should we ditch the lifetime tracker?

MeenaM

Hi all

currently on a life time tracker with santander remainder of 15 years , rate 2.74 % no penalty for early repayment

should we change to a fixed rate ? I am asking because of the Mark Carney's comments about interest rates possibly increasing by 4 % if we have a no deal brexit,

there are still some good deals with santander for fixed rates which are about £50 per month cheaper for us , however would have penalty if repay early , we do want to move , we could stay here another 2 years but the best deals seem to be for 5 years , just dont know what to do for the best

getmore4less

Rate is already high, but not enough information.

Things like LTV make a big difference to what rates are available could be you should have switched months ago

MeenaM

we have the option of 2 , 3 or 5 year fix with our current lender, santander and these are no fee deals. so maybe should do that , will be less than paying at moment and bring some certainty

dimbo61

If the BOE base rate goes from 0.75% which it has been Very close too for nearly the last 10 years to 4% means millions of mortgage customers will be Right up the creek without a paddle.
Mark Carney has made alot of statements about Britex which have been way off the mark

getmore4less

Whats your LTV?
That is a rubbish tracker rate.

does not matter whats happening elswhere you should have been reviewing it anyway.

owen_money

dimbo61 wrote: »

If the BOE base rate goes from 0.75% which it has been Very close too for nearly the last 10 years to 4% means millions of mortgage customers will be Right up the creek without a paddle.
k

As people were in the late 80's when it went from 8% to 15%. You either had to pay the extra, go into arrears and/or get repossessed. I only had toast to eat for the first 3 years on the 90's. Safeway savers loaf's 10p!

No point whinging, that life, just get on with it.............. If it goes to 4% the snowflakes will have a meltdown, and who's going to give them compensation for all the stress they've suffered....lol

As for me if it does go to 4% I'm not sure where I'll find the extra £9 a month I'll need

MeenaM

65% , the deal was 1.99% above the base rate

we have changed to a 3 year fixed , 2.09 % and didnt have to pay a fee for it , so we know what we will be paying for the next 3 years and are happy about that. Got the deal from our existing provider so didnt have to go through the hassel of switching and paying a fee , plus having looked on comparison sites it wasnt worth switching to save a few pounds a month.

glad to have some certainty now

MeenaM

for some reason the quote thing isnt working for me i was trying to quote getmoreforless in the above post , 65 % is the LTV

also in response to owen-money , i was around too in the early 90s i had just bought my first house ! that was a scarey few years i remember my rate being 14% , but at least then wages were rising more and i could still weather the storm without too much trouble

owen_money

MeenaM wrote: »

for some reason the quote thing isnt working for me i was trying to quote getmoreforless in the above post , 65 % is the LTV

also in response to owen-money , i was around too in the early 90s i had just bought my first house ! that was a scarey few years i remember my rate being 14% , but at least then wages were rising more and i could still weather the storm without too much trouble

Wages didnt quite keep pace. When i took out the mortgage it was £300 pm, which rose to £600 pm in probably a year to 18 months. I was only on £1,000 pm take home pay, but there was a lot of overtime available which helped