Fixed Rate Mortgage – 2, 3, 5 Year Fixed Mortgages – Tesco Bank, mortgage rate


Fixed rate mortgage

Making your mortgage repayments easier to manage

Mortgage rate tracker

Our 2, 3 and 5 year fixed rate mortgages (sometimes called fixed term mortgages), give you the certainty of knowing that your repayments will stay the same for a set period of time. The rate of interest you pay is fixed for the agreed period, and so are your monthly repayments, whether interest rates go up or down.

  • We could help you make the move with our 95% loan to value (LTV) mortgages, meaning you only need a 5% deposit
  • You could pay off your mortgage early. During the initial rate period, you can overpay by up to 20% of the outstanding balance each year with no early repayment charge
  • Get a great deal more. Collect Tesco Clubcard points on your monthly repayments and any regular or lump sum overpayments. You won’t collect points on any fees or charges paid separately from your monthly payment or on any overpayment you make to pay off your mortgage in full
  • Choose between a mortgage with a product fee or one without a product fee

Features of a fixed rate mortgage

WHAT IS A FIXED RATE MORTGAGE?

Fixed rate mortgages explained

A fixed rate mortgage means that your interest rate stays the same for a fixed period, for example, 3 years. This can make it easier to manage your budget because your monthly repayments will stay the same.

Once your fixed rate period has ended, we will move you to our standard variable rate (SVR). If you’re an existing customer, before your initial offer period ends, we’ll get in touch with details about our current mortgage deals.

Our fixed rate mortgage range

Use our quick mortgage calculator to see what mortgage products we could offer you.

Not sure if a Tesco Bank Fixed Rate Mortgage is right for you? Take a look at our full range of mortgage options.

All of our mortgages are repayment, rather than interest-only. This means that you pay back all of the loan (sometimes called the capital), plus interest.

BENEFITS OF OUR FIXED MORTGAGE

Benefits of our fixed rate mortgage

Our range of fixed rate mortgages is flexible, so if your life changes your mortgage could too.

Budget more easily with fixed repayments

Our fixed rate mortgages help you budget more easily with the certainty of knowing your monthly repayments will stay the same for an agreed period, even if interest rates go up or down.

Pay off your mortgage early for more years of mortgage-free living

During the initial period (2, 3 or 5 years) you can overpay by up to 20% of the outstanding balance each year and there’s no early repayment charge.

Take your mortgage with you when you move home

Just give us a call about moving your mortgage and we’ll walk you through what you need to know. Just a reminder, you may need to pay a property valuation fee, as well as other fees and charges.

It will all be outlined in your Mortgage Illustration: a document that tells you how much your mortgage will cost, as well as some other important information about the key features of your mortgage.

Have a break with a payment holiday

If you’ve made 6 monthly payments in a row, you can apply to take a payment holiday for 1 month. You can take 2 payment holidays every 12 months, up to a total of 6 payment holidays over the lifetime of your mortgage. But remember, you’ll still be charged interest during a payment holiday, so your monthly payments may go up.

You could increase your borrowing

If you’ve made 6 monthly payments, one after the other, you can apply to borrow more. The minimum amount you can borrow is £5,000. We have a range of additional borrowing products with different rates depending on your current loan to value (LTV).

We’re upfront and keep things simple. You’ll find full details of the changes you can make to your mortgage, and our charges, in your personalised Mortgage Illustration.

Just a reminder, you may need to pay a property valuation fee, as well as other fees and charges.

Tesco Clubcard points

You will collect 1 point for every £4 you pay on your monthly mortgage payments – including overpayments. It’s easy to keep track of your points too as they’ll show up on your Tesco Clubcard account within 6 weeks of each payment you make. You must be registered with Clubcard in order to collect points.

You won’t collect points on any fees or charges paid separately from your monthly payment or on any overpayment you make to pay off your mortgage in full.

Clubcard points collection rates are subject to change.

The Tesco Clubcard Scheme is administered by Tesco Stores Limited, Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, who are responsible for fulfilling points.

FIRST TIME BUYERS AND MOVING HOME

First time buyers and moving home

We know that getting your mortgage sorted is important. That’s why we have a dedicated mortgage team. They provide an excellent service and are here to help you through the home buying process, whether you’re just starting out or are looking to move to a new home.

Our UK-based Mortgage Team is available from 8am to 9pm on weekdays, and 9am to 4pm on Saturdays. Call 0345 217 2050 or Minicom 0345 055 0607. These numbers may be included as part of any inclusive call minutes provided by your phone operator.

