Capped Low rate tracker - First Direct

Bean_69_99

Hi all,

Ive recently been looking at the low rate tracker offered by the co-op with the normal, 'will the rates go up enough to make it a bad choice' going through my mind....

The best Fixed on the market i can see is about 4.6% give or take

Then i came across this, this morning....

http://www.firstdirect.com/mortgages/rates.shtml

Capped tracker.

Tracker at 2.48 + BoE BR
Capped at 4.99%
Three year term
Same product fee as the Co-op version that isnt capped.

We are more than likely going to be overpaying while the rates are low, and the co-op calculate interest on a daily basis, do First direct?

Any opinions or details on this that people know off?

mrmajika

Bean_69_99 wrote: »

We are more than likely going to be overpaying while the rates are low, and the co-op calculate interest on a daily basis, do First direct?

Any opinions or details on this that people know off?

Yes, they caclulate interest on a daily basis. It's also offset against anything you have in your linke current and savings accounts, which is handy.

I have a bog standard First Direct tracker which no cap (but at a lower tracker rate) from end of last year and I'm more than pleased with it.

You can overpay via internet banking and it shows instantly.

Bean_69_99

Is it all done via internet and phone?

What kind of service have you had from call centres and the like?

mrmajika

Bean_69_99 wrote: »

Is it all done via internet and phone?

What kind of service have you had from call centres and the like?

You can access the mortgage account both online and via telephone.

I think the bulk of the application itself is done on the phone.

The call centre service is first class. Calls are answered by a 'real' person within 2 rings. If you search previous posts of FD service you will see that the vast majority of posters have nothing but praise for them.

MissNobody

I wish I could take advantage of this, sounds like a great deal to me!!

Bean_69_99

just to confirm this, i rang to ask a couple of questions. 2 Rings and a real person. All questions answered efficiently.

Estimated 40 min phonecall to get the mortgage in principle which will set in stone these rates and this offer for 6 months.

Happy happy... (runs off to find all details required and inform the better half)

Teterow

What LTV do you need to get this deal, please?

Bean_69_99

75% ltv..

link at the top.