Transferring my mortgage. Good deal or look somewhere else?

carlsorff

Thrugelmir wrote: »

The old Alliance and Leicester mortgage book has been closed for some years and is in run down. As a consequence it's in Santander interest to move you onto their own mortgage book. With such an attractive lifetime rate you obviously would choose to sit tight and possibly overpay the higher interest sub accounts until the mortgage runs it's term.

Do you mean stay with Alliance and Leicester and overpay the Variable 4.23% and 5.99% parts? Santander offers the 150K at 0.99% over BoE...

Thrugelmir

carlsorff wrote: »

Do you mean stay with Alliance and Leicester and overpay the Variable 4.23% and 5.99% parts? Santander offers the 150K at 0.99% over BoE...

My comment should be read in context of Santanders view. In that if they don't offer you an attractive option you will sit tight. By offering you a low rate on the entire mortgage balance. They are intentionally enticing you to transfer. From a business perspective the cost of administration including running old legacy computer systems for a diminishing number of mortgages becomes increasingly expensive.

Jhoney_2

Agree with Thrugelmir, it's worth an enquiry but probably not available to anyone other than A & L customers.

Good for you though OP, it's a great deal!

Spangled

Jhoney wrote: »

Agree with Thrugelmir, it's worth an enquiry but probably not available to anyone other than A & L customers.

Ah ... I hadn't considered that. And to be honest, I hadn't realised (until just now) that A&L had been taken over by Santander, which puts the OP's deal in a slightly different light (ie it's not a straight remortgage). I'm not currently with A&L (and am on nowhere near as good a deal as the OP currently is anyhow) so very much doubt I'd be able to bag such a good lifetime tracker, even utilising my best phone haggling skills...