When did tracker mortgages become discounted period then var

When did tracker mortgages become discounted period then var

Author
Discussion

CoolHands

Original Poster:

18,496 posts

194 months

Friday 6th May 2016
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Had a quick look on moneysupermarket and even if you only select tracker as mortgage all come back with a tracker rate - for 24 months then reverts to their standard variable rate!

Eg tracker rate of 1.69 then reverts to 4.74% and other such ridiculous figures!

Err I thought trackers were, you know, trackers. They're all fecking shysters aren't they. I know you can still get term trackers but this is a new one on me.

Jockman

17,912 posts

159 months

Friday 6th May 2016
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I suppose they have to make money somehow smile

Sarnie

8,025 posts

208 months

Friday 6th May 2016
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CoolHands said:
Had a quick look on moneysupermarket and even if you only select tracker as mortgage all come back with a tracker rate - for 24 months then reverts to their standard variable rate!

Eg tracker rate of 1.69 then reverts to 4.74% and other such ridiculous figures!

Err I thought trackers were, you know, trackers. They're all fecking shysters aren't they. I know you can still get term trackers but this is a new one on me.
Nothing new here at all......

RichS

351 posts

213 months

Friday 6th May 2016
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What I'm surprised at is that fixed rates are cheaper than variables/trackers. Used to be more, I'm sure.

eliot

11,361 posts

253 months

Saturday 7th May 2016
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HSBC do lifetime trackers.

Sarnie

8,025 posts

208 months

Saturday 7th May 2016
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swerni said:
If you buy a lifetime tracker or not is up to you.
This.

You have always been able to choose a two, three or five year tracker in the same way as you can fixed rates. All of which revert to the lenders SVR afterwards.

Or you can choose a Lifetime product that doesn't revert to an SVR.............nothing new here smile

CoolHands

Original Poster:

18,496 posts

194 months

Saturday 7th May 2016
quotequote all
Ok I hadn't seen them before. To me they should be described as SVR with a discounted period (which happens to be a tracker). The tracking element is the most minor part of the mortgage type so it seems odd to have it categorised as such.

When you search trackers nearly all the mortgages that come back were of this type which wasn't, in my mind, what I was expecting for a tracker!

bayleaf

285 posts

98 months

Saturday 7th May 2016
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CoolHands said:
Ok I hadn't seen them before. To me they should be described as SVR with a discounted period (which happens to be a tracker). The tracking element is the most minor part of the mortgage type so it seems odd to have it categorised as such.

When you search trackers nearly all the mortgages that come back were of this type which wasn't, in my mind, what I was expecting for a tracker!
Why should they be described differently when everyone in the world, apart from you, understands what they are? The financial world doesn't base itself on your lack of knowledge I'm afraid! smile

Countdown

39,685 posts

195 months

Saturday 7th May 2016
quotequote all
CoolHands said:
Had a quick look on moneysupermarket and even if you only select tracker as mortgage all come back with a tracker rate - for 24 months then reverts to their standard variable rate!

Eg tracker rate of 1.69 then reverts to 4.74% and other such ridiculous figures!

Err I thought trackers were, you know, trackers. They're all fecking shysters aren't they. I know you can still get term trackers but this is a new one on me.
I'm not sure why you're upset confused

Not all trackers are lifetime trackers.

sidicks

25,218 posts

220 months

Tuesday 10th May 2016
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CoolHands said:
Had a quick look on moneysupermarket and even if you only select tracker as mortgage all come back with a tracker rate - for 24 months then reverts to their standard variable rate!

Eg tracker rate of 1.69 then reverts to 4.74% and other such ridiculous figures!

Err I thought trackers were, you know, trackers. They're all fecking shysters aren't they. I know you can still get term trackers but this is a new one on me.
Indeed, it's almost as if they are businesses trying to make a profit, rather than charities, isn't it...