We provide a full advice service by phone, or you can apply online.

REMORTGAGE

Secure a better remortgage rate

Everyone has their own reasons for wanting to remortgage. Your current deal could be about to end, you might be looking for a better rate or be worried that interest rates might go up. Maybe your situation has changed and you want a different type of mortgage or perhaps you want to increase your mortgage to make home improvements.

We offer competitive rates on remortgage deals, so there’s nothing stopping you from getting a quote and seeing how much you can borrow. If you’re coming to the end of your deal we can arrange for your home to be revalued and pay for your first standard valuation fee.

You could save by switching

When you remortgage with us, we’ll pay your first standard valuation fee and we’ll also cover your standard legal fees.

COMING TO THE END OF YOUR MORTGAGE?

Renew your existing mortgage

If you’re an existing customer, before your initial offer period ends, we’ll get in touch with details about our current mortgage deals. We’ll work it out based on how much you still owe on your mortgage, our current valuation of your home, and the number of years left on your existing mortgage. And because you’re already a customer, we’ve done all the checks we need to, meaning switching to a new deal should be quick and easy.

Our awards

Mortgage rate tracker

We’re proud of the awards we’ve won because they’re recognition for our online product offering – including our 2, 3 and 5 year fixed rate products – and the ability to apply online.

In 2017 we were awarded What Mortgage’s Best Direct Lender for the second year running and Moneyfacts Best Remortgage Lender 2017. We were also Moneyfacts Best First Time Buyer Mortgage Provider 2016 and Moneynet’s Best Direct Mortgage Provider for the third time in a row.


Fixed-rate mortgages, Barclays, mortgage rate tracker.#Mortgage #rate #tracker


Fixed-rate mortgages

Fix your rate to plan your monthly budget

Want to know exactly what your mortgage payments will be each month? Our fixed-rate mortgage could be the right choice for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What’s a fixed-rate mortgage?

Know what you’ll pay each month

You pay a fixed rate for a set time, and that means your mortgage payments won’t change until that period ends and you move to our standard variable rate.

Choose the fixed period you need

You’ll be protected if rates rise – but if they fall, you could pay more than you need to. So choose the fixed term that suits you, which could be 2, 3, 5 or even 10 years.

You could make overpayments

You could pay more than your agreed monthly payment 1 – we’ll tell you if there are any overpayment limits or early repayment charges before you take out any specific mortgage.

How much could you borrow?

Try our mortgage calculator

Use our mortgage calculators to see how much you could borrow, what a mortgage could cost you each month and the total you may pay overall.

How to apply

Once you’ve worked out how much you could borrow, get an Agreement in Principle (AiP) to find out whether we’d be able to lend the amount you need – without affecting your credit score. If we can, the next step is to make an appointment with one of our mortgage advisers to choose the mortgage you want to apply for.

Mortgage rate tracker

Agreement in Principle for a mortgage

Take the first step to your mortgage with an AiP

Start an Agreement in Principle (AiP) to find out quickly if you could borrow the amount you need – without affecting your credit score.

Mortgage rate tracker

Your mortgage appointment

How to prepare for your discussion

Find out which documents you’ll need, get a preview of what we’ll discuss with you and discover what happens after your appointment.

Our current rates

This table shows what the initial interest rate will be, as well as the follow-on rate, the amount you can borrow and any application and early repayment charges. You can sort any of the columns by selecting the column title.

Loading mortgage data. Please wait.
Filter your results
Initial period
Deal type
Charges

Need some help?

Talk to us online

Start a web chat if you’d like to ask us a question online.

Call us

Call us 2 today. Lines are open all day, every day – except during the Christmas period, when they may be closed at off-peak times.

More ways to buy your home

Mortgage rate tracker

Offset mortgages

Put your savings to work with an offset mortgage

Linking your savings accounts to an offset mortgage could make your money work harder by reducing the mortgage balance you pay interest on.

Mortgage rate tracker

Tracker mortgages

A flexible mortgage that follows the market

If you want a mortgage that reflects the market but doesn’t tie you down to a rate, our tracker mortgages may be what you need.

Mortgage rate tracker

Family Springboard Mortgage

Buy your home without a borrower deposit

Buy a home without a borrower deposit if your family or loved ones can provide 10% of the property’s price as security.

Important information

Your mortgage offer and terms and conditions will explain your overpayment allowance and confirm whether you’d need to pay an early repayment charge.

