So what mortgage have you got and why?
Discussion
Up for remortgaging, just wondering what you guys went for and why? Did you switch providers chasing rates or stay put? Fixed or tracker? Is the potential increase in interest rates a factor for you?
Thinking of staying with nationwide to save legal/valuation fees, also the arrangement cost of lower rates doesn't justify the reduction in payments in my view. Any increase in interest rates will be small I think so don't think I can justify the cost of a fixed rate. So 1.74 seems to be relatively good value even compared with .99% available.
Thinking of staying with nationwide to save legal/valuation fees, also the arrangement cost of lower rates doesn't justify the reduction in payments in my view. Any increase in interest rates will be small I think so don't think I can justify the cost of a fixed rate. So 1.74 seems to be relatively good value even compared with .99% available.
Conversation with current lender went along the lines of "I've not looked about yet. If you make remortgaging and staying with you easy and painless, I'm likely just to do it to save the hassle".
Their response was to insist on a hour and a half meeting to "ensure the product was right for us".
I went to a broker and got a better rate elsewhere as a direct result of this.
Their response was to insist on a hour and a half meeting to "ensure the product was right for us".
I went to a broker and got a better rate elsewhere as a direct result of this.
e8_pack said:
45%
One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
Most products these days, even base rate trackers, will have floor rates Eg a rate at which it can't below............One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
Also currently on Nationwides SVR.
House goes on the market in a couple of weeks currently have an agreement for the new place 2.49% 5 year fixed with Accord can only see the rates going up so wanting a longer term fixed.
Think the broker is going to have another look to see if anything better has appeared.
House goes on the market in a couple of weeks currently have an agreement for the new place 2.49% 5 year fixed with Accord can only see the rates going up so wanting a longer term fixed.
Think the broker is going to have another look to see if anything better has appeared.
In the process of moving and we will be moving to a 5yr fix at 2.23%, it gives us stability whilst we have one and possibly another child in Nursery so I'll take the risk that we are paying more than we could for that stability. What happens in 5 years will be interesting, I ran some numbers yesterday and moving to 5% or more will be painful when rates inevitably increase back to that level.
C0ffin D0dger said:
Switched provider, lifetime tracker with HSBC, base rate + 1.49 so currently 1.99%. Like the flexibility of it i.e. no tie-in, unlimited overpayments, etc. but it will be of concern if the rates start to rise.
Same on our house but with 50% LTV. Like the freedom of being able to overpay, term is 20 years but at current rate of payment it will be done in under 9 years! Sarnie said:
e8_pack said:
45%
One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
Most products these days, even base rate trackers, will have floor rates Eg a rate at which it can't below............One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
e8_pack said:
Sarnie said:
e8_pack said:
45%
One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
Most products these days, even base rate trackers, will have floor rates Eg a rate at which it can't below............One of the things I noticed on one lender is the tracker won't drop below the deal rate, so it's essentially fixed but will track up!
Not what I want considering the possibility of zero or negative interest rates.
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