Lender Would Like Me to Get Off My Tracker!

I think I put that title because there's a Carry On film on. :)

Anyway, I have 0.5%+BOE tracker with the Newcastle Building Society. Today I received a letter saying "Great News! Fix Your Mortgage Payment Now at 2.25%"

I'm currently paying 2.5% but despite it being a lower rate and fee-free, after 2 years it reverts to the variable rate and I can't make overpayments.
They must think I'm mad. I can only assume they're seriously worried about rates staying low for quite a while.

Anyway, thought I'd mention it as your lender may be sending you something similar quite soon.

Ed.

Comments

  • Hi Edzep
    we've got a tracker deal with barclays for .19 above base rate but havent had a letter off them yet. When i read your post i mentioned to the oh that years ago, banks were familiar with their clients and tried to help them save money not try to slyly get it out of them - how times have changed. Too many sharks these days.:o
    Proud to have dealt with my debts. Nerd number 288:j Debt free date Dec 07 :EasterBun
    Mortgage as at Dec 08 : £93,077.00
    Mortgage as at Dec 09 : £ 87,948.12
    Mortgage as at Dec 10 : £ 83,680.23
    Mortgage target for Dec 11: £73,680.23
  • Ed_Zep
    Ed_Zep Posts: 340 Forumite
    Hi Wannasavemoney,

    that is a great rate! You're right, lenders don't care about their customers any more. They try to scam us and we have to get out own back using sites like this one. :)
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