To maintain a quality service, we may monitor or record phone calls. Call charges

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC adheres to The Standards of Lending Practice which is monitored and enforced by The Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.

Mortgage rate tracker

Mortgage rate tracker

Mortgage rate tracker


Halifax Standard Variable Rate (SVR) Mortgages, mortgage rate tracker.#Mortgage #rate #tracker


Halifax Standard Variable Rate (SVR)

Mortgage rate trackerWhen your Halifax mortgage reaches the end of its deal period, you’ll be placed onto the current standard variable rate (SVR), which they term the Halifax Homeowner Variable Rate.

There are no current products that you can apply for just on SVR. Even the Halifax tracker mortgages track the Bank of England base rate rather than the Halifax mortgage rate.

Current Halifax Bank SVR

The current standard variable rate for Halifax Mortgages is 3.74% which is is slightly higher than the industry average and 3.49% above the BOE base rate.

Choosing a Halifax Mortgage and SVR

Although the lead rate from a Halifax mortage deal may look low it’s actually the standard variable rate or SVR that’s charged once your 2 or 3 year offer has completed which is probably the most important number to look at these days.

If your circumstances change between when you take out a product to when you may need to renew it several years later then you may not be in a position to get similar terms, especially if house prices have fallen and you are in negative equity or simply your loan to value percentage has increased. For example, if you lose your job or you have a child and one parent does not work any longer.

That’s just the reason why lenders publish an APR because this takes into account the initial generally discounted rate as well as the SVR for the term of the mortgage loan.

Whilst the initial rates offered by Halifax are actually some of the best deals in the industry and market place you should perhaps consider not only the arrangement fees that are now charged by all lenders, the repayment penalties if you decide to pay off your loan or have to move house but also the standard variable rate you may have to pay if you don’t remortgage once your deal period has completed.

Seek Professional Advice

With so many products on the market it may be easy to choose the lowest headline rate but once you have added in arrangement fees and any additional charges the rates offered by all companies including Halifax may push up the actual cost of the mortgage. Therefore it may be prudent to either use a comparison website and certainly to get professional advice to help your decision making process.


BBC News – Economy tracker: Interest rates #payment #calculator #mortgage


#interest rates history

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Economy tracker: Interest rates

The Bank of England s Monetary Policy Committee (MPC) kept interest rates at the record low of 0.5% at its meeting in February. It also left the £375bn quantitative easing stimulus programme unchanged.

But the continued fall in the UK unemployment rate, now at 7.1% has sparked a debate about when interest rates may need to rise.

In August last year Bank governor Mark Carney said that interest rates were unlikely to be raised before the jobless rate falls to 7%.

But in mid-February he adjusted that stance. saying a wider range of indicators would be taken into account, meaning interest rates could remain at low levels for some time even as unemployment falls further.

Understanding monetary policy:

  • The Monetary Policy Committee meets every month and its main task, set by the government, is to keep inflation at 2%
  • It is looking at what it expects inflation to be in about two years time, as it assumes changes in rates will take that long to work
  • It sets Bank rate, which is the percentage it charges on loans it makes to banks and other financial institutions. That influences what the banks and building societies charge for loans and mortgages and the returns they pay to savers
  • If it thinks inflation is likely to undershoot the 2% target, the Bank will cut interest rates, stimulating borrowing, spending and job creation
  • If it thinks inflation is likely to be higher than 2%, it will raise interest rates, suppressing consumer demand and business investment
  • Recently it has brought in another policy measure, quantitative easing (QE), which it calls its Asset Purchase Facility
  • The bank creates new money and injects it into the economy to try to boost spending. It does this by buying assets from financial firms, including High Street banks, insurance companies and pension funds
  • One way QE might stimulate demand is if these companies spend the money they receive for their assets. If they buy shares, for example, the companies they invest in could decide to buy new equipment, helping them grow and even take on new staff
  • Under QE, the Bank of England usually buys gilts. These are bonds, a form of IOU issued by governments to borrow money. The extra demand for these could have the eventual effect of bringing down the cost of borrowing more widely – helping businesses and households
  • In order to change Bank rate or the amount of QE, a majority of the MPC s nine members needs to vote for it. The minutes of each meeting are published two weeks later
  • Since taking over as Bank governor in July, Mark Carney has introduced a third element to monetary policy: forward guidance
  • Forward guidance is designed to give lenders an indication of how long they can expect interest rates to remain at their current level, potentially giving them more confidence to lend

Background:

FALLING RATES

When the global financial crisis broke in 2008, interest rates were at 5%.

