / options available but heard nothing.
Before I rang them, I checked the Letter of Offer and the only options available were a variable or another fixed rate.
However, when I rang they told me I'd been put on a tracker rate of 4.35%. The rate was 3.35% + 1% ECB. I asked what the variable rate would be and they quoted me 4.45%. While my repayments have decreased somewhat I'd have thought the margin would be lower.
I didn't want to query it in case I'd been given a tracker in error. Is a margin of 3.35% quite high - even for an investment mortgage?
I'd appreciate your advice.
Just want to get your opinion as I've recently come out of a fixed rate on my RIP mortgage. I had fixed it 3 years ago at a rate of 4.69% which was due to finish at the beginning of Oct. I was expecting them to let me know the new rates / options available but heard nothing.
Before I rang them, I checked the Letter of Offer and the only options available were a variable or another fixed rate.
However, when I rang they told me I'd been put on a tracker rate of 4.35%. The rate was 3.35% + 1% ECB. I asked what the variable rate would be and they quoted me 4.45%. While my repayments have decreased somewhat I'd have thought the margin would be lower.
I didn't want to query it in case I'd been given a tracker in error. Is a margin of 3.35% quite high - even for an investment mortgage?
I'd appreciate your advice.