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Subject: Best 60% LTV deals (5-year fix vs lifetime tracker)
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werutd
Posts: 18 Forumite
Looking to remortgage and found we're now at around 56% LTV with 163k outstanding, 21 years.
Best deals I've found are Lloyds 5-year 3.14% fixed (£99 fee) and HSBC BOE+1.49% lifetime tracker (£999 fee, but less I think as I have HSBC current account?).
I've excluded 2-year fixes because I don't want to remortgage again after two years (I know if rates shoot up then I may be forced to with the tracker but willing to take that risk).
Given I'll be stashing away extra money in an ISA and can comfortably afford any base rate increases, are there any reasons NOT to go for the tracker? Only worry is picky HSBC criteria but I think our cash flow and credit scores are all good. The lifetime tracker also has no ERC so I can move at any time in future.
Best deals I've found are Lloyds 5-year 3.14% fixed (£99 fee) and HSBC BOE+1.49% lifetime tracker (£999 fee, but less I think as I have HSBC current account?).
I've excluded 2-year fixes because I don't want to remortgage again after two years (I know if rates shoot up then I may be forced to with the tracker but willing to take that risk).
Given I'll be stashing away extra money in an ISA and can comfortably afford any base rate increases, are there any reasons NOT to go for the tracker? Only worry is picky HSBC criteria but I think our cash flow and credit scores are all good. The lifetime tracker also has no ERC so I can move at any time in future.
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Comments
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I have the HSBC tracker and it allows you to overpay with no penalties, I conduct a search on a regular basis and can't find anything cheaper or better. When I took mine out there were no fees to pay so that was an added bonus.0
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Take the tracker and overpay. The lower the debt you owe the less impacted you will be by future rate rises.0
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