Anyone after a good tracker mortgage?

TEDDYRUKSPIN

I would suggest all customers to get in writing what lenders mean about the banks bank of england. Too many companies are using this phrase now. This provides lenders the option to raise or not follow the bank of england straight away!

Maveli, I can guarantee that you should not have paid for the £30 electronic transfer fee. Only the booking fee.

HSBC have no lower limit on the lifetime tracker!

Barclays have a similar tracker but requires a LTV=80% but follows the banks bank of england. Ha........... Sorry. I still laugh at this and can see consumers or the fsa hit these lenders in a couple of years time.

waynedance

TEDDYRUKSPIN wrote: »

I would suggest all customers to get in writing what lenders mean about the banks bank of england. Too many companies are using this phrase now. This provides lenders the option to raise or not follow the bank of england straight away!

Maveli, I can guarantee that you should not have paid for the £30 electronic transfer fee. Only the booking fee.

HSBC have no lower limit on the lifetime tracker!

Barclays have a similar tracker but requires a LTV=80% but follows the banks bank of england. Ha........... Sorry. I still laugh at this and can see consumers or the fsa hit these lenders in a couple of years time.

So you think a lower limit of 4% would be ok? i am so confused as what deal to go with.

I really wanted a fees free but even with the fees of the shilton i reackon it works out cheaper than the fee free barclays. (gonna toss a coin)

i have a ltv of about 46% anyone got any other life trackers i may have missed?

Brum_Man

TEDDYRUKSPIN wrote: »

I would suggest all customers to get in writing what lenders mean about the banks bank of england.

What are you talking about? 'The banks bank if england'? So you mean the bank of england? A tracker follows the bank of england base rate (or the banks bank of england base rate to use the term you prefer), which means it tracks as it goes up or down.

They can't choose how much to track by or it wouldn't make much of a tracker would it, and with most lenders it is the next day. So what would you need to get in writing that wouldn't be in the KFD?

justme111

Brum_Man wrote: »

So what would you need to get in writing that wouldn't be in the KFD?

What is exactly "the bank's bank of England rate". You see, it is not the same as "bank of England rate" . Can you see the difference in these 2 terms?

waynedance

TEDDYRUKSPIN wrote: »

Shilton follows the banks bank of england. Don't think I would trust this as the banks bank of england? Not bank of england! Not repo rate

It is the bank of shilton's bank of england! Ha.

what do you mean?

Key Features:

• Bank of England Base Rate +0.30% (5.55%) for term
• The overall cost for comparison is 5.7% APR
• £100 upfront booking fee + 0.5% arrangement fee which can be added
• Free valuation on properties up to £500,000
• 90% maximum loan to value introduced cases, 95% direct
• Free standard legal fees for remortgage using the Society's panel or £250 towards legal fees for purchase (not applicable to further advance remortgages)
• Early Repayment Charge of 1% of the amount advanced or for transferred mortgages, the capital balance if redeemed in the first 2 years plus £250

michaels

Try Barnsley BS 4 year discount?

waynedance

really after a term deal, may find it hard in a few years to find a good rate as mortgage is for £50700 at the minute.

Den

Will fixed 5.59% (then 7.69) for 3 years is better that tracker +0.65% for life? Tracker has much smaller arrangement fees.

Hobo_2

0.30 tracker 5.55% not updated the page have they!

http://www.saffronbs.co.uk/mortgages/display.product.php?categoryID=3&category=tracker&productID=t1

available @ genie

MarkyMarkD

Teddy is a bit obsessed with this.

Some of the lenders (particularly the clearing banks) talk about their products being linked to their own base rate. But in practice it's academic - they all revise their base rates exactly when the BoE do. It's just a terminology issue.

Ignore Teddy's concerns and choose the product that is best for you.