We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Lloyds bank product transfer mortgage rates
shomk
Posts: 151 Forumite
I've been on the variable rate for ages for various reasons, on an interest only mortgage (bad financial decision). I'm not able to remortgage due to income (even though I always make my payments and overpay! I've seen a broker), so I am speaking with Lloyds about a product transfer.
In the initial conversation which basically gave me some basic info and arranged the meeting, a fixed 2 year rate of 4.48% was put forward. I understand this could change when I speak to the advisor.
I have few other options and it will be way better than the variable rate, so I will take this, but it still seems quite high compared to the rates I am seeing in general - some below 4%. I'm also a 'club Lloyds' account holder and there's the suggestion that this will give a reduction. Is it high basically because its my only option?
Can you barter with these rates or is it just the computer says no? Lol! its been a long time since I've dealt with the mortgage.
Also, any thoughts on a 2 year tracker mortgage? The rate was 0.45 above the base rate. I'm not really into risk but it could provide quite a saving if the interest rates go down.
As a side note I'm planning on overpaying so I'm still paying out what I am now.
Thanks
In the initial conversation which basically gave me some basic info and arranged the meeting, a fixed 2 year rate of 4.48% was put forward. I understand this could change when I speak to the advisor.
I have few other options and it will be way better than the variable rate, so I will take this, but it still seems quite high compared to the rates I am seeing in general - some below 4%. I'm also a 'club Lloyds' account holder and there's the suggestion that this will give a reduction. Is it high basically because its my only option?
Can you barter with these rates or is it just the computer says no? Lol! its been a long time since I've dealt with the mortgage.
Also, any thoughts on a 2 year tracker mortgage? The rate was 0.45 above the base rate. I'm not really into risk but it could provide quite a saving if the interest rates go down.
As a side note I'm planning on overpaying so I'm still paying out what I am now.
Thanks
0
Comments
-
Are you sure you are comparing like for like based on your LTV?0
-
The rate you get will depend on your LTV. It generally isn't negotiable.I have an interest-only mortgage with Lloyds. Best decision I ever made. The only commitment I have each month is to repay the interest. I can use the tax free cash from my pension to repay the mortgage when I turn 65.0
-
My last mortgage was a BR +0.99% for the term. It worked out well over the years.Is that an option? Lifetime tracker and not a fix. Also does away with the remortgaging game.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.3K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards