We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Question
machiavelli27
Posts: 17 Forumite
Hi
My Fixed rate is coming to an end at the end of the month, I have looked (and had ifa's look round)around and the best deals i can get are with my current lender 'hsbc'. I have been offered the fee free tracker at 3.99% (which tracks boe plus 3.49%), I can over pay and exit this at anytime, without charge. However, if i go on to the SVR, the fees are 3.94%.
Im not sure what the differences between the two are? I'm also not sure what to do, stick on the svr and wait for a better option to come along, or move onto the tracker and still look for the better option?
My Fixed rate is coming to an end at the end of the month, I have looked (and had ifa's look round)around and the best deals i can get are with my current lender 'hsbc'. I have been offered the fee free tracker at 3.99% (which tracks boe plus 3.49%), I can over pay and exit this at anytime, without charge. However, if i go on to the SVR, the fees are 3.94%.
Im not sure what the differences between the two are? I'm also not sure what to do, stick on the svr and wait for a better option to come along, or move onto the tracker and still look for the better option?
0
Comments
-
I'd stick on the SVR - can't see the benefit of being on a tracker. There's always the possibility that the gap between SVR and base rate narrows as rates increase, whereas with the tracker you're guaranteed to always be 3.49% above the base rate0
-
Is there not a risk of the SVR rising without the BOE going up?0
-
machiavelli27 wrote: »Is there not a risk of the SVR rising without the BOE going up?
I'm no expert but I can't see it happening when it is already 3.44% above base rate. If you're concerned about rates rising then see how much a fix would be.0 -
Cheers. As for fix, the are all 5-6% for 2yrs, anything longer than this are 6%+0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards