Easy to Switch Away from a Lifetime Tracker?

powerwin

If you get a lifetime tracker, is it that difficult to switch away from it into a different mortgage?

Trackers seem to represent good value at the moment, but at let's say BoE + 2.3%, they could get expensive in future. So, can you usually switch away from the tracker (within the same company) at any time?

I know it's a bit of a general question, but just wondering if your tracker becomes expensive, how easy it is generally to exit from it.

Thanks

opinions4u

It depends on the specifics of the deal.

Some have no penalties. Some have penalties.

Some have big penalties. Some have small penalties.

Some waive the penalty if you switch to a fix with the same lender. Some don't.

powerwin

Thanks, I guess it's the usual case of read the small print.