New mortgage - First direct Life Tracker?

flopstocks

Hello all, I'm looking to move house shortly and require a new mortgage. I think I have found the best deal First direct Life Tracker. The particular one i'm looking at has a set up fee of £499, and an overall APR of 2.6% for the term. So it tracks at 1.99% above the base rate for life.

At prersent I can't see much advantage of their 2 year tracker deals, as set up costs etc. appear to make them more expensive. Am I missing something here?

Thanks in advance

flopstocks

Just spotted that you must have a current account with them, but thats nothing major I guess. I have seen other lifetime trackers from ING and HSBC, and am tempted by ING as it has an overall APR of 2.5%

I really can't see the advantage of 2 year trackers over these.

handytips

Go on then. Tell me how you work the APR out ?
The best trackers are with lenders other than you have mentioned above.

flopstocks

I have not worked out the APR, they are stated on the company site. It just appears (from what I have seen) that short term trackers work out to be more expensive.