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Who's got the cheapest mortgage?
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cogito
Posts: 4,898 Forumite
Could it be me? A Woolwich lifetime tracker which I took out last year. No fees and just 0.39% over base.
As I've usually managed to get my timing wrong in the past, I'm feeling pretty chuffed at the moment (and probably even more chuffed after tomorrow's rate cut).
Sorry.
As I've usually managed to get my timing wrong in the past, I'm feeling pretty chuffed at the moment (and probably even more chuffed after tomorrow's rate cut).
Sorry.
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Comments
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Sounds great
Do the woolwich (or any for that matter?) trackers have redemption fees if you settle early or want to switch to a fixed rate deal sometime in the future?
My mortgage is pretty cheap... I haven't got one
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pretty impressive0
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£275 redemption fee. Not too bad.0
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£275 redemption fee. Not too bad.
.49 over BOE BR offset. So IO the advantage of saving the repayment part and in the current climate should the worst happen.
Just pay IO and have the repayment pot as a kitty.
Came off 5.08 fixed to get it I held that for nearly 2 years.
But it is too late for trackers now but don't gloat some are strugling on SVR.:(0 -
Well done, good stuff. However..............the point of this thread was to gloat?!0
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No, not really. I'll be happier when I can pay the bl00dy thing off.0
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But it is too late for trackers now but don't gloat some are strugling on SVR.:(
True, but it's interesting to see these good deals, even if they're no longer available to new customers.
I had always been of the 'long term fixed' midset. Basically I'd know what I'm paying month in month out, huge interest rises wouldn't worry me as I'd be shielded from them, so they'd be best fit for me. The OPs deal suggests that I could instead get a tracker, benefit from low/dropping rates, and if they rise more than I'm comfortable with just cough up £275 and go with a fixed rate from then on.
Ok, the fix you're offered after rates have risen will be at a higher rate than it would have been previously, but you could effectively lock yourself in to be safe from further increases as soon as you started nearing your comfort level. I had always assumed that ditching a tracker as soon as rates were rising would be tougher than just stumping up £275, that the lenders would like to milk you as much as possible to make moving away an unattractive prospect.
I guess I'll need to keep a more open mind when I do eventually apply for a mortgage!0 -
True, but it's interesting to see these good deals, even if they're no longer available to new customers.
I had always been of the 'long term fixed' midset. Basically I'd know what I'm paying month in month out, huge interest rises wouldn't worry me as I'd be shielded from them, so they'd be best fit for me. The OPs deal suggests that I could instead get a tracker, benefit from low/dropping rates, and if they rise more than I'm comfortable with just cough up £275 and go with a fixed rate from then on.
Ok, the fix you're offered after rates have risen will be at a higher rate than it would have been previously, but you could effectively lock yourself in to be safe from further increases as soon as you started nearing your comfort level. I had always assumed that ditching a tracker as soon as rates were rising would be tougher than just stumping up £275, that the lenders would like to milk you as much as possible to make moving away an unattractive prospect.
I guess I'll need to keep a more open mind when I do eventually apply for a mortgage!
To Tell you the truth if you average it out I think the average repayment over the term of the mortgage works out at around 5.5%.
After set up fee etc, they all work out around the same.
The only reason I went lifetime was to get rid of the set up fees for XX years.0 -
After seeing the mortgage rate rise to over 15% in the last recession, I always stuck to fixed rates after that - may have paid over the odds some years but didnt lay awake worrying what the BOE was doing.0
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After seeing the mortgage rate rise to over 15% in the last recession, I always stuck to fixed rates after that - may have paid over the odds some years but didnt lay awake worrying what the BOE was doing.
I have fixed and discounted SVR. I have been lucky and paid under BOE rate most of the time.
But never woried as I have never overstretched my self.0
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