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A&L Mortgages: fixed rate to tracker
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will-in-estoril
Posts: 850 Forumite
Before you assume that once your A&L fixed rate mortgage ends it will automatically revert to the lender's variable rate, check the paperwork.
They have a number of schemes which revert to a TRACKER for the remainder of the mortgage, in some cases as low as BoE base rate + 0.75%.
It could be happy days!
They have a number of schemes which revert to a TRACKER for the remainder of the mortgage, in some cases as low as BoE base rate + 0.75%.
It could be happy days!
RIP independent MSE.
Died 1st June 2012
Died 1st June 2012
0
Comments
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No luck for me...reverted to variable rate
MFW 158 - Wanna be Mortgage free in 2 years (sept 2010)1st Jan 2008 - Mortgage £30,478.97, Term 6yrs 9m2008 Total OP = £7,859. Mortgage reduced to £15,938.20, Term Reduced by 3yrs 2m to 3yrs 7m2009 Total OP = £11,339. Term reduced by 3yrs 7m:TMortgage free Dec 2009 :T0 -
Have just checked my paperwork - 3 year fix from A&L, runs out end of March 09. After the fixed period ends:
"....a variable rate which is 0.99% above the Bank of England base Rate .... for the remaining term of the mortgage"
followed by some details about how quickly they match any Bank of England changes.
Sounds like a tracker to me! Happy days indeed!
:beer:0
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