The Bank of England made its first cut just a few weeks after the bankruptcy of US bank Lehman Brothers. More cuts were made as the financial system came close to collapse and a global recession took hold.

At the beginning of 2009 in the UK, unemployment was rising sharply, business and consumer confidence was severely depressed and banks were holding onto their funds.

The succession of cuts in the cost of borrowing had brought rates down to a historic low, but, with the economy still in recession, more still needed to be done to try to kick-start the recovery.

First, with the permission of the Treasury, the Bank of England creates lots of money. It does this by just crediting its own bank account.

The Bank of England wants to use that cash to increase spending and boost the economy so it spends it, mainly on buying government bonds from financial firms such as banks, insurance companies and pension funds.

The Bank buying bonds makes them more expensive, so they are a less attractive investment. That means companies that have sold bonds may use the proceeds to invest in other companies or lend to individuals.

If banks, pension funds and insurance companies are more enthusiastic about lending to companies and individuals, the interest rates they charge should fall, so more money is spent and the economy is boosted.

Theoretically, when the economy has recovered, the Bank of England sells the bonds it has bought and destroys the cash it receives. That means in the long term there has been no extra cash created.

So in March 2009, along with a last cut in rates to 0.5%, the Bank also introduced a programme of quantitative easing.

It initially injected £75bn of new money into the economy, but this has since been expanded in steps up to the current level of £375bn.

When it made its most recent increase in July 2012, the Bank explained this was due to continued weakness in the UK s economic recovery, which it feared would lead to inflation falling below 2%, which it now has.

While the economic recovery has actually strengthened significantly in recent months, the Bank remains concerned about the sustainability of the recovery and the implications this would have on inflation in the longer term.

It is therefore reluctant to wind down quantitative easing or raise rates until it is more certain that the UK is on a secure path of economic growth.

Figures used in chart above: Bank Rate 1694-1972, Min Lending Rate 1972-1981, Min Band 1 Dealing Rate 1981-1996, Repo Rate 1997-2005, Official Bank Rate, 2006 onwards

More on This Story


Tracker mortgages #home #loan #mortgage #rates


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Tracker mortgages

A mortgage that keeps your options open

A tracker mortgage has a variable interest rate that tracks your lender s base rate which is based on the Bank of England base rate for a set term.

This means that if your lender s base rate falls, your mortgage payments will decrease. However, if the rate goes up, your mortgage payments will increase. At the end of the tracker term, the interest rate will revert to your lender s Standard Variable Rate, unless you have a lifetime tracker mortgage.

Our tracker mortgages also give you the flexibility to switch to a Barclays fixed-rate mortgage whenever you want to, so you won t be tied to the tracker rate.

Is it right for you?

A tracker mortgage could be right for you if

  • You want your mortgage to reflect the market
  • You want to take advantage of the current low base rate
  • You can afford the possible increase in your monthly payments if the base rate goes up
  • You want the flexibility to overpay some of your mortgage each year without facing early repayment charges 2

If you want to know exactly how much your monthly mortgage payments will be, you ll probably be better off with a fixed-rate mortgage .

Calculate what you could borrow

Our mortgage calculator can help you determine how much you could afford to borrow and what your monthly payments may be.

You can also see how a change in interest rates would affect your mortgage payments with our mortgage base rate calculator .


BBC News – Economy tracker: Interest rates #home #loan #payment #calculator


#interest rates history

#

Economy tracker: Interest rates

The Bank of England s Monetary Policy Committee (MPC) kept interest rates at the record low of 0.5% at its meeting in February. It also left the £375bn quantitative easing stimulus programme unchanged.

But the continued fall in the UK unemployment rate, now at 7.1% has sparked a debate about when interest rates may need to rise.

In August last year Bank governor Mark Carney said that interest rates were unlikely to be raised before the jobless rate falls to 7%.

But in mid-February he adjusted that stance. saying a wider range of indicators would be taken into account, meaning interest rates could remain at low levels for some time even as unemployment falls further.

