I've been on lifetime trackers for last few years.. 1.19 over base
Your next mortgage
- Thread starter Keawyeds
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That hasn’t helped the lad at all. You’ve just come on to wave your cheap rate in his boat race
Just saying it might be worth looking at these products
Actually got it wrong.. it's 1.49 above base
Al Bundy
Striker
I’m in the last year of a 5yr fixed rate , and will have 9 years left on my mortgage at that point.
I will probably be in a position to pay off what’s left on it a year later (Dec 2022).
Can’t find a 1 year deal anywhere and will probably have to drop onto the SVR for a year as I’m looking at about 4K in early repayment fees if I take out a 2 yr fixed rate and pay it off early.
Going onto the SVR will probably increase my monthly payments by about £100 a month.
Does anyone have any other suggestions or best way to proceed ?
I will probably be in a position to pay off what’s left on it a year later (Dec 2022).
Can’t find a 1 year deal anywhere and will probably have to drop onto the SVR for a year as I’m looking at about 4K in early repayment fees if I take out a 2 yr fixed rate and pay it off early.
Going onto the SVR will probably increase my monthly payments by about £100 a month.
Does anyone have any other suggestions or best way to proceed ?
Not worth flipping to save a couple hundred quid
I’d guess those trackers won’t be about right now. They’ll be priced with the current market. The good lifetime trackers were about years ago when they thought of base rates being 1% & below seemed a million miles away.
At 1.49% you might get a decent fixed rate close to that. Depending on your LTV
42
Striker
Why not just take a 2 year out & pay off at end of 2 years? You can currently get about 0.5% in instant access savings (maybe a bit more for 1 year fix) so just net off the difference from your mortgage which will probably be cheaper than SVR or hit with ERC's
1.99 with first direct... Best I could find
There’ll be products out there with no early repayment fees. Probably trackers. However, nowt wrong with taking a 2yr fix & paying it off at the end of that. I’d guess the interest you’ll pay will be minimal.
GordonMuchallNo1Fan
Striker
Waiting to see if they carry on with th stamp duty holiday and we may put ours back on the market. Loads of good deals at the moment
Just had a quick google & nationwide do a 2yr variable rate at 2.09% with no set up fee & no early repayment charge
Nookie Bear
Winger
We’ve not long taken out a 5yr fix at 1.69% with nationwide just want the certainty of a fixed payment as that’s the last 5 years of mortgage. Might start a countdown clock actually
Made sure it’s portable too as looking to move this year at some stage
Made sure it’s portable too as looking to move this year at some stage
When we spoke to an advisor about our mortgage in Sept, we were told to fix as long as you can. Mortgage rates won’t be as low as this for a long time.
Edit: we don’t plan on moving again mind.
We got a five year offset fixed at 1.59%.
For 65% ltv Coventry are doing 1.39 fixed for two years and 1.49 for 3 years.
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Al Bundy
Striker
Cheers.
Just seen they do a 2 year tracker with no set up fees and no early repayment charges either.
Thanks
Woodman Boy
Midfield
Tracker, reasonably low at present and should be able to get one with no early repayment charges. They could go up though, I’d be careful
The Bank of England have told banks to have systems ready for negative interest rates should they bring them in in 6 months. Rates would only ever creep up, so in his two years I’d be pretty confident
MonkeyLove
Striker
Depends how much risk you want to take but personally always done 2/3 year fixed or trackers based on lowest over lifetime.
personally I’m willing to absorb the risk in the current climate that the interest rate is not going to increase markedly
personally I’m willing to absorb the risk in the current climate that the interest rate is not going to increase markedly
The Great Soprendo
Striker
Over the 18 years of my mortgage (15 of which with Nationwide) I've only ever had trackers and I'm fairly certain each one has cost me less over its duration than the equivalent fixed rate at the time. Right now there's probably little to choose between the two options in terms of interest, but a tracker is always more flexible. And interest rates are unlikely to go up anytime soon. Obviously a fixed rate is better if you want less risk but you tend to pay a premium for it in my experience (and actually, the risk of paying an exit fee if you wanted to get out of it is worth bearing in mind too).
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