Split Fixed and Tracker Mortgage

stutakesphotos

Saw an advert last night for a mortgage that is both fixed and a tracker. I believe HSBC ran one last year and I believe this advert was for Barclays.

Has anyone used one of these mortgages or have any advice about them?

Thanks

CloudCuckooLand

Not sure it was a split product, just that their product had no tie-ins, so you could switch when you decide the time was right...?

i.e. http://www.barclays.co.uk/Mortgage/GreatEscapeMortgages/P1242579332747

stutakesphotos

CloudCuckooLand wrote: »

Not sure it was a split product, just that their product had no tie-ins, so you could switch when you decide the time was right...?

Thanks, that may have been it. I believe that HSBC did do a split one last year though?

[Deleted User]

I think they did. It was 50/50 split. Perfect for those who can't make a decision, basically.

CloudCuckooLand

Looks like they did... http://www.mortgagerates.org.uk/news/hsbc-split-mortgage/

http://lmgtfy.com/?q=hsbc+split+mortgage+fixed+tracker

getmore4less

Lenders allow a mix of mortgage products.
People who extend borrowing often have to.

The issues
You will often have to pay the fees for each part.
No one will tell you you can do this

So you can mix in any combinations
repayment or interest only (very rare option now)
different fixed rates or trackers.
total terms.

Burridge60

stutakesphotos wrote: »

Saw an advert last night for a mortgage that is both fixed and a tracker. I believe HSBC ran one last year and I believe this advert was for Barclays.

Has anyone used one of these mortgages or have any advice about them?

Thanks

You mean the railway hand cart ad on the TV where they switch points and watch a Squirrel (no that wasn't relevant).

Its a tracker now with the option to move to a Barclays/Woolwich fixed rate in the future at a rate then applying so you wont know. Early Repayment Charges waived if you switch.

I like it myself a great idea to pull in business and there are a few lenders that have done it before (C and G Rainy day mortgage).

You will have to be pretty cute to time the change right as the fixed rates will be reviewed continuously. The Bankers normally get the rate change right as they watch the swap rate market.

Why not make your own fixed rate and overpay your current mortgage at a higher rate (assuming you can do so without penalty).

getmore4less

Its a tracker now with the option to move to a Barclays/Woolwich fixed rate in the future at a rate then applying so you wont know. Early Repayment Charges waived if you switch

But not the aplication fees

These have been faily high, not check recently(last couple of months)

Burridge60

getmore4less wrote: »

But not the application fees

These have been fairly high, not check recently(last couple of months)

Kerching thats why the squirrel is there they nick your nuts while you are distracted

You are right! Fees have got a little better lately but they could go up as too can the rates offered.