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John The Pessimist

Lloyds Pulling Trackers.....

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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?

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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.

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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?

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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..

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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.

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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.... ;)

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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.

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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.

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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.

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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.

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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?

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Interesting as someone did post about whether the spread would collapse as rates went up. Have they taken the option exit this business ?

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