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is a lifetime tracker the right motgage for us?

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Hi any advice please, we currently have a virgin one account with a high interest rate and its just not working for us.
So we have decided to go for a lifetime tracker with the Skipton B/S which is base rate + 0.25% so its currently 6.24% i think.

We need £52K on our house worth £285k over 15 years.
As the loan to value isnt that high we dont want to go for a mortgage that has any fees atached as it would take us a long time in the lower payments to get the fees back - if you know what i mean.

Do you think this is the right thing for us, just a bit worried if interest rates keep on rising, but hopefully yhey wont rise for ever and we can afford it if they go up another 1 or 2 %.

Do you think there is a better deal out there, I've looked but I'm not great at this sort of thing. Any advice appreciated.:confused:
Grocery Challenge Feb 14 £500 / Spent £572.10!
March 14 £500 / spent £488.45 :j

Comments

  • toonfish
    toonfish Posts: 1,260 Forumite
    there are better lifetime trackers available from Coventry, MArket Harborough, C&G, Furness, Woolwich - if that's the route you are going down you may as well get the cheapest one.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.



  • catsneel
    catsneel Posts: 140 Forumite
    Hi,
    The Wollwich are doing a flexible lifetime tracker @.18% above the BOE base rate.which is a better deal than the one you're thinking of using.
    Hope this helps.
  • the_prophet
    the_prophet Posts: 58 Forumite
    I second the above... I'm sure there were no fees when we switched either
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    So we have decided to go for a lifetime tracker with the Skipton B/S which is base rate + 0.25% so its currently 6.24% i think.

    Good news! BR + 0.25 = 6% at the moment.

    :)

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • catsneel
    catsneel Posts: 140 Forumite
    No that's right, no fees at all, plus the rate is 5.93 % with the woolwich
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