If you're thinking of a tracker be quick...

freebo_2

So much for the banks making mortgage lending cheaper...

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4910094.ece

kernewek

This is a bit worrying as I have recently applied for a tracker with Nationwide. Does this mean they are likely to pull the mortgage? I've paid the fees up front so does that reserve it for me?

Locoblade

Once you've applied and they've accepted you in principal, then you're OK with regards to keeping the deal, if they do withdraw it would just close the deal to new applications.

dunstonh

oh !!!!!!. I was looking at the 0.1% below base tracker and was going to phone in tomorrow to book that.


edit: Just phoned C&G and the deals are still there on the website and they are available but she said they are about to get new ones. I couldnt go ahead with mine as they have changed their period you can book a deal to be within 10 weeks of the exisiting deal ending and not the usual 3 months. So, it looks like I am going to have to wait anyway.

GOLFER

how does it work if you simply want a product swith with your current provider.

I want to move from Variable to a tracker and was going to do it online tomorrow. Will they still have deals tomorrow

many thanks

koexelek

freebo wrote: »

So much for the banks making mortgage lending cheaper...

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4910094.ece

the point is, a lot of lenders still don't want to lend.

They are having to now counter the rate cut to let their products remain uncompetitive and unattractive.

freebo_2

koexelek wrote: »

the point is, a lot of lenders still don't want to lend.

They are having to now counter the rate cut to let their products remain uncompetitive and unattractive.

I understand this, however I'm an existing customer coming to the end of a switch however my deal was booked (with NW) yesterday morning so fingers crossed.

GOLFER

I am with C+G and was hoping to switch tomorrow online

if i do it tonight and take an onlinedeal will they have to stick by that or can they change it

thanks

manikm

funny (not) how many people (not u i mean) now want to go on a tracker!

the forum seems to be flooded with tracker enquiries.

freebo_2

Interestinly I got the NW deal at +0.64%, its today gone up to +1.19% :eek: i.e. they've upped the tracking margin by 0.55%, more than cancelling the recent 0.5% BoE base rate cut.

I've just confirmed that I got the lower rate, lots of folk seem to think the BoE rate is going a lot further down. The NW one tracks down to 2.75% if the rate ever gets there, or even near I will be able to switch to a fix, if (and I know its a big IF) fixed rates are attractive by then.

So in summary trackers are a gamble and not for everyone but do seem attractive if you can still get one with a decent tracking margin.