Which member has the best mortgage rate?

dano17439

0.89% above base rate with no arrangement fee and no exit fees. Took it out in 2006 with ING Direct. When i took it out the monthly payment was around £1100pm now its £762pm

funscott

yorkshire bs 0.75% above BOE lifetime tracker offset without a collar

been paying 1.25% since september 2009. highest rate i have paid is 6.25%. kept my payments the same all along so paying off capital as i go yes i know i should just take the cash and save else where but i like my overall debt reducing.

GoldenShadow

So are these rates achieved by large deposits or high incomes or a combination of both? This is just my naive nosiness enquiring

fewcloudy

GoldenShadow wrote: »

So are these rates achieved by large deposits or high incomes or a combination of both? This is just my naive nosiness enquiring

I can't speak for others, but in my case it was neither of those things. These rates were offered at a time when the interest rate was (in my case) 5.5% and had been there or thereabouts for some time. The idea of the interest rate sitting at near zero for years was unthinkable.

Taking a tracker mortgage was a gamble I took following discussions with my mortgage broker. The discussions went along the lines of "Fixed, Capped, or Tracker?" as it had done on previous occasions. Him- "Do you think interest rates will go up, come down, or stay about the same? Me- "I don't think they'll go up, maybe come down a bit?" Him-"I agree!" He then had to explain to me what a tracker was as I had previously only ever had fixed rate mortgages, so I cannot claim any financial astuteness on my part, lol. The downside is that we payed a very 'full' price (i.e far too much!) for our houses because 2007/8 was about the peak of the house price boom

As well as three Hail Marys for my broker each month I receive my mortgage statements, I also named my first born child after him. Which is a shame as she's a pretty wee thing and Colin just doesn't suit her, Boom Boom!:)