First Direct Tracker deals pulled

atlantis187

First Direct has pulled its both 0.49 & 0.79 tracker deals from the market.

I dont reckon they going to replace these with anything competative.

Gorgeous_George

Probably not.

The risk to the banks with trackers is that Base Rates may be much lower than LIBOR. Any bank that is finally coming to terms with risk will realise that they cannot afford to offer mortgages that people want.

GG

ad9898_3

If it wasn't for ridiculous property prices, i.e they had kept in line with inflation, people would be ok with rates at 7,8 or even 9%.

Lets face it, mortgage payments as a part of household income is as bad as the late 80's boom, yet rates are less than half what they were then. Then we have the 400 billion of unsecured debt to boot.

Gordon Brown, a kn0b of the biggest order, to let the economy spiral out of control in this manner

Gorgeous_George

Maybe inflation should have kept pace with house prices Zorro.

GG

ad9898_3

Gorgeous_George wrote: »

Maybe inflation should have kept pace with house prices Zorro.

GG

Surely the whole economy shouldn't be based on house prices, oh hang on it has been.

ELECTRICIAN_2

i phoned about that last night an was told the funds would be reserved until sun 26 th as was earliest i could talk to a mortgage rep from first direct.does this mean i have lost that deal as no approval yet and is this because all funds for those deals gone as was said to be available till the 31st october

xeena

You should be ok as you've "expressed an interest".

Organic12

ELECTRICIAN wrote: »

i phoned about that last night an was told the funds would be reserved until sun 26 th as was earliest i could talk to a mortgage rep from first direct.does this mean i have lost that deal as no approval yet and is this because all funds for those deals gone as was said to be available till the 31st october

No, you should not have lost the deal as you contacted them when it was still available. I was in the same position as you just two weekends ago and asked the same question. I had to wait over a week to speak with a mortgage rep which was fine as they explained I could have the product even if was pulled in the intervening days.

Sim_2

xeena wrote: »

You should be ok as you've "expressed an interest".

Rang this morning to double check, was assured that if you have made the initial call to them you are OK even if you have not spoken to a Mortgage Advisor yet.

netman_2

I called First Direct yesterday evening at 5pm, got straight through a Mortgage Adviser and was told the offset tracker rates were pulled 2hours earlier at 3pm.

ELECTRICIAN_2

thanks for the advice everybody.phoned first direct myself an they will honour it as long as i get agreement in principle.just hope they dont wriggle out of it.any body got any idea how much the legals cost on a remortgage of about 80000.