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Mortgage Best-Buy Calculator Difference
Comments
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Description on illustration;-
"Offset Flexx for Term (OFL55) - A variable rate, which is managed by Coventry Building Society and is set independently of its Standard Variable Rate and the Bank Of England Base Rate. You are obliged to take out an Offset Savings A/c through The Coventry as a condition of this mortgage."I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
ah ok, so its fixed by Coventry as long as you take out a savings account with them ? Thats not too bad.
*edit* It says it is for a fixed period, £769 for 324 months. that sounds fixed to me.0 -
@kingstreet - I dont think its the offset fixed for term mortgage, its just the flexx for term.
http://www.coventrybuildingsociety.co.uk/mortgages/moving-home.aspx
Search for Flexx for term and the 1.69% rate and under the mortgage summary there is no mention of an offset account being required ?0 -
No. It isn't fixed.
Coventry can alter the rate whenever it chooses.
My example was for the offset version, hence the mention of the savings account.
Are you quoting from the Coventry website?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »No. It isn't fixed.
Coventry can alter the rate whenever it chooses.
My example was for the offset version, hence the mention of the savings account.
Are you quoting from the Coventry website?
Thats quite deceiving then. Because if they advertise rate of 1.69% for lifetime then can change it at any time then its not 1.69% for lifetime.
Am I picking this up correctly ?0 -
Thats quite deceiving then. Because if they advertise rate of 1.69% for lifetime then can change it at any time then its not 1.69% for lifetime.
Am I picking this up correctly ?
Why don't you ask them?
fcFeb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker0 -
It isn't 1.69% for lifetime, it's the Flexx rate, currently 1.69% variable for that LTV banding for lifetime.Thats quite deceiving then. Because if they advertise rate of 1.69% for lifetime then can change it at any time then its not 1.69% for lifetime.
Am I picking this up correctly ?
That's why I'm asking if you are quoting from the lender's website.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
What is the product code?I am a Mortgage AdviserYou 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.0
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kingstreet wrote: »It isn't 1.69% for lifetime, it's the Flexx rate, currently 1.69% variable for that LTV banding for lifetime.
That's why I'm asking if you are quoting from the lender's website.
It's MSE saying 1.69% for lifetime, while Coventry say Variable rate for term, currently 1.69%. So essentially, as you said, its 1.69% right now but can change anytime.
Will have to rethink
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