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Tracker Mortgage Rates Drop Below 1Pc For First Time

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As with all trackers, the rate will rise or fall in line with Bank Rate for the initial two-year period. After two years the borrower reverts to a variable "follow-on rate", currently 5.45pc

The mortgage has a £1,545 upfront fee and is available to borrowers with a minimum 35pc deposit.


If a deals too good to be true.....

No wonder though people are filling their boots, there must be many an un-employed Bulgarian laborer living in a £500K house right now.

Edited by TheCountOfNowhere

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I wouldn't get too excited about this

A couple of years ago we wasted several weeks trying to get one of the Chelsea's market leading deals. We were given endless hoops to jump through to prove affordability and eventuality were turned down. These included arbitary and unrealistic amounts allocated to various spending categories, and bizarrely that profits retained within my self employed wife's company did not count as income. Explaining that they were left in the company because we did not need the money cut no ice with the box tickers handling our application.

We eventually got a mortgage with Barclays 0.25% dearer but entirely straightforward process and given offer approval within 7 days of applying.

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I predicted this last year on another forum that we would see a lending rate fall below 1% in 2015 (hardly an amazing prediction, but there you go). Where else can the banks go? Prices aren't allowed to fall, so we just make borrowing virtually free, then we'll pay you to borrow.....then....

Edited by canbuywontbuy

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