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What is a life time mortgage?
HappySad
Posts: 2,033 Forumite
“…the ‘insatiability doctrine – we spend money we don’t have, on things we don’t need, to make impressions that don’t last, on people we don’t care about.” Professor Tim Jackson
“The best things in life is not things"
“The best things in life is not things"
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Comments
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Nah - it's either a tracker rate or SVR, for the lifetime of the product (e.g. 25 years)
There was a time when you could get a Fixed Rate for 25 years with some lenders - you might still be able to, but probably at a premium.0 -
Nah - it's either a tracker rate or SVR, for the lifetime of the product (e.g. 25 years)
There was a time when you could get a Fixed Rate for 25 years with some lenders - you might still be able to, but probably at a premium.
The rates in the table are for the term of the mortgage and are therefore fixed. Tracker or SVR are variable.
Read small print to see what happens if you move house, ie is mortgage portable.Is the rate fixed during this time?0 -
the lifetime rates in that mortgage table are all trackers. none of them are fixed for the term of the mortage. you cannot get a 25 year mortgage at under 4% interest - as evidenced by the best long term fixed rates being above 5% for 7 years.
all lifetime means in the context of those mortgages is that the rate is guaranteed to be base rate + X (or for the poorer deals "bank rate"* + X) for the term of the mortage.
* = any number the bank cares to pluck out of thin air.0
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