2 year or 3 year Tracker whats your thoughts

Altern8

Hi,

I saw on Abbeys website they have a two year and 3 year tracker mortgage.


They have a good offer they pay for the survey and £250 cash back.

I was just wondering what would be the recommened route 2 or 3 year tracker.

What are abbey like for processing applications? Do you have to bank with them already?

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610682091&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_TemplateG

Cheers

slummymummyof3

Just bear in mind that interest rates may rise and as such your tracker rates will rise. Invariably, you will end up paying for the survey and £250 cashback somewhere along the line -nothing is free in this life!

hillcats

What are the rates for these mortgages, and what happens at the end of the 2/3 year term what rate(s) would you revert to then...

We went for a lifetime tracker mortgage, discounted for the first three years... details below.

Thrugelmir

hillcats wrote: »

We went for a lifetime tracker mortgage, discounted for the first three years... details below.

And are they available now at the same rates? No. Mortgage market is somewhat different.

My question to Altern8 is why do want a short term tracker?

Altern8

The 2 year is 3.29%

the 3 year is 3.19%

Is a longer term tracker really a wise move?

Spangled

Altern8 wrote: »

The 2 year is 3.29%

the 3 year is 3.19%

Is a longer term tracker really a wise move?

With a lifetime tracker you don't need to keep remortgaging every few years (and pay remortgage fees and/or deal with the hassle of remortgaging). Most lifetime trackers have no tie-ins in terms of early repayment penalties and you can remortgage away whenever you want.