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.
Has any oldies ever stuck with a lifetime tracker?
Didn't really get much advice last time but I am close to accepting and drawing down on…
186k at 4.24%, 0.49% above base rate, 25 years, £490 fee.
If rates go down, 3.99% is better than most major fixes at the moment, if it goes up, I will weather until I fix long term again on a rate switch.
Comments
-
I’ve had a base rate plus 0.5% for the last 20 years….
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.2 -
Worked out well?
0 -
We had a 25 year offset tracker from 1993 - 2018, it worked well for us because we made a lot of use of the offset aspect, without the offset it is hard to say if we would have done better with shorter fixes as for the majority of that time period the rates were going down or just staying very low.
0 -
Yes. It is interest only offset, so have to have that in the background of our minds.
I think we have said vs re mortgaging every few years and paying legals, arrangement fees, surveys etc each time.
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
I agree. I have 100% decided and moved to 4.24 Lifetime tracker with First Direct at £490 fee over 25 years.
The difference of between 0.2-0.5% on a five year or 2 year fix compared to this tracker isn't worth me fixing.\
I am happy for the rate to drop to 3.99 and then 3.74 over these next couple of years and conversely increase to 4.5/4.75 - although I may consider if it gets to 5% to fix. But at the minute, I am sick of paying fees, sick of changing every few years and sick of markets being so volatile. One minute its war, next its inflation, next its energy, next is wage increases, next its redundancies, next its AI, next its something else. Rather just ride the market now. 0.49 above base is the best I can find.
0 -
+0.19% lifetime tracker for the last 20 years. I've had some ridiculously low rates in that time!😁Ported it with me because I think it's such a good deal
1 -
Who was this with
0 -
Barclays (previously Woolwich)
1 -
Same lender we were with, started with Woolwich as our previous lender then moved to the lifetime offset tracker.with them.
0 -
I was on a +0.99% BR tracker from 2005 until I paid it off 17 months ago.
Over the term it worked out well and I have zero regrets.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards