I've just recently contacted my mortgage provider and moved over to an interest only mortgage at an interest rate of 5.99% on a tracker, base rate variable. I did this two days ago over the phone and the paperwork came through today. The guy who sold us the package has been on the phone to us saying ...don't bother with this paperwork as the "rate of interest has been withdrawn"..therefore we need the paperwork back. My hubbie has since phoned the guy who said..if you get it back to us by next Wednesday then it'll go through as you got in early enough.
Now..I have no idea what's happening but my gut instinct is that with the drop in interest rate that has just been announced that they may well be halting all variable rates and now only going to issue fixed rates as the rate might drop waaaaay low and that's not in their best interests.
BUT..I don't know this for a fact..and I'm sitting here with an envelope, ready to post back and now I'm a little scared. But surely they don't want the paperwork back to be "nice" and give us more money. I can't foresee the future..but reckon I should post it...eeeeeeeeeeeeeeee...lol...hate all this mortgage millarky!
Does anyone know what's goin on?
I reckon I'll phone the Barclay's mortgage guy up in the morning...but I have such a mistrust of all this stuff that I don't know if I can accept what he says really. Sob.
Hope someone can shed some light on it ... :)