What is a Good TRACKER Rate?

StrawberryJam_2

Hi all
I have been on a stepped 3 year mortgage for first time buyers. Time has come to remortgage away from the SVR with C&G.

I have been to a financial advisor and following a search decided against the idea of moving to an offset mortgage and proceed with a tracker mortgage. The rate above BOE is 0.59% (6.1%APR) and the provider is the Bank of Ulster.

Is this excellent, good, ok in terms of tracker deals?

I have a small mortgage of £42K and taking it over 22 years, I will be making overpayments to reduce the term to approximatley 10 years (I've used a calculator tool to estimate how much my overpayments are). I like the flexibility and assume that tracker mortgages are the best for flexibility?

fiddling_flower_petals

Always good to shop around;)

The Co-op Bank currently have a 2 yr tracker with flexible features, fee free @ +.34 BOE, which reverts to +.69 BOE for the members.:D

Becoming a member is really easy, plus you'll earn loyalty points 1 for £20 on mortgage. I'm expecting to earn £45 pa for 95k mortgage.:j

My last 2 mortgages have been with coop and I believe there C S are second to none, plus customer led ethical policy , etc etc:T

Definately worth checking out.

TEDDYRUKSPIN

Alternatively try HSBC. Lifetime trackers.

Remortgage tracker is Bank of England (BOE) + 0.23%. £599. Free valuation and completion fee. They will pay for the solicitors costs etc.

Or Tracker at BOE+0.69% fee free

RavingMad

fiddling_flower_petals wrote: »

Always good to shop around;)

The Co-op Bank currently have a 2 yr tracker with flexible features, fee free @ +.34 BOE, which reverts to +.69 BOE for the members.:D

Becoming a member is really easy, plus you'll earn loyalty points 1 for £20 on mortgage. I'm expecting to earn £45 pa for 95k mortgage.:j

My last 2 mortgages have been with coop and I believe there C S are second to none, plus customer led ethical policy , etc etc:T

Definately worth checking out.

Hi,

Would you mind posting a link to their website? Just had a quick search but can't find a link to their mortgages

Thanks

fiddling_flower_petals

RavingMad wrote: »

Hi,

Would you mind posting a link to their website? Just had a quick search but can't find a link to their mortgages

Thanks

Link to mortgage products
http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170921595458&pagename=CB%2FPage%2FtplStandard&loc=l
Link to membership
http://www.co-operativebank.co.uk/servlet/Satellite?pagename=CB/Page/tplStandard&cid=1170748467178

as requested

Hope these help:cool:

StrawberryJam_2

TEDDYRUKSPIN wrote: »

Alternatively try HSBC.

Remortgage tracker is Bank of England (BOE) + 0.23%. £599.

Got it Thanks Teddy!
HSBC remortgaged life tracker
£400 towards legal fees incentive
No valuation for me needed (my LTV less than 75%)
£30 completion fee

This online deal ends Saturday 08 March 2008.
I have been advised the new life time tracker special will be + 0.38%.

Worked it all out thanks to Gorgous George spreadsheet! Thanks GG! helped me establish the best deal for my circumstances!

maveli

TEDDYRUKSPIN wrote: »

Alternatively try HSBC. Lifetime trackers.

Remortgage tracker is Bank of England (BOE) + 0.23%. £599. Free valuation and completion fee. They will pay for the solicitors costs etc.

Or Tracker at BOE+0.69% fee free

Went up today to 0.38 above BoE

owitemisermusa

maveli wrote: »

Went up today to 0.38 above BoE

Hmmm....... I wonder if the trick is to get agreements in principle with several lenders to lock down the best rates while you make up your mind?

morganb

As that the HSBC deal has gone up, are there now other "better" options out there?

The Co-operative deals look interesting but are they as "flexible" as the HSBC deal appears to be?

StrawberryJam_2

I was planning the Ulster Bank: free product, £300 towards legal fees, free drive by valuation (may require a detailed valuation at your cost) £125 settlement fee and the rate was BOE +0.59.

Work it out for the term of your mortgage. I realised that a proudct fee of £599 for HSBC worked out cheaper over the term of my mortgage, saving £1000s!

Delighted to have secured the HSBC website offer on the last trading day

Co-operative deals were also on the radar but Ulster were marginally better for my position.

fiddling_flower_petals

morganb wrote: »

The Co-operative deals look interesting but are they as "flexible" as the HSBC deal appears to be?

Yes, completely flexible.:D

However, the co-op bank don't recommend additional bacs transfers as a method of overpayment, as it can take up to 3 days to credit account:eek: , but no problem ringing free phone no. and requesting transfer from account( if a/c held with co-op) or payment made via debit card( check with your own bank first, in case of charges) which will be credited on same day.:T

This is a fantastic product if your moving or FTB but not sure for remortgage, as no assistance with legal or valuation. ( but no arrangement fees, no SVR at end of deal) swings and roundabouts