Tracker Tracking
Tracker or standard variable rate mortgage?
What is the best way to pay my mortgage, its between a Tracker mortgage that tracks the Bank of England or a Variable Mortgage,
I need to let my bank know which one to go with but I don't really understand, when I ask the difference they just throw loads of numbers at me.
Cool Hal,
the first two people gave me he advice that I needed, I do know how long the tracker is for (3years) and I do know what the % above the Bank of England and I didn't realise that you needed to know how much my mortgage was and that I will be paying £499 for the fee. Simonc explained what I asked perfectly and I do understand what he has written. I have been on a repayment mortgage for many years and wanted advice for the last 10 years.
A variable rate is one that can change at any time. A fixed rate is one that is fixed for a certain period (usually 2 to 5 years) then reverts to a variable rate, usually the bank's standard variable rate (SVR). The SVR is the "standard" rate that is charged to anyone that does not have a special rate of some kind. Usually the SVR is the highest rate a particular lender uses. They offer all sorts of special deals that last a couple of years then revert to the SVR. They hope that people forget to remortgage and so end up paying more. You certainly don't want to be taking out a mortgage on the SVR.
A tracker is a special sort of variable rate. It is guaranteed to follow the Bank of England (BoE) base rate, at some percentage above (or below) it. EG 1% above the BoE rate. Some trackers last a certain period then revert to the SVR. Others last for the lifetime of the mortgage. Trackers are good if the BoE rate falls, because your mortgage will fall with it. But if the BoE rate rises your rate also rises. The SVR usually changes in line with BoE rates, but is not guaranteed to - often it goes up with BoE rates, but doesn't always come down with them.
The other thing to think about is the cost of remortgaging. When you have a deal that lasts for a few years then reverts to the SVR you need to remortgage to get a better rate. But remortgaging costs a lot in arrangement, valuation and legal fees. This can wipe out any savings made having a special deal.
I think the best sort of mortgage overall is a lifetime tracker. You are going to have a decent rate for the lifetime of your mortgage, and it will go down with BoE rates. Unfortunately I don't think there are any decent deals for lifetime trackers around. A few years ago I got one at 0.44% above the BoE rate, but you can't get anything like that now.
At the moment interest rates can't get much lower. A fixed rate is probably the best bet for the short-term, which will protect you if rates rise. You can then look for a lifetime tracker once things have settled down in a few years.
 
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