Confused state of mind . . . .

tonydee

Hi guys and gals, this is my 1st post so b gentle. Right I've been searching the forums for info and have learnt loads just from browsing. However I do feel the urge just to pop out the question about my current state of play.

I'm nearing the end (August) of my current mortgage offer with Abbey which was a tracker rate for 2 years at .34% above the bank of england base rate.

I've given them a ring and to be honest were of little help over the phone so I've booked a meeting with the mortgage advisor in 2 weeks. What they did offer me was a tracker for the term of the mortgage at 0.49% above the BOFE which as I understand will be 4.99% at present. The charges for this will be £599 (like we all have a spare £600).

Anyhow I'v done a little sifting and Nationwide seem a popular bet and I'm also bewildered at what Portman are offering ???

My outstanding mortgage is £89k and joint income of £30k. It's all a bit catch 22 with the rates at the mo as they've been fairly steady for a year or so now but overall still quite low. With this in mind I "think" I want to go for a 2 year tracker again in order to keep my repayments at a low.

Any help, advice or recommendations truly appreciated.

Many thanks in advance

:beer:

herbiesjp

WHat is the property value?

tonydee

Hi Herbiesjp, house is worth approx £175k. Income is split £22k and £8k. Also I have 28 years remaining.

homer_j_3

The first thing that struck out at me was you say that you have made an appointment to see the mortgage adviser - is the the abbey's own advisor or is this someone distant from the abbey?

To be honest, rates are not the only thing to be looking at because the associated setup costs can make it more expensive.

I dont think with the information you have provided, there will be too many problems for your mortgage adviser, it is just a case of prioritising what you want. You say you want to take advantage of the low rates then trackers will move with the interest rates so this is something to consider if interest rates go up. Clearly if they go down then great but it is just for you to be prepared. Your adviser will of course go through all this with you

tonydee

Thanks for your input Homer.

Yes it's Abbey's own advisor who say they are non-commission based ?

Reading through other threads i'm deliberating on a tracker or a fixed rate for no more than 5 years really.

I pref want to keep my repayments under £500p/m which with some of the emails I received do just that. Mind boggling stuff all this and your always in 2 minds whether you're making the right decision.

On another note, if I decided to move away from Abbey is it a straight forward transistion to another company. I'm guessing more and more people do it these days so it must be relativly painless ?

Thanks again