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Are Yorkshire building society tracker mortgages subject to collars?


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Written on: 31.01.2010 [04:00]
Dunn
Dunn
Topic creator
Posts: 4
We were almost certain about the mortgage we were going to take out, opting for the Yorkshire Building Society Tracker mortgage but then I thought I should at least do some background research and not just listen to the mortgage advisor, I mean they are all just salespeople when it comes down to it right? So I started looking online about the disadvantages and it seems that one of the main problems that people face is that the tracker mortgages can actually come with a collar meaning that even if the base rate is below 1% and the tracker should follow it, it doesn’t, it has a minimum rate that it doesn’t fall below for example 3.5%. Does anyone know whether the Yorkshire adopts this type of tracker also?
Written on: 01.02.2010 [00:29]
Treitler
Treitler
Posts: 1
I don’t think that it is one set rule that applies over all trackers I think it depends on what type fo tracker you have and also when you apply, your personal contract etc. Check with them before signing as many have them have a collar of over 3.5% and you don’t want to be stuck with that when you think the rate you will be getting is much lower.
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  • Written on: 02.02.2010 [21:54]
    Aakesh
    Aakesh
    Posts: 3
    Can they do this though, because obviously when you sign up for your mortgage they will have to tell you a rate that you will be on, and they can’t tell you it will be 1% then when it comes through it is more, surely they can be done for mis-selling?
    Written on: 03.02.2010 [10:33]
    Pradeep
    Pradeep
    Posts: 2
    Well I suppose it all comes down to their word against yours and you signed the contract so it holds up in court
    Written on: 04.02.2010 [07:33]
    Dunn
    Dunn
    Topic creator
    Posts: 4
    Thanks for the advice, going in tomorrow to check out the small print icon_biggrin.gif




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