Still struggling with what to do

shellyd_3

with Halifax owe 28000 with 8y5m to go.

been on to them again today offered me 5.45% 2yr fixed £199 fee
and 5.45% 5yr fixed no fee

I said hubby not happy at paying a fee and would rather stay on variable and pay the £200 off the balance of the mortgage. ( don't know if this is a good Idea or not) the man then give me the details of a tracker(this doesn't mean much to me) it was 0.74 under ?? and 1.3 above the base untill march 2009 so worked out to be 5.8% which happened to save me approx £20 per month.(same pmt as 2 year fixed) but with No fee, no tie in, and no repayment charges.

I said I would look around at other lenders. So he looked at them for me and checked the Nationwide 2 year fixed 4.59% 399fee Plus 99 fee. but the repayments were about the same as the Halifax. He explained that because my balance was so low it was not worth moving as I wouldn't save very much compared to those with 100k mortgage. On top of that I would have to pay£175.00 and £50.00 repayment admin fee and deeds dispatch fee.

Can you please advise or confirm if I am better staying with the Halifax. Also if trackers are a good option.

Thanks again


Michelle

Rikki

A tracker mortgage moves in line withe boe base rate.
I have a tracker mine is fixed at 0.5% above base rate for the life of the mortgage. So after arranging the mortgage I need never to change again.

fitmiss123

Hi shelly

I was in the same situation as you last week.

After lots of number crunching and totalling to change to another lender I opted for the 5.45 2 year fixed and stayed with Halifax and payed the 199 fee.
I was told that if I left the halifax I would have to pay £275 to leave.

I looked into the tracker mortgages and was told that if I took one of these out I could opt out whenever I wanted. The rates were a bit high though.

My head was in a total shed after trawling for remortgages so I can despair for you.

Good luck

Woody

Hi,
Deja vu!

I'm still smarting from my trip to the Halifax today. I was offered the same as you - 5.45% until 31/03/2008. My Halifax Mortgage "Reviewer" said nothing about the £275 charge to leave - so I was about to go down the Nationwide path also - if only to give myself the satisfaction of telling the Halifax to get stuffed.

What really pees me off, is that if I wasn't already a customer, they would offer the same deal at 4.99% - how's that for a poke in the eye for an existing customer?

Apparently, as my mortgage is now less that 75K, they are not interested. If more than 75K, they would have offered me better rates.

The one really bizzaare thing that I don't understand, is that the Halifax monthly cost at 5.4% is actually a few quid cheaper than the Nationwide are quoting on 4.79% - haven't a clue why that should be.

I feel a letter coming on to tell them that as an existing customer, they are treating me really shabbily.....

PS. If you are not in a desperate hurry, you may just want to wait until after 12:00 tomorrow (Thurs) to see if the Bank of England monetary committee drops the base rate.