Is this a good deal ?

lyla · 20 February 2007 at 4:33PM

our fixed rate with abbey national comes to an end in April. Best new deal they can offer me is a flexible tracker mortgage. +0.49 percent on top of base rate for the life of the mortgage. includes savings aspect so you can overpay etc. the fee is £599 which i thought was quite high. we have only £13,000 on repayment & £78500 on endowment so is one of these types of mortgages worth doing?

any advice welcome. thanks.

danjberry · 20 February 2007 at 4:46PM

well do you want a tracker mortgage? with the recent rate rises and possible future rises you could end up paying a lot more. if you feel more comfortable with another fixed why not go for one if you happy to be tied in, it may be a higher rate now but if the base rate continues to rise then it MAY not be higher in the future

DoshSaver · 20 February 2007 at 5:34PM

lyla wrote:

our fixed rate with abbey national comes to an end in April. Best new deal they can offer me is a flexible tracker mortgage. +0.49 percent on top of base rate for the life of the mortgage. includes savings aspect so you can overpay etc. the fee is £599 which i thought was quite high. we have only £13,000 on repayment & £78500 on endowment so is one of these types of mortgages worth doing?

any advice welcome. thanks.

If your are not too concerned about a "Fixed" or "Capped" take a look at the ING Direct Flexable Mortgage (stardard variable rate currently 5.14% guaranteed not to go 0.9% above bank base rate) absolutely no fees when you join or leave a "Remortgage"!;)
(Note:valuation fee reimbursed on completion if it was a New Mortgage!)
The online application form even provides the facility to do the split for the two options of interest and repayment together!

http://forums.moneysavingexpert.com/showthread.html?t=362344

plane_boy2000 · 20 February 2007 at 10:04PM

DoshSaver wrote:

If your are not too concerned about a "Fixed" or "Capped" take a look at the ING Direct Flexable Mortgage (stardard variable rate currently 5.14% guaranteed not to go .09% above bank base rate) absolutely no fees when you join or leave a "Remortgage"!;)
(Note:valuation fee reimbursed on completion if it was a New Mortgage!)
The online application form even provides the facility to do the split for the two options of interest and repayment together!

http://forums.moneysavingexpert.com/showthread.html?t=362344

Just looked at ING product, BUT the rate is 0.9% NOT 0.09% above the base rate so in theory the rate could become 6.15% from the first of next month if they chose to.

DoshSaver · 21 February 2007 at 12:05AM

Yes plane_boy2000 it should have read "...5.14% guaranteed not to go 0.9%..." (not .09%) but rate is mentioned in the thread I listed. Considering there are no fees to leave or join, it is still very good but it is not a fix! Suits people that want a flexible no hassle mortgage which currently is 5.3apr (ING could have increased it 1st Feb so they are likely to move up soon; there again they might not!

Is this a good deal ?

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