Morgage Advice required

jrwestham

I have a Repayment morgage that I have about 15 years left to go but I was hoping to be able to pay a little bit more to reduce the length of time. My Morgage lender Abbey suggested that as Interest is calculated yearly at the moment I should Transfer my morgage to one where interest is calculated daily and have suggested a Tracker morgage but they would require £999 to set this up. Is this correct?

grogdog

this is thir arrangment fee for that product and it can be added to the loan, not needed to be paid upfront, alot will depend on the rate you are on currently as to if it is worth doing or not.

jrwestham

The Tracker I been offered is 1.5% above BOE
There is a £150 booking fee Plus £999
Plus £225 Morgage Account fee defered until the end of my mortgage.

I've tried the, "well I've been a valued customer and would they waive the fee" but no such luck. I haven't had much time to research what other lenders are offering.

jrwestham

Looking at Nationwide's site their Lifetime Tracker has NO fee is this correct?

_Andy_

jrwestham wrote: »

Looking at Nationwide's site their Lifetime Tracker has NO fee is this correct?

Yes - they're hardly going to lie about it are they? Their 5.74% tracker with the £599 fee may work out as cheaper overall though.

Newbird

HSBC also have fee free deals on and in some cases are beating NWs rates. (eg. Lifetime BR tracker .99% above base) Be aware that the NW 5.74% tracker is only for 3 years...HSBC offer a life of loan tracker...(no, I don't work for HSBC I just know they have good deals.)
As Andy says you have to factor in any fee amount against the rate offered.

BTW Anyone know of an online calculator tool do this pls? Andy??