From Abbey SVR 4.24 to Fixed 4.24

mrT0m

First post so please go easy. I have taken note of many posts where not enough info is given so will try my best.

Was on a Abbey 2yr Tracker paying approx .2 above base (yippee).

Ended in Jan so went onto SVR @ 4.24 as I wanted to see how the markets / government panned out.

Bit the bullet last Friday and switched onto the Abbey 3yr Fixed at 4.24 (same rate as SVR) - no fees.

My gut feeling was that a tracker just was not good value as rates could only go up and the banks of course would not reduce the differential on current mortgages.

I have made yearly regular capital repayments and this is capped at 10% on this product - I can pay more but their is a 3% charge on any difference - spose I will just save the difference and pay off when the product reverts to SVR after 3 years.

Mortgage: repayment / joint names / £55k income
Property value: 260,000
Morthage: 79,000
Term left: 17yrs
Payment: £530 (based on 4.24)

- just been and looked and it does not seem abbey are doing this rate on a 3yr only a 2yr now.

I have now got a bit twitchy and have over a week to bail out of the deal, does anyone see anything a miss here?

Thanks

Cannon_Fodder

Shame it wasn't 5 years...

mrT0m

Cannon_Fodder wrote: »

Shame it wasn't 5 years...

Is five years at this rate more typical then?

Cannon_Fodder

No, just that its a good rate, and shame you couldn't get 5 years...

mrT0m

Any other views would be appreciated.

Thanks.