John The Pessimist Posted June 7, 2014 Share Posted June 7, 2014 Lloyds group no longer offering tracker mortgages..... 'for the good of the borrowers'. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10880040/Biggest-lender-withdraws-tracker-mortgages-as-rate-rises-loom.html Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted June 7, 2014 Share Posted June 7, 2014 They must think the next move in interest rates will be down. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted June 7, 2014 Share Posted June 7, 2014 You can't overpay on a fix, you can with a tracker. Osborne wants as little debt destruction as possible. Quote Link to comment Share on other sites More sharing options...
Cosmic Apple Posted June 7, 2014 Share Posted June 7, 2014 You can't overpay on a fix, you can with a tracker. Osborne wants as little debt destruction as possible. My Nationwide 5yr fix that allows over-payments of £500pcm says differently? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 7, 2014 Share Posted June 7, 2014 Hpc, then more transactions at much higher fixed rates? Quote Link to comment Share on other sites More sharing options...
gf3 Posted June 7, 2014 Share Posted June 7, 2014 So a mortgage tied to the B of E base rate bad. A SVR mortgage where the rate can go up just because the bank CEO feels like it good. The great thing about life time trackers the only time you need to re mortgage is if a better rate comes along. If the bank makes a mistake of giving you to low a rate that's their problem. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 7, 2014 Share Posted June 7, 2014 So a mortgage tied to the B of E base rate bad. A SVR mortgage where the rate can go up just because the bank CEO feels like it good. The great thing about life time trackers the only time you need to re mortgage is if a better rate comes along. If the bank makes a mistake of giving you to low a rate that's their problem. That implies much cheaper houses in the future? Who cares if they pay 8% if the mortgage is gone in five to ten years? Quote Link to comment Share on other sites More sharing options...
winkie Posted June 7, 2014 Share Posted June 7, 2014 They must think the next move in interest rates will be down. Can't have a negative mortgage rate now can we.....anyway they can charge what they fancy for the privilege of their debt.. Quote Link to comment Share on other sites More sharing options...
MattW Posted June 7, 2014 Share Posted June 7, 2014 My Nationwide 5yr fix that allows over-payments of £500pcm says differently? When I had a fixed rate I was free to makes overpayments too. My mate had an Alliance & Leicester fixed rate (now Santander I believe) and oddly he could only make overpayments during one time period of the year. Quote Link to comment Share on other sites More sharing options...
Billy Ray Valentine Posted June 7, 2014 Share Posted June 7, 2014 My Nationwide 5yr fix that allows over-payments of £500pcm says differently? Yep, my NW 5 year fix is the same. Some fixes you can overpay, some you can't, depends what deal you go for. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 7, 2014 Share Posted June 7, 2014 Many deals let you repay something on a fixed now....why wouldn't they as most fixes are at a premium, you are paying for peace of mind.... Quote Link to comment Share on other sites More sharing options...
John The Pessimist Posted June 7, 2014 Author Share Posted June 7, 2014 Can't have a negative mortgage rate now can we.....anyway they can charge what they fancy for the privilege of their debt.. Hammer, nail, & head....... This week, the ECB linked tracker on my Irish house went down to 0.75%. It has cost my provider (PTSB) as much as it has cost me for most of the last 6 years. Methinks the banks here (UK) are looking to Frankfurt and the sphincters are puckering. Quote Link to comment Share on other sites More sharing options...
Dames Posted June 7, 2014 Share Posted June 7, 2014 Me too, NW 5yr fix, 10% overpayment perannum. Quote Link to comment Share on other sites More sharing options...
mrtickle Posted June 7, 2014 Share Posted June 7, 2014 The problem with that 10% limit (or that £500pcm limit) is that further down the line it massively limits the amount you can clear off the debt. I've just gone for a tracker rather than another fixed because I'm at the point where I have already hit the 10% limit and I have the money and want to pay it off. During the early years I could live with a 10% limit though as I never got anywhere near it. Quote Link to comment Share on other sites More sharing options...
little fish Posted June 7, 2014 Share Posted June 7, 2014 Last time I remember any media on trackers being pulled it was 2008. Lloyd's, Halifax, Northern Rock + C+G all did it around the same time. Quote Link to comment Share on other sites More sharing options...
honkydonkey Posted June 7, 2014 Share Posted June 7, 2014 I had a first direct 5 year fix that had no overpayment limits. Quote Link to comment Share on other sites More sharing options...
frederico Posted June 7, 2014 Share Posted June 7, 2014 Why pull trackers? hmm.. So they can screw the customer later and turn on the money tap as required. Quote Link to comment Share on other sites More sharing options...
little fish Posted June 7, 2014 Share Posted June 7, 2014 Why pull trackers? hmm.. So they can screw the customer later and turn on the money tap as required. http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10880040/Biggest-lender-withdraws-tracker-mortgages-as-rate-rises-loom.html A Lloyds spokesman said: “Our advisers are very familiar with tracker mortgages, but we would not advise customers to take a tracker mortgage that is priced similarly to a fixed-rate option, as there is a risk that they could end up paying more. Therefore, in the short term, we have removed tracker products from the range. Bank speak confuses me.. Only removed in branches, still available through brokers. Quote Link to comment Share on other sites More sharing options...
frederico Posted June 7, 2014 Share Posted June 7, 2014 Ha ha of course they want their customers to pay as little as possible. Doesn't matter what the truth is, the idea is to lure in customers by any means. Quote Link to comment Share on other sites More sharing options...
nnails Posted June 7, 2014 Share Posted June 7, 2014 Last time I remember any media on trackers being pulled it was 2008. Lloyd's, Halifax, Northern Rock + C+G all did it around the same time. This is very interesting. Is this the time it all went wrong last time? Im sure that chap who said loves recession on BBC said may 2014 it will ho wrong again? Quote Link to comment Share on other sites More sharing options...
nnails Posted June 7, 2014 Share Posted June 7, 2014 http://www.huffingtonpost.co.uk/2013/10/25/alessio-rastani_n_4162423.html Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 9, 2014 Share Posted June 9, 2014 http://www.huffingtonpost.co.uk/2013/10/25/alessio-rastani_n_4162423.html Interesting, time we had another "shock" I think. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted June 9, 2014 Share Posted June 9, 2014 Interesting as someone did post about whether the spread would collapse as rates went up. Have they taken the option exit this business ? Quote Link to comment Share on other sites More sharing options...
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