Woolwich Lifetime Tracker

MissScarlett_3

Hi

We are considering remortgaging to the Woolwich Lifetime tracker at 0.17 above base.(currently 5.92)

It has no set up/arrangement fees, the only fee incurred is a telegraphic transfer fee and an exit fee of 275. We can make overpayments. We are not sure of our position at the moment as to whether we will be be selling up for good so don't want to be tied in to a product.

Seems a good mortgage but is there anything better/similar/better companies etc out there that would suit given the above info.

Current balance 120k.

daveyjp

Just looked and it's 'Barclays Bank Base rate' not BOE base rate. I would want to know whay this should they have this distinction. Max LTV is 60% too.

payless

It's an attractive product for certain circumstances - But I've been getting negative responses from my clients about "W's" customer service

There's another very similiar product around from a different supplier ... some pros and cons to each.. maybe look around a bit before committing

MissScarlett_3

daveyjp wrote: »

Just looked and it's 'Barclays Bank Base rate' not BOE base rate. I would want to know whay this should they have this distinction. Max LTV is 60% too.

Yes I had spotted that, I asked the question and it matches the BOE base rate at all times so why call it that is beyond me too LTV is fine.

MissScarlett_3

payless wrote: »

It's an attractive product for certain circumstances - But I've been getting negative responses from my clients about "W's" customer service

There's another very similiar product around from a different supplier ... some pros and cons to each.. maybe look around a bit before committing

Care to enlighten???

The only thing that puts me off is that it is the Woolwich/Barclays, I'm not familiar with the company, ie no products/accounts with them so don't know what the CS is like.

catsneel

Hi,
We've just taken out the very same mortgage. Everthing went very smoothly, no problems with the woolwhich and the solicitor they used (because this was free and part of the deal) was excellent. Very pleased with the deal. Only thing we had to pay was the electronic transfer fee.
Certainly worth thinking seriously about. Our financial advisor recommended this Mortgage as the best for us..
Hope this helps .

MissScarlett_3

UKremortgageBroker wrote: »

Not familiar with Woolwich/Barclays? Woolwich used to be a building society before being bought out by Barclays, who are one of the biggest banks in the UK.

As already mentioned, the product is excellent, providing you are willing to take a risk on interest rates rising and if you can make allowances about iffy customer service standards.

Do you have to remortgage if you are considering moving or selling up?

We are in the process of obtaining a Visa in order to emigrate, wouldn't expect to be gone for another year at least? Currently on 4.39% and to transfer to a variable would be too much of a shock to the system! This seems ideal as no set up fees, able to make lump sum payments (currently considering surrendering an endowment and paying towards mortgage but that's a different thread ;o) ) no tie-ins and a relatively small fee to exit. Granted our repayments may rise as the interest rate rises and I think that there will be more but that's do-able unless it gets to 15% which i once paid and if that happens then the whole country will go tits-up :rotfl:

Not sure why I would need to contact CS unless they ballsed up and if they did then I go straight to the top these days as it's the only way to get things sorted IMHO. Just needed that confirmation that it is indeed a competitive product and didn't want to miss anything else that could be better for our circumstances. Now if you can advise whether to cash in or leave the
endowment I can go away and enjoy this bottle of wine! x

MissScarlett_3

catsneel wrote: »

Hi,
We've just taken out the very same mortgage. Everthing went very smoothly, no problems with the woolwhich and the solicitor they used (because this was free and part of the deal) was excellent. Very pleased with the deal. Only thing we had to pay was the electronic transfer fee.
Certainly worth thinking seriously about. Our financial advisor recommended this Mortgage as the best for us..
Hope this helps .

That's great to hear catsneel,so you have completed? Our app has started and shouldn't take too long to complete as I understand. Approx how long did yours take from start to finish? Our present product finishes on 31/10/07 so hopefully it will be in place by then.

Gorgeous_George

We are on a BR + 0.74% with a flexible mortgage. Keeping the flexible element (attached savings account with £30K ish invested) is there anything better?

We also get the Britannia loyalty thing (worth about £120 per year). Outstanding mortgage is about £80K on a £280K ish house (at the moment).



GG

MissScarlett_3

Gorgeous_George wrote: »

We are on a BR + 0.74% with a flexible mortgage. Keeping the flexible element (attached savings account with £30K ish invested) is there anything better?

We also get the Britannia loyalty thing (worth about £120 per year). Outstanding mortgage is about £80K on a £280K ish house (at the moment).



GG

I could have 22k as attached savings so would this be better. This is of course if i surrendered an endowment, is that wise though? My poor wee head is spinning GG!

Gorgeous_George

I remember 15% interest rates.

My house cost just £24K AND I had MIRAS (Mortgage Interest Relief At Source). With basic rate income tax starting at 33%, MIRAS made the 15% equivalent to 10% in today's money. Current rates are not far off 10% but look at house prices (about 7 X £24K for a similar peoperty!). Scary stuff.

GG