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What to choose: Tracker vs variable rate mortgage? Halifax preferred!


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Written on: 21.12.2009 [20:17]
Pat
Pat
Topic creator
Posts: 3
I am a little bit confused as to which I should apply for out of the tracker mortgage and the variable rate mortgage Halifax offers. I need to let them know which one I want to go with but I do not completely understand the difference and the maths behind it all just confuses me even more. Can somebody put it in “stupid peoples” terms for me please. Thanks!
Written on: 25.12.2009 [17:32]
Mourad
Mourad
Posts: 4
Trackers are always better than the standard variable rate mortgage Halifax offers, but the problem is trying to find one, I am surprised Halifax has said they can offer you one now, but if they have then go for it. The best ones are lifetime trackers as they give you a fair rate for the lifetime of your mortgage and then it decreases if the base rate decreases. But to be honest, with the way the rates are at the moment I doubt they are able to get much lower, so you should actually get a fixed rate mortgage so that when the rates rise you will still have the current rate not that of the base rate.
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