Tying in a Tracker Mortgage Rate

KTasker1

Hi,

Looking for some advice. I have a 100% 2 yr Tracker Deal with RBS with a year left to run. Our mortgage payments have near enough halved since the deal started and we would like to try and see if we can pay RBS some sort of fee to move to a longer-term fixed rate at a similar interest rate to what we are paying now, rather than wait to go on the variable deal next year as I can see interest rates creeping up again within the next 18 months or so. Does anyone know if there is any possibility of doing this or has anyone ever done it before?

Any advice would be greatly appreciated.

Cheers.

beecher

I doubt very much if you'll get a fixed rate at a similar rate to what you're paying just now - you're likely to be in negative equity so won't look a very attractive proposition to RBS. By the looks of things they only give deals to people with an LTV of 90%

http://www.rbs.co.uk/personal/mortgages/g2/fixed-rate.ashx

You'd have to pay whatever Early Repayment Fee is in your documentation and go on whatever deals RBS are willing to give you - you might be lucky and they might offer you their 5 year deal for 90% LTV at 6.49% but I'd guess that's more than you're hoping to pay.