Best 5 year fixed deal ever???

silvercar

I'm on the BoeBR +0.75% lifetime tracker with CBS and not offered anything:(

Maybe I'll get a letter soon. Out of interest, is the fixed deal available as an offset?

The other thread was dismissed as a wind-up as the OP's fix finished in 2 months and was on a BTL rather than residential - that did seem too good to be true.

blued

I would jump on a 5yr fixed at 3.99%! I took out a 5 year fixed (5.29%) in April this year. Like others have said though the rate will most likely rise again and where you may lose out in the next 1yr-18 months you could gain over the next 3-5yrs. People can predict all they like but no one really knows whats going to happen. The 1.5% rate cut proved that.

pickles110564

silvercar wrote: »

I'm on the BoeBR +0.75% lifetime tracker with CBS and not offered anything:(

Maybe I'll get a letter soon. Out of interest, is the fixed deal available as an offset?

The other thread was dismissed as a wind-up as the OP's fix finished in 2 months and was on a BTL rather than residential - that did seem too good to be true.

But if everyone just showed a little faith! and they can all now read the offer letter for themselves.

handful

silvercar wrote: »

I'm on the BoeBR +0.75% lifetime tracker with CBS and not offered anything:(

Maybe I'll get a letter soon. Out of interest, is the fixed deal available as an offset?
quote]

Hi silvercar. I don't know whether offset is an option but I will ask as I would be tempted to do that as well. It probably won't be today but I will post their answer asap. I also need to find out if / what they are going to offer me for the other part of my mortgage which is a 5 year 4.25% fixed rate due to end at the end of December. I'm not so bothered about that part as it is interest only and due to be repaid within 2 years by endowments. Well, partly paid off anyway but that's another story!

If you are on the same deal I would say you have every chance of a letter dropping through the letterbox. My deal was initially a tracker at BR +0.25% for 2 years and that expired in October reverting to 0.75% for life. I really couldn't have timed this better if I had hindsight . Still a tough decision though as some people would kill to be on the deal I would be giving up, especially with further cuts almost certain.

I must be on a run of luck, just found out I don't have to pay back an overpayment £1150 of tax credits going back to 2006. *rushes off to buy a lottery ticket*

silvercar

My deal was a 4.99% fixed til December 2007 that auto moved to lifetime tracker BOEBR+0.75%. Offsetting as part of the deal. When I moved within the fixed rate, they let me take the extra money (more than double) at the fixed rate, even though they weren't then offering it. (I always thought that was a mistake on their part, but they kept to it.)

If I can't offset, I wouldn't be interest in the new offer.

handful

I have a bit of an update from the Coventry which you may or may not be interested in. I received another letter from them today about my 4.25 5 year fix ending next month. Very similar wording to the first but this one is offering either 4.50% fixed for 3 years or 4.99% fixed for 5 years. Nowhere near as good as the other offer but still not bad.

They obviously see the tracker as a real threat in the short-medium term and want me off it.

Like I mentioned, I may sit tight on SVR on this one as I want to be able to pay it off in a couple of years and make overpayments as well.

MarkyMarkD

Do you have 2 different Cov mortgages then, handful?

What was the rate meant to be on the one which they are offering you the higher fixed rates on? And is this also with no fees?

handful

Hi MMD. Just Pm'd the letter for the first one and then saw this!

Yes, I did mention it earlier in the thread. I have a second 5 year fixed rate 4.25% deal ending on 31st December and I had a letter today offering me a 4.50% 3 year fix or 4.99% 5 year fix when it ends with the same 'guaranteed until deadline' of 5th December.

I feel inclined to let this one go though and take my chances on the Privilege rate, currently 5.24. I don't really want to tie in to any redemption penalties as I have endowments maturing over the next 2 years and want to also have an opportunity to overpay to try and offset my endowment shortfalls.

zemoney

My 5-year fixed at 4.39% with CBS ends on December 31st and I have also been offered the 4.50/4.99% option. Not as good as 3.99% but then I would revert to loyalty rate of 5.24% rather than a bottomless tracker.

I think it's a pretty good deal looking at the market and also extremely convenient and with no fees or fuss. I am not sure what to do but I like long-term fixed rates so will probably go with it.

What are others in the same position planning to do?

silvercar

What are others in the same position planning to do?

Waiting for my letter! I won't consider a fix unless it offers the offset. TBH it would have to be a good offer to tempt me away from the +0.75% lifetime tracker. A bit of luck, a couple more drops in the base rate, a bit more overpayment and a good trading year next year and I hope to be completely offset within 2-3 years.