I want a fixed rate

Gorgeous_George

Currently enjoying my collarless, lifetime trackers which are:
1. residential at +0.74%
2. BTL at +0.89%

LTVs are low.

I'd like to move them to a fixed rate. Clearly, in the short term, I will be paying more and for this reason I feel I should be offered something better than Joe Public.

If I was offered a no fee 3.5% deal I think I would probably take it. Would I be mad?

GG

sammyjammy

I think if it was a five year fix I would run you over in a big lorry to beat you to it , my LTV is around 45% and my collarless tracker is +0.13%, I'm enjoying it too but consider it making hay whilst the sunshines, its too good to be true to continue for long!

gillian46

GG,

Can I ask who the deal is with, I'm currently looking for a fixed deal for when mine ends

Thanks

beecher

When you say 'if I was offered' do you mean that there's no such offer as yet? I'd jump at a 5 year 4% rate with no fee if my lender was offering it. Don't know how realistic it is to hope for one though.

mitchb

Yeah id bite a hand off for a decent fixed rate at the moment.

My concern is when rates start rising will the banks only pass on a small rate increase as they didnt pass on the full decrease?

i.e rate falls 1% bank decrease by 0.1%, rates start to go up by 1% bank increases by 1%

I forsee big issues for many people with this.

Gorgeous_George

It is hypothetical - no deal yet.

I just think that if either of my lenders wanted to 'buy' my current deal (which must be loss-making for the banks), I'd be prepared to listen. I'd sacrifice short-term benefits for long-term security.

GG

Mudbath

That's what i've been looking for too but the only no fee one i've found is 5.24% - not quite low enough for me to jump!

Cash-Is-King

Quite a gloating post if you ask me. Are you expecting an offer to be made to you by a forumite?

Maybe we should all start hypothetical threads, what a useful place this would be then!

2latenow

Gorgeous_George wrote: »

If I was offered a no fee 3.5% deal I think I would probably take it. Would I be mad?GG

More like delusional.
But only till sammyjammy runs you over in his lorry.


I like you're idea but if you want to do it because you think you'd be better off over the long term, it stands to reason someone (the bank) would be worse off. So where's the motivation for them? They will be waiting & sitting it out (sweating & biting their nails) knowing they'll get you back later (and me and everyone else). And dont forget at the moment - as a generalisation - the banks have HMG backing which has to be helping them keep their nerves. And the bankers are still paid handsomely well to sit playing chicken and not blink.

But when you find the 3.5%/5yr, be sure to come back and tell your MSE friends before anyone else !!

Gorgeous_George

Not meant to be gloating or anything. I think 3.5% looks attractive to me (and may not do so for the bank) but then, a tracker may have looked attractive to the bank when I took the deals 5 years ago.I believe I should be offered a better deal than Joe Public because I have a better hand. If 4% was available to the general public I should be expecting something better in return for giving up my tracker.GG