Discounted tracker ending soon - advice please.

swayzak

Hi

My Britannia tracker comes to an end in April (commenced April 2008).

Currently 0.5% above base, then 1.5% above base for remainder.

Should I switch to another mortgage / mortgage lender or is this still a good deal.

Because of the low rate I've been paying, I stopped overpaying a while back & am now putting spare dosh into savings (c3% ISA & c3.2% AA Savings).

thanks

swayzak

VIGILANT22

Do you realise when you overpay it comes off the capital sum

swayzak

VIGILANT22 wrote: »

Do you realise when you overpay it comes off the capital sum

OK - so you're saying I should continue to overpay rather than save ?

Last advice I got was to save unless interest paid on mortgage is higher than savings interest ... :S

VIGILANT22

When you overpay it is deducted from the capital sum

wodgerdodger

Wwithout knowing the full in's and out's of your current mortgage i don't think what you will have after the discount expires is that bad. You have to consider that any switch to amother tracker elsewhere will invariably incur an arrangement fee, you will also be tied into some sort of early repayment penalty as against be free to pay off any sum you want and not least you will have to go through the whole application process again which can be timeconsuming, stressful and what would you actually achive in the end that is sufficient to outweigh the benefits of what you already (will) have .

I think you will be better off with the devil you know

de1amo

you shouldnt forget that britannia gives a membership bonus as well--i have a 'low' mortgage with them and have stayed with the svr after my tracker ran out about 18 months ago--i dont see the point of going to another tracker and paying high fees at the moment- they only seem to offer fixed or offsets now the britannia ,-i will track rates and decide if britannia break the svr link to base connection--they seem a solid bank and so far 'ethical

swayzak

VIGILANT22 wrote: »

When you overpay it is deducted from the capital sum

Sorry, but I'm still confused by this advice.

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

swayzak

de1amo wrote: »

you shouldnt forget that britannia gives a membership bonus as well--i have a 'low' mortgage with them and have stayed with the svr after my tracker ran out about 18 months ago--i dont see the point of going to another tracker and paying high fees at the moment- they only seem to offer fixed or offsets now the britannia ,-i will track rates and decide if britannia break the svr link to base connection--they seem a solid bank and so far 'ethical

Actually I'm also with Smile (part of Co-op / Britannia).

I keep hearing about benefits for members - but what are they ? Do I get preferential rates then (ie. mortgage) ?

Haven't had any nice cheques through the post, that's for sure.

VIGILANT22

sorry, this forum does not give advice..information and opinion and that may vary
For advice you contact an advisor

de1amo

İm confused to-also you have access to your isa and can choose which way to go with your savings--pay off your capital and you cant access those funds again without remortgaging

de1amo

last time i contacted them i was due a cheque in March--i have been with them about 4 years