Mortgage Options

hammerhead2000

Hi everyone,

I'm currently in the process of remortgaging, and have a meeting with HSBC to discuss switching to their tracker mortgage at 1.99%. I'm fortunate enough to be able to make significant overpayments, so I want to retain the ability to do this - which the tracker allows.

Key stats:
Valuation £270k
Outstanding balance: £153k
Monthly payments (current): £840
Additional overpayment: £1300

However, before I sign on the dotted line with HSBC I noticed that Coventry has just published a tracker at 1.79% and offset at 1.89%.

I would appreciate some opinions on the merits of these options - especially the offset. I have savings which I could offset against the mortgage, and I think this could be useful as rates rise.

Thrugelmir

Is the Coventry product a lifetime mortgage or fixed term?

dimbo61

The Coventry flex offset tracker is for term, fees £999, 1.89% and Max LTV 65%.
Looks a good deal if you have savings and can overpay big style or build up savings.

Andrew_Cottrell

The Flexx for Term and Offset Flexx for Term do not appear to be trackers. I couldn't find any lifetime trackers on their website.

caileag

hammerhead2000, I am in a very similar situation to you, and considering the same products, so interested to hear what conclusions you have come to!

Andrew Cottrell, the Coventry deals are not true trackers, you are correct, they are variable rate - which is a downside, as the Coventry variable rate could be moved independently of the BoE baserate.