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Woolwich Lifetime Tracker

Last post Tue, Mar 17 2009, 11:22 PM by ddsull. 2 replies.
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  •  Tue, Mar 17 2009, 11:22 PM

    Re: Woolwich Lifetime Tracker

    Many thanks for the advice. I'll see if I can take it to a new property. I'll give them a call and find out
    • Post Points: 5
  •  Tue, Mar 17 2009, 9:36 PM

    Re: Woolwich Lifetime Tracker

    You need to read (or find out) the terms of your existing mortgage. It is possible that you can take your £77k mortgage on the BOEBR + 0.59% rate to the new property and take another mortgage for the difference. Some mortgages are quite portable while others are not. If you change the amount of the existing mortgage or change it from a residential mortgage to a buy to let one, you would almost certainly lose the current rate though.
    • Post Points: 20
  •  Tue, Mar 17 2009, 8:54 PM

    Woolwich Lifetime Tracker

    Hi,

    I currently have a lifetime with tracker with Wollwich which tracks at 0.59% above the BOEBR. As you can imagine its quite nice at the moment! The only thing is I'm looking at moving house so I will have to remortgage etc. Am I likely to loose this rate and go back to the rate they have now when I remortgage or am I entitled to keep the existing amount I have (circa £77K at this rate)? The current mortgage is to a maximum of 60% of the property value (my property was worth £225K last year, not so sure now though!). I want to take this rate with me (afterall its a lifetime tracker) but are the chances of this very slim? I deally I would like to take out a buy to let on my exisiting property and take some equity of my existing flat to go towards a new property (down payment).

    I'd appreciate any responses.

    Many thanks,

    Diarmuid

    • Post Points: 20