Re-mortgage Question, help appreciated thanks

MikeyC123

Hi,

We are reaching the end of a 2 year discounted SVRe with Standard life. Standard life like many others have not passed on all the BOE cuts to us. In the 2 year period I have learnt that SVR means they don't have to pass the cuts on. As a result Stadard life wont be getting my business again (even though I know it's my fault and I should of understood they dont have to pass the rates on with a SVR).

If I want a mortgage that truely follows the BOE rates, is it correct that I have to go for a tracker if available ? Does a tracker track the BOE rate or the LIBOR rate ? Naturally I would like one that tracks BOE if it exists.

We have been doing interest only for the last 2 years and plan to stay that way for now if we can. We put 25% deposit down I have had a quick glance around to see what sort of rates are coming up on trackers. I'm about to mail all the brokers who supplied quotations for us last year.

Any tips on good deals around at the moment ?

Any advice appreciated.
Regards
Mike

_Andy_

I wouldn't recommend mailing all the brokers you spoke to - nearly all brokers will have access to the same deals so you're wasting time there. Also there are competitive tracker products (e.g. HSBC) that brokers won't be able to access anyway.

If it's interest only, majority of lenders will need a repayment vehicle running alongside it (unless your LTV is very low).

Majority of trackers are BOE.

I'd recommend having a look at https://www.moneyfacts.co.uk to get an idea of what's on the market.

MikeyC123

_Andy_

Many Thanks for the reply, I thought what you said 2 years ago about brokers, but then found that some have preferrential rates over others, so shopping around was worth it, or some didnt include "all" the deals. At the end of my mail is states that this has been sent to several brokers, whoever gets me the bet deal gets the business.

I will check out the website.

Cheers
Mike