Understanding monetary policy:

  • The Monetary Policy Committee meets every month and its main task, set by the government, is to keep inflation at 2%
  • It is looking at what it expects inflation to be in about two years time, as it assumes changes in rates will take that long to work
  • It sets Bank rate, which is the percentage it charges on loans it makes to banks and other financial institutions. That influences what the banks and building societies charge for loans and mortgages and the returns they pay to savers
  • If it thinks inflation is likely to undershoot the 2% target, the Bank will cut interest rates, stimulating borrowing, spending and job creation
  • If it thinks inflation is likely to be higher than 2%, it will raise interest rates, suppressing consumer demand and business investment
  • Recently it has brought in another policy measure, quantitative easing (QE), which it calls its Asset Purchase Facility
  • The bank creates new money and injects it into the economy to try to boost spending. It does this by buying assets from financial firms, including High Street banks, insurance companies and pension funds
  • One way QE might stimulate demand is if these companies spend the money they receive for their assets. If they buy shares, for example, the companies they invest in could decide to buy new equipment, helping them grow and even take on new staff
  • Under QE, the Bank of England usually buys gilts. These are bonds, a form of IOU issued by governments to borrow money. The extra demand for these could have the eventual effect of bringing down the cost of borrowing more widely – helping businesses and households
  • In order to change Bank rate or the amount of QE, a majority of the MPC s nine members needs to vote for it. The minutes of each meeting are published two weeks later
  • Since taking over as Bank governor in July, Mark Carney has introduced a third element to monetary policy: forward guidance
  • Forward guidance is designed to give lenders an indication of how long they can expect interest rates to remain at their current level, potentially giving them more confidence to lend

Background:

FALLING RATES

When the global financial crisis broke in 2008, interest rates were at 5%.

The Bank of England made its first cut just a few weeks after the bankruptcy of US bank Lehman Brothers. More cuts were made as the financial system came close to collapse and a global recession took hold.

At the beginning of 2009 in the UK, unemployment was rising sharply, business and consumer confidence was severely depressed and banks were holding onto their funds.

The succession of cuts in the cost of borrowing had brought rates down to a historic low, but, with the economy still in recession, more still needed to be done to try to kick-start the recovery.

First, with the permission of the Treasury, the Bank of England creates lots of money. It does this by just crediting its own bank account.

The Bank of England wants to use that cash to increase spending and boost the economy so it spends it, mainly on buying government bonds from financial firms such as banks, insurance companies and pension funds.

The Bank buying bonds makes them more expensive, so they are a less attractive investment. That means companies that have sold bonds may use the proceeds to invest in other companies or lend to individuals.

If banks, pension funds and insurance companies are more enthusiastic about lending to companies and individuals, the interest rates they charge should fall, so more money is spent and the economy is boosted.

Theoretically, when the economy has recovered, the Bank of England sells the bonds it has bought and destroys the cash it receives. That means in the long term there has been no extra cash created.

So in March 2009, along with a last cut in rates to 0.5%, the Bank also introduced a programme of quantitative easing.

It initially injected £75bn of new money into the economy, but this has since been expanded in steps up to the current level of £375bn.

When it made its most recent increase in July 2012, the Bank explained this was due to continued weakness in the UK s economic recovery, which it feared would lead to inflation falling below 2%, which it now has.

While the economic recovery has actually strengthened significantly in recent months, the Bank remains concerned about the sustainability of the recovery and the implications this would have on inflation in the longer term.

It is therefore reluctant to wind down quantitative easing or raise rates until it is more certain that the UK is on a secure path of economic growth.

Figures used in chart above: Bank Rate 1694-1972, Min Lending Rate 1972-1981, Min Band 1 Dealing Rate 1981-1996, Repo Rate 1997-2005, Official Bank Rate, 2006 onwards

More on This Story


Best Tracker Mortgage Rates – UK Online Mortgage Broker – John Charcol #balloon #mortgage #calculator


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Best Buy Tracker Rate Mortgage Deals

A tracker rate mortgage is a type of variable rate mortgage that follow the movements of another rate. The most common tracker rate mortgage follows the Bank of England Base Rate. Tracker mortgages don’t exactly match the rates they track, but are at a usually offered at a set margin above that rate. For example if the base rate is 0.25% and your mortgage deal is offered at 1.5% over base your mortgage rate will be 1.75%. Tracker deals are usually available over a fixed period of time, for example 2- 5 years. After this time if you don’t remortgage you’ll be moved you’re your lender’s standard variable rate. However, you could opt for a lifetime tracker, which follows the base rate throughout the entire term of your mortgage.

Why speak to an adviser?

Before opting for a tracker rate mortgage it’s important to speak with an independent mortgage expert. Our advisers at John Charcol will be able to assist you in understanding what would happen if rates did rise and assess whether you would be able to afford for your monthly mortgage repayments. If you couldn’t then we’ll help suggest a mortgage better suited to your needs.

Current best tracker rate mortgage deals