Dingdongler

Can those sort of rates still be had (given the right credit history of course) or is that a fixed rate/base rate tracker you got some time ago?

Cheers

fast bloke

NR were doing 5 times joint with no proof of of income in 2006 (for te financially suicidal). Did NR or the broker want the evidence of income? NR don't ask for evidence under 75% LTV, so I assume you had a sensible broker

fast bloke

You can get 2.69 with a big fee and good history. You need to have a 500k+ mortgage to justify the fee, otherwise the real cost is way more than 2.69 over the two years of the deal. I personally have an offset lifetime tracker on base minus 0.01. Is there a smiley for smug? 90% of my clients are paying less than 0.7%, which is brilliant from an advice point of view, but completely cak in that I can't make any money from recycling the mortgages

Dedrater

What does recycling the mortgages mean FastB?

fast bloke

On a good deal, you get a low rate tracker for 2 years, then SVR. I come back after 22 months and get you a new low rate tracker with a different lender. You save every time and I get paid every time. So no new clients and no new borrowing, but we both benefit.........

Dedrater

Still over my head that, a monster that shares my space deals with this stuff.

Appreciate the reply though.

fast bloke

OK - I come and see you every two years, move you to a better deal than you will have when the last deal reverts to SVR, and I get paid, again....... no?

Dedrater

You are going to think I am a retard.

I'm sure I don't even know what SVR is, I never have time/patience to learn about all this.

How do you get a better deal from the bank?

fast bloke

LMAO...... not at all. You have a similar understanding as about 99% of everyone!!So.... SVR is the lenders Standard Variable Rate. Lets say for the sake of example that you are on an SVR of 4.8% with a 100k mortgage. The interest is £4800 a year, or £400 a month. I come along and get you a deal at 3.6%(with no fees), or £300 a month interest for two years. You save £100.00 a month. After two years, the deal I got you runs out and you go back to paying 4.8%. I get you a new deal with a different lender at 3.6%, you save another £100.00 a month and I get paid by both the new lenders involved. Does that make sense?

AndyC_772

iTrader: (2)

Can't remember all the details... we've been on a tracker for years, though - the rate went from 1.93% to 2.5% in October 09 when the introductory period ran out, and it worked out cheapest for us to stick with the same deal despite the higher rate, rather than pay the fees to change to a new one.

We were paying below base rate for some time (how does that work??), but when the BoE rate went down to 2% or thereabouts a 'floor' kicked in... otherwise they'd be paying us right now!