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Fixed Rate Mortgage Release

My daughter, who lives with a partner, and rents out her own house, with

15 years mortgage payments remaining, has received a letter from her mortgage company. I think it is via B& B. They tell her that if she wishes to quit the 6% fixed rate mortgage before the end date in June, they will waive the early redemption charge.

What are the odds that they will offer her a new deal if she holds out until June, and what are the chances of her getting a new mortgage elsewhere?

I told her that it looks like they are pushing buy-to-rent mortgages off their books, and I wonder how many other banks are doing the same?

Reply to
Gordon H
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And what would happen then? Would she have to pay off the mortgage or would she go onto the bank's standard mortgage rate?

Why not ask the banks/building societies? Or get advice from an IFA.

Most, I would have thought.

Reply to
Mark

In message , Mark writes

That's a good question, I'll pose it to her... She gave me the impression that she would be stung for an arrangement fee if she went elsewhere, I'm not sure if that would be the case if she was allowed to lapse to their standard rate.

She has an IFA through which she negotiated her current mortgage.

That's what I would guess, thanks for the comments, I will suggest that she should be talking to the Society now rather than later.

Reply to
Gordon H

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