London & Country Mortgages, Good News !

suttree

Often there are 'moans' on these forums but I'd like to report happy news.
My five year tracker comes to an end this month (4.9 %) and I approached the brokers L&C to go for another 5 year plan (not the soviet type). The gentlemanly Chris McKee dealt with my call and has called me back to suggest I hold fire and let my nationwide deal revert to the rate they offer to existing customers ... 2.5% !! Now, I thought it was 3.9% but thats for new customers. So a big thankyou to Chris for giving me sound financial advice and not trying to sell me something I didn't need. Before L&C I used Purely Mortgages but they no longer exist in name and have given over to L&C. If this sounds like an advert for them ... it is. I am very impressed. ( From Suttree aka, Vincent.)

luckyfool

Legacy Nationwide customers revert to their BMR of 2% over base rate. Ultimately if you are the type of client that would go for a tracker in the current market then this is the right advice for you. If you want peace of mind and a fixed rate then its wrong. Horses for courses, I have many clients that I've advised to stick tight on very competitive reversionary rates with Nationwide, C&G, even First National and some adverse lenders.

The other thing you should consider for you or people in these circumstances is what you would conservatively imagine your current loan to value is, as well as what you expect to happen to house values in your area. If you are close to 75% or 70% and less just now, but are worried that your house value might fall then there is potentially value in considering fixing as that option might disappear or become much more expensive if your loan to value increased to 80-90% +. Equally if your loan to value is 80%-90% then rates are much less competitive and remortgaging becomes a lot less attractive.

suttree

Sorry folks. I meant to say I had a 5 year fixed ( not tracker as I wrote at the start of this thread ) and was planning another five year fixed ... I'm still happy ... especially after todays B of E's decision to hold at 0.5%.