Fixed rate to tracker?

Shiku_2

Hi guys just wanted some advice on the following, I am currently on a fixed rate mortgage with my lender, and ave been since 2005 when I took out the mortgage. Therefore, the reduction in BOE rate never applied to me, however, my fixed rate comes to an end in November, is anyone aware if I can then get a tracker mortgage as opposed to another fixed rate, as this is obviously more favourable at the mo..!! Or would this be subject to a new application/credit check etc?

nw_man

If you stay with your existing lender then you will be able to move onto whatever deal they allow you to at the time. If they have tracker deals available then I dont see a problem.

Also staying with them wouldnt necessarily involve a credit check.

Be aware though that moving to a tracker may not be the right idea, yes base rates are at a historic low, however that also means that they are likely to go up at some point.

If you have a tracker that is Bank of England base rate PLUS whatever% dont forget that it could get pretty painful if base rate rises.

Shiku_2

Thanks for that info nw-man

shelovestobuystuff

I would try for another fixed rate at a low % if I were you .You may have just missed missed the boat on benefiting from the tracker now,the only way is up I think.