best tracker for remortgaging?

wheeze

Hi

Am looking to remortgage and bring down our monthly repayments. Currently have a flexible mortgage with Coventry (we like the option to overpay), which tracks at 1% above base rate.

Our outstanding loan is about £64,000, 20 years left, house worth about 200k. I realise I wll probably have to pay fees to a new lender, which I'm not too concerned about.

The best I have found so far is a lifetime tracker with Saffron Walden (0.2% above base rate). I am not sure about the flexibility of this product though.

Anyone seen anything similar or better than this?

thanks

YorkshireBoy

If you go to https://www.moneyfacts.co.uk you can put your details into their 'discounted mortgages' search facility. It will return 100's of mortgages available to you. You can then use the 'filters' to show only 'trackers', 'no extended tie-ins', 'no higher lending fees' etc.

The site also lets you compare savings over a period that suits YOUR circumstances (1,2,5,10 years etc). Personally, I love trackers, and I've been changing my mortgage every 2 years for a while now. I'm currently on an '=BOE' tracker paying 4.75% with YBS (but I don't think it's available now!).

HTH
YB

PS: There are many useful resources on this site as well - just click the yellow 'MORTGAGES' box to the left of this screen.

Lemoncurd

First Active do an actual base rate tracker (0% above the base rate) for 2, 3 or 5 years rising to .99 above the base rate after that. With the 5 year one there is a floor of 4% so if the interest rate goes below 4% you will still be paying 4% but the 2 and 3 yr versions don't have that floor. You can overpay up to 10% a year in the discount period and after that I believe overpayments are unlimited. There isn't much other flexibility though, you can't borrow back or anything.