We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Want to become a Forum Ambassador? Visit the Community Noticeboard for details on how to apply
Santander Tracker Offer - worth it?
Nix3517
Posts: 16 Forumite
We have our mortgage with (Abbey) Santander and are currently on their SVR of 4.24%. We have just under 20 years left on the mortgage:( and the balance is £91,000 (house value c.£265,000).
We have just received a letter from them thanking us for having our mortgage with them and offering us an "exclusive"
3 year tracker deal. They say that during that period we can switch to one of their fixed rate deals without paying early repayment charges and there are no fees to set up the tracker deal. Their current tracker rate is 2.99%.
On the face of it it seems like a good deal to me but obviously no-one really knows how much the base rate is going to go up and when and, being the suspicious person that I am, I can't help but wonder why they would be offering this if it really IS such a good deal - we all know they are in the game to make as much money as they can right?:rotfl:
So do we go for this and maybe see if they also allow overpayments (i.e pay the same amount as we are currently paying) or do we stick with the SVR until rates change and then look at fixing??? It all makes my head hurt a bit to be honest! Any advice & thoughts would be much appreciated.
Thanks
We have just received a letter from them thanking us for having our mortgage with them and offering us an "exclusive"
3 year tracker deal. They say that during that period we can switch to one of their fixed rate deals without paying early repayment charges and there are no fees to set up the tracker deal. Their current tracker rate is 2.99%.On the face of it it seems like a good deal to me but obviously no-one really knows how much the base rate is going to go up and when and, being the suspicious person that I am, I can't help but wonder why they would be offering this if it really IS such a good deal - we all know they are in the game to make as much money as they can right?:rotfl:
So do we go for this and maybe see if they also allow overpayments (i.e pay the same amount as we are currently paying) or do we stick with the SVR until rates change and then look at fixing??? It all makes my head hurt a bit to be honest! Any advice & thoughts would be much appreciated.
Thanks
0
Comments
-
There are better deals, but not by much. You would need to consider cost of application and any exit fees against the potential monthly savings.
First Direct to a term tracker with a rate of only 2.39%. The arrangement fee is £499 and a 35% deposit is required. There is no Early Repayment Charge payable on this product. (borrowed from MoneySupermaket)Love is all you need da da da da da..... and a little help from a forum every now and then.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards