Lifetime Trackers for First Time Buyers?

powerwin

Do any lenders offer lifetime trackers for first time buyers at the moment?

Thanks

retepetsir

We've got one from HSBC....started in Feb this year

powerwin

Thanks, taking a look at HSBC now.

Are there any further suggestions?

Thanks

minimike2

Most lenders that have lifetime tracker deals will not disqualify you from having them just for being a FTB as long as you have the required deposit.

powerwin

I see Barclays also do lifetime trackers.

Thanks

new_home_owner_3

with lifetime tracker rates at over 4 percent above the base rate you must be mad to jump onto one of these products, what happens when rates go back up?

if they go back to 5 percent you will nearly be paying 10 percernt and they may even go higher......:eek:

the banks are taking the p!ss even 2 percent above the boe rates high for a tracker, and some people think here, theyve got a great deal on a plus 2 percent tracker, they will be in for a big shock.

Thrugelmir

new_home_owner wrote: »

with lifetime tracker rates at over 4 percent above the base rate you must be mad to jump onto one of these products, what happens when rates go back up?

As BOE base rises then the spread will narrow.

new_home_owner_3

Thrugelmir wrote: »

As BOE base rises then the spread will narrow.

yes they probably will, but the people who go on a lifetime tracker now, will have to change their mortgages.

hillcats

And if it was to rise whilst people are still tied in to their existing deal...

tiggerjj

I have a barclays offset lifetime tracker at 2.49 about BBBR (currently is BOE base rate) so worth looking around, i guess there will be quite a few lifetime trackers. And yes maybe in the future i will have to change my mortgage but for now its doing me just fine and I am using the offset the best i can, with the offset reducing my payment amount however im paying on a SO so in effect overpaying and then if rates rise im already used to mortgage payment 20% higher than it needs to be on the current rate.

minimike2

new_home_owner wrote: »

with lifetime tracker rates at over 4 percent above the base rate you must be mad to jump onto one of these products, what happens when rates go back up?

if they go back to 5 percent you will nearly be paying 10 percernt and they may even go higher......:eek:

the banks are taking the p!ss even 2 percent above the boe rates high for a tracker, and some people think here, theyve got a great deal on a plus 2 percent tracker, they will be in for a big shock.

Even at high LTVs rates are not base+4.

They arent taking the p!ss as you say, they are just not lending at a loss any more.