Tracker Product

alienuk

I am nearing my current mortgage deal. I am moving to a new home in 2 months. 

Will banks frown upon or charge me for being on a tracker product for just 2 months and then moving it to a BTL product? 

There is an ideal product for me offered by the bank which is tracker + no product fee which will put me on the current monthly mortgage range, so thought i will ask here to see if there are any complexities when i try to reapply for BTL in just 2 months time. 

Additional question - There is a tracker product with a fee of £999. If i take that product and ask the fee to be included with the mortgage repayment and when I change the product in 2 months time will the product fee be recovered nevertheless? 

lonibra

Nationwide tracker? If you're already with Nationwide it's seamless. If you're remortgaging from another lender to Nationwide then after the time to get an offer, conveyancing, etc, is it worth it for 2 months?

If you choose the £999 fee one you will incur it irrespective of whether you pay it upfront or add it to the mortgage 

getmore4less

SVR would probably be cheaper over 2 months than a £999 fee.

Do you need a mortgage on your new place?


Will you get one with an existing property with residential mortgage..

2 months is not long to sort out mortgages.

alienuk

lonibra said:

Nationwide tracker? If you're already with Nationwide it's seamless. If you're remortgaging from another lender to Nationwide then after the time to get an offer, conveyancing, etc, is it worth it for 2 months?

If you choose the £999 fee one you will incur it irrespective of whether you pay it upfront or add it to the mortgage 

Yes it is NW product.  

alienuk

getmore4less said:

SVR would probably be cheaper over 2 months than a £999 fee.

Do you need a mortgage on your new place?


Will you get one with an existing property with residential mortgage..

2 months is not long to sort out mortgages.

Should I talk to bank for moving me to SVR ?OR don't take any action at all it will automatically move?

lonibra

It will automatically fall on to the bank's variable rate if you don't do anything. If you don't know what it is, do find out in advance to avoid a shock.