Stafford Railway Building Society

The_Cobbler

Hi

Our Mortgage fixed rate is due to end in July and having done a comparison search on MSE, I've found the best product is from Stafford Railway Building Society.

Has anyone had any experience with them and would you recommend?  

PawelK

Hi. I was actually meant to ask the same so adding myself to your question instead of creating new post. It looks too good to be 1.15% for 5yrs fixed on 60%ltv when the next Hugh street bank is 1.69%

Thrugelmir

PawelK said:

Hi. I was actually meant to ask the same so adding myself to your question instead of creating new post. It looks too good to be 1.15% for 5yrs fixed on 60%ltv when the next Hugh street bank is 1.69%

No fixed rates on their website currently. Just discounted variable. 

GentleGiant01

what does it mean by discounted variable? Don’t you get the rate on this? 

housebuyer143

GentleGiant01 said:

what does it mean by discounted variable? Don’t you get the rate on this? 

Discounted variable means it's so much off their variable rate. This means when the base rate increases, so will your rate. It's like a tracker really. 

K_S

GentleGiant01 said:

what does it mean by discounted variable? Don’t you get the rate on this? 

@gentlegiant01 A 'discount' product is one which offers x% discount off of the lender specific standard variable rate for the product period (2, 3 or 5 years usually).

It's important to remember that the lender's SVR is not tied to the bank rate, so in theory can move up/down even if the bank of England rate doesn't move. For example during the recent bank rate rises, not all building societies increased their SVR by the same amount.

The above is the main difference from a tracker which always tracks the bank rate exactly.

Most discount and tracker products usually offer low ERCs, with a minority of products being ERC free.

K_S

The_Cobbler said:

Hi

Our Mortgage fixed rate is due to end in July and having done a comparison search on MSE, I've found the best product is from Stafford Railway Building Society.

Has anyone had any experience with them and would you recommend?  

@the_cobblerWith regulated residential lending, if a lender is willing to lend on terms which the borrower is happy to accept, then whether the lender is a well-known high-street brand or the Bank Of Timbuktu, it doesn't really matter imho. They may or may not have a slick online system or a mobile app, etc. like big high street lenders, but those are all minor things imho.

Like most small building societies, I only have the need to use them rarely, and the times I've used them, they've been easy to deal with.

GentleGiant01

K_S said:

GentleGiant01 said:

what does it mean by discounted variable? Don’t you get the rate on this? 

@gentlegiant01 A 'discount' product is one which offers x% discount off of the lender specific standard variable rate for the product period (2, 3 or 5 years usually).

It's important to remember that the lender's SVR is not tied to the bank rate, so in theory can move up/down even if the bank of England rate doesn't move. For example during the recent bank rate rises, not all building societies increased their SVR by the same amount.

The above is the main difference from a tracker which always tracks the bank rate exactly.

Most discount and tracker products usually offer low ERCs, with a minority of products being ERC free.

That’s really interesting to know, thank you for answering! smiley:

PawelK

Thrugelmir said:

PawelK said:

Hi. I was actually meant to ask the same so adding myself to your question instead of creating new post. It looks too good to be 1.15% for 5yrs fixed on 60%ltv when the next Hugh street bank is 1.69%

No fixed rates on their website currently. Just discounted variable. 

Yes, I also couldn't see them on their website but on MSE remortgage best buys. Perhaps MSE needs updating then?