Fixed rate finished, want to remortgage and move house

pault123

4.99% fixed rate has now finished on Northern Rock so now on a 4.79% SVR.

Looking to move to a new house and unless northern rock will offer me an increase on current mortgage of £20k ish and let me stay on their 4.79% i'll have to remortgage.

Would I be better going onto a rate like the Woolwich @ 4.09% for 2 years then 2.49% svr

Or is there a way I can milk the current low bank of england base rate and get a variable mortgage? The only ones i've found so far are ING direct @ 3.5% but it appears to tie you in for the full 20 years.

I'm after a no tie in or 2-3 years fix max variable with good rate?


Cheers!

opinions4u

pault123 wrote: »

I'm after a no tie in or 2-3 years fix max variable with good rate?

Is that like a Cracker Jacker Tracker mortgage?

pault123

I think I meant a tracker mortgage LOL but wasn't sure if they tie you in with an early leaving fee if you need to switch again

Basically could I get a tracker mortgage to milk the great rate while it lasts then jump ship once rate goes high?

pault123

I've found a Woolwich tracker

"ifetime Tracker
BBBR +2.44
currently 2.94%
variable for the
remaining
term of the mortgage N/A 3.1% APR £999 Up to 75% of the value of your home (Maximum Loan £500,000) 1% of the balance repaid until 31/01/2012 Call
0800 316 5500* for Tracker rate mortgages



which suggests I could reduce my Northern Rock 4.79 rate to 2.94% and as the penalty for ERC ends on 31/01/2012 I could then shop around again?

Seems a bit too good to be true unless i'm missing the obvious.