coming to end of fixed deal

adamcarvell

should I keep trying until im happy with the rate looked at switching but with product fees closure set costs etc. I think im better off staying with my current lender.

moneysavinggirl40

adamcarvell wrote: »

yes im beginning to think the 3.29% is the one fixed for five years unless the rates changed as she said tomorrow might be different .is it worth phoning regularly?.

You could ask if they update their website on a daily basis and just check their website for the rates. When I was sent rates through the post in a letter with Nat West they were different to what was available online website, whne I queried this the team informed me that the online ones would be the current rates.

adamcarvell

can you phone every day ? until you get the rate you want. or will they fob me off ?.

adamcarvell

should I go with the five year fixed 3.29% or wait?.

adamcarvell

should I go with the five year fixed 3.29% or wait?. not sure what to do .

manrow

There are other issues to take into consideration rather than just bare interest rates.
If you were to take the lifetime tracker for example the interest rate would be 1.99% plus Bank of England rate currently 0.5, so total of 2.49%. That is 2% below what you are presently paying. Or on the other hand means BoE rates could go up 2% before you are worse off.


However the other advantages with this Santander Tracker, is that there are no redemption charges, you can overpay almost at will, can take mortgage with you if you move home. This all means you can take your mortgage with you if you move without charges, and even if you stay where you are and interest rates move against you, i.e. increase hugely, and then you could opt for a fixed rate then without penalty, other than the fixed rates would almost certainly have gone up by then.


I believe that making things simpler (and cheaper) if interest rates change in the future is the best answer, which is why since I am in much the same position as you with Santander that I am taking the lifetime tracker. Even if you have already agreed a deal with Santander then you can call them again now or at any time and establish what latest rates are; if you change your mind after the date on their offer letter, then it just means the change to new scheme will be delayed slightly until the end of your present fixed deal. Give them a call and find out!

adamcarvell

manrow wrote: »

There are other issues to take into consideration rather than just bare interest rates.
If you were to take the lifetime tracker for example the interest rate would be 1.99% plus Bank of England rate currently 0.5, so total of 2.49%. That is 2% below what you are presently paying. Or on the other hand means BoE rates could go up 2% before you are worse off.


However the other advantages with this Santander Tracker, is that there are no redemption charges, you can overpay almost at will, can take mortgage with you if you move home. This all means you can take your mortgage with you if you move without charges, and even if you stay where you are and interest rates move against you, i.e. increase hugely, and then you could opt for a fixed rate then without penalty, other than the fixed rates would almost certainly have gone up by then.


I believe that making things simpler (and cheaper) if interest rates change in the future is the best answer, which is why since I am in much the same position as you with Santander that I am taking the lifetime tracker. Even if you have already agreed a deal with Santander then you can call them again now or at any time and establish what latest rates are; if you change your mind after the date on their offer letter, then it just means the change to new scheme will be delayed slightly until the end of your present fixed deal. Give them a call and find out!

i was told about that but never really asked for details i havent signed anything and they guy said i can call back anytime or do nothing. so the life time tracker if say rates rise at the end of the year you can ring up up and get a fixed rate deal ? your not tied in ? i might explore that option cause if we still pay the same as we are now but at tracker rate + boe rate we would be paying more off ? is that how it works ?.

manrow

That is my understanding!

adamcarvell

they did say if i have a change of mind ring back up i was too hasty four years ago. but we do like peace of mind with the mortgage.

adamcarvell

manrow wrote: »

That is my understanding!

were you offered a fixed rate simliar to mine and told that rates can change every day ?. im still unsure what to do we can afford the 3.29% as its the same payment as we are paying now and two years less.