0.05 below base rate tracker ending

a1psx

I really don't know what to do. My fantastic tracker is ending at the end of November and I am really disapointed and confused. London & Country offered a life tracker at 1.25% above base rate with Saffron Building Society (who!), I have seen better rates than this myself. Anyone found a fantastic traker deal and would like to share the information?

sdooley

Some of the better rates don't allow brokers to apply for them. It's a real problem in this market.

koexelek

For a Lifetime tracker, that isn't too bad.

If you would consider a two, three or five year tracker, you would get a lower rate, but then you will need to change it again at the end of that term

herbiesjp

Dont forget that what will be available will depend on the figures involved - the better deal are around under 75% LTV or less

What is the property value, and what is the mortgage amount?

a1psx

We bought our house 2 yrs ago @ £244,000 and mortgage will be for £150,00 with 28yrs left. I want the cheapest rate out their that doesn't have rediculous fees.

herbiesjp

Based on those figures you should be able to get lower deals

However without knowing anything about your income/affordability it is difficult to say whether you would be eligible for them.

What fee is attached to the Saffron deal?

a1psx

There is no problem with affordability! Saffron was £100 + £230 val + valuation is refunded after completion. This is a good offer but I want a low interest rate and 1.25% above base rate isn't good enough.

herbiesjp

a1psx wrote: »

There is no problem with affordability! Saffron was £100 + £230 val + valuation is refunded after completion. This is a good offer but I want a low interest rate and 1.25% above base rate isn't good enough.

Sorry if you think I was being cheeky about affordability - what you have to realise is that if you are on a joint income of £30k and have debts in the background, you are not going to get the mortgage on those income multiples/affordability calculators used by lenders - lenders are getting ever stricter

As for the rate not being good enough, it is not bad based on what is currently available on the market

You might find slightly cheaper cheaper rates which also include free legals and free valuations, but the arrangement fee will be slightly higher.

You also need to look at the flexibility you want from the mortgage product, i.e. overpayments, borrow back, ability to switch to a fixed rate etc - so that needs to be factored in as well

_Andy_

a1psx wrote: »

There is no problem with affordability! Saffron was £100 + £230 val + valuation is refunded after completion. This is a good offer but I want a low interest rate and 1.25% above base rate isn't good enough.

A simple 'thank you' to the poster trying to help you would have been nice.

JP78_2

I don't think HSBC are covered by brokers, I got a great tracker rate off them 6 months ago.
Their current deals don't seem quite as good, but because you're under 75% LTV you can still get +0.84% with a £799 fee on their term tracker and no exit charges.

Toughluck

a1psx,

You are asking for too much. Please get in the real world. We do this for a living you don't. if you want a low rate then sometimes high fees are involved. based upon your loan size you may benefit from higher fees. Saffron are a good lender. If I was offering a -1.00% tracker with no fees wouold you take it even though you don't know me. soulds like that is an OK deal.

If Nike did a mortgage product I bet you'd look at that as opposed to Accord, manchester bs, Stroud & swindon etc.