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Mortgages: a tracker could save you money
If economists' forecasts are right and the Base Rate is really set to remain at 0.5% until the end of 2013, then trackers look a much better bet than fixed rate mortgages.
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More FTSE charts & pricesby Lorna Bourke on Jul 31, 2010 at 00:01
‘It is often very difficult to predict and budget exactly for five stages,’ explained Paul Kaye, general manager at Leeds Building Society. ‘Purchasing the land will usually be the biggest expense and we will lend up to 60% of the value with outline planning permission and 75% with full planning consent.’
Funds are released following an inspection by a qualified surveyor or valuer and sent electronically. Borrowers receive the money quickly when required and they do not pay any interest until they have received the funds,’ said Kaye.
Full details on self build mortgage rates here. Alternatively call the Society’s mortgage hotline, on 08450 50 50 62.
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3 comments so far. Why not have your say?
Dislexic Landlord
Jul 31, 2010 at 11:17
As a landlord I use fixed and tracker rates
better to be safe than sorry
report thisr hall
Jul 31, 2010 at 15:52
The other great advantage with trackers is their transparency. no hefting the profit margin if bank rate changes; what you see is what you get.
report thisPC
Aug 01, 2010 at 11:04
When considering an offset mortgage also look at the product offered by Woolwich which allows you to use your CASH ISA for offset. In this way you build up a tax efficient tax pot once the mortgage has paid up.
First Direct does not allow this. For some reason Lorna never mentions this.
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