To track, or fix, that is the question.

housebuyer143

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

proformance

housebuyer143 said:

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

So if there's been some miscomms, and the deal effectively doesn't exist for 3.49pc for two years (I.e. Let's say 4.49pc), you'd likely go with fixed rate that I illustrated? 

housebuyer143

proformance said:

housebuyer143 said:

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

So if there's been some miscomms, and the deal effectively doesn't exist for 3.49pc for two years (I.e. Let's say 4.49pc), you'd likely go with fixed rate that I illustrated? 

It's your choice one which I recently had to contend with, tracker at 0.84% above base, so 3.09% at the time, or fix at 4.5%.

I weighed it up and ultimately while I don't doubt my tracker will get to 4.5% (it's at 3.84% now) in the time that it takes to get there I am saving money each month on payments, and should the rates go down I am back to saving money. Yes there is a chance I end up paying more than the fixed I turned down, but I like the flexibility that comes with a tracker as I have no ERCs, can overpay when I want, I'm not tied in. That is worth a little extra if that happens. 

You need to weigh up the pros and cons for you. I'm thinking the base rate peaks at 4.5% but I could be wrong, and I hope it's lower 🤣

proformance

housebuyer143 said:

proformance said:

housebuyer143 said:

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

So if there's been some miscomms, and the deal effectively doesn't exist for 3.49pc for two years (I.e. Let's say 4.49pc), you'd likely go with fixed rate that I illustrated? 

It's your choice one which I recently had to contend with, tracker at 0.84% above base, so 3.09% at the time, or fix at 4.5%.

I weighed it up and ultimately while I don't doubt my tracker will get to 4.5% (it's at 3.84% now) in the time that it takes to get there I am saving money each month on payments, and should the rates go down I am back to saving money. Yes there is a chance I end up paying more than the fixed I turned down, but I like the flexibility that comes with a tracker as I have no ERCs, can overpay when I want, I'm not tied in. That is worth a little extra if that happens. 

You need to weigh up the pros and cons for you. I'm thinking the base rate peaks at 4.5% but I could be wrong, and I hope it's lower 🤣

Well, there's still a 2 year period for which you're locked in right? 

During which time, we'll definitely see at least another two rate rises, taking it to 4.5 - 5pc. Then probably tapering off and coming down mid-2024 

housebuyer143

proformance said:

housebuyer143 said:

proformance said:

housebuyer143 said:

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

So if there's been some miscomms, and the deal effectively doesn't exist for 3.49pc for two years (I.e. Let's say 4.49pc), you'd likely go with fixed rate that I illustrated? 

It's your choice one which I recently had to contend with, tracker at 0.84% above base, so 3.09% at the time, or fix at 4.5%.

I weighed it up and ultimately while I don't doubt my tracker will get to 4.5% (it's at 3.84% now) in the time that it takes to get there I am saving money each month on payments, and should the rates go down I am back to saving money. Yes there is a chance I end up paying more than the fixed I turned down, but I like the flexibility that comes with a tracker as I have no ERCs, can overpay when I want, I'm not tied in. That is worth a little extra if that happens. 

You need to weigh up the pros and cons for you. I'm thinking the base rate peaks at 4.5% but I could be wrong, and I hope it's lower 🤣

Well, there's still a 2 year period for which you're locked in right? 

During which time, we'll definitely see at least another two rate rises, taking it to 4.5 - 5pc. Then probably tapering off and coming down mid-2024 

Trackers with no ERC mean you are not tied in at all. It's 2 years guaranteed with that rate with the bank but you can leave whenever you want with no penalties. 
I used to always fix and I would have if it was 2% but it never did me any favours and rates went down and I couldn't sell when I wanted, which was annoying. I am less risk adverse in my older age 🤣 so a tracker isn't something I'm against anymore. 

There is no right or wrong but if you need the security a fixed brings I would go for that. 

proformance

housebuyer143 said:

proformance said:

housebuyer143 said:

proformance said:

housebuyer143 said:

proformance said:

 Not a current customer. 

Tbh, the AIP hasn't been drafted yet (everything was submitted and finalised yesterday. 

The chap was very pushy though, and I had just put it down to hard-selling, but perhaps he was aware that the rate was being pulled? 

Might be worth speaking to him again and double check your options. The fix is looking better now though if the tracker is at 4.49%
Barclays do have excellent trackers though! Considering that myself now. 

So if there's been some miscomms, and the deal effectively doesn't exist for 3.49pc for two years (I.e. Let's say 4.49pc), you'd likely go with fixed rate that I illustrated? 

It's your choice one which I recently had to contend with, tracker at 0.84% above base, so 3.09% at the time, or fix at 4.5%.

I weighed it up and ultimately while I don't doubt my tracker will get to 4.5% (it's at 3.84% now) in the time that it takes to get there I am saving money each month on payments, and should the rates go down I am back to saving money. Yes there is a chance I end up paying more than the fixed I turned down, but I like the flexibility that comes with a tracker as I have no ERCs, can overpay when I want, I'm not tied in. That is worth a little extra if that happens. 

You need to weigh up the pros and cons for you. I'm thinking the base rate peaks at 4.5% but I could be wrong, and I hope it's lower 🤣

Well, there's still a 2 year period for which you're locked in right? 

During which time, we'll definitely see at least another two rate rises, taking it to 4.5 - 5pc. Then probably tapering off and coming down mid-2024 

Trackers with no ERC mean you are not tied in at all. It's 2 years guaranteed with that rate with the bank but you can leave whenever you want with no penalties. 
I used to always fix and I would have if it was 2% but it never did me any favours and rates went down and I couldn't sell when I wanted, which was annoying. I am less risk adverse in my older age 🤣 so a tracker isn't something I'm against anymore. 

There is no right or wrong but if you need the security a fixed brings I would go for that. 

I like your thinking, however, my oproposed option 1 tracker states that there is an early exit fee in the illustration doc though... 🤔🤔

K_S

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

proformance

K_S said:

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

I'm looking a the email exchange and illustration doc, and it definitely shows BoE @ 3pc (which is accurate) + Platform fee @ 0.49pc...

Annoying that Platofrm imposes exit fees. Not insignificant either. 

K_S

IAMIAM said:

The best tracker I can find atm is barclays 0.6% above BOE base rate for 5 years! 

For the OP that would be BOE+1% as they're at 80% LTV.

But it's definitely a much better product than the Platform one - lower tracker margin, no ERC and a 5 year product at the exact same cost as the 2yr version.

proformance

Is there anyone I can send a snippet of the illustration too for their quick perusal? I'm starting to think something is awry.