Direct Line Tracker 4.85%

ultrak3wl

I'm trying to find a cheaper remortgage and this one really does seem very cheap. Trouble is the T&Cs are a very big PDF file, realistically it's too hard to look at it online it needs printing out in A3 I reckon. So I haven't been able to read the small print and phoning to ask for copy got me nowhere.

So has anyone got one of these mortgages, is there a catch?

brannyrhino_2

You need to look at the "Cost for comparison rate" not the rate you have quoted.

You have to look at the Terms and conditions to determine the get out costs.

I'm a fixed rate fan my self but trackers are ok if you want to gamble on the bank of England Rate staying reasonable and bear in mind an election in the offing which could affect the economy and force the banks hand on rates

grumbler

Printing - tick “Shrink oversized pages to the paper size” box in the “Print” window to print it in A4. Very small letters, but still readable.

Mortgage - nothing suspicious at a first glance. I had similar one with Woolwich. Just usual ties during the discount period - first two years.

boots_babe

We've scoured the internet/brokers. We came up with 2 best options (which may not be best for others of course, it depends on your priorities etc):

Mansfield Building Society
This is direct only, not available through a broker. 3 yr discount, currently 4.73%. This is fee free; free val, free solicitor, no arrangment fee.

A&L
This is through L&C broker. 2 yr tracker, currently 4.74%. Again fee free; have to pay val up front but is refunded 10 days after completion. Solicitor fees are £300 but you get £300 cashback so this is essentially free, and no arrangement fee.

As I say, depends on your attitude to risks / preferences / priorities, but both of these looked really good to us. Main diff is that LTV on Mansfield is 75%, but on A&L is 95%. Also exit fee (assuming you remortgage after the special rate period) is £295 for A&L but only £75 for Mansfield.

This swung it for us so we're applying for Mansfield. Good luck, hope you find something that works out best for you.

boots_babe

Sorry forgot to mention, that whilst Mansfield has usual tie in during 3 year special rate period, the A&L one has absolutely no redemption penalties at any time, even within the initial 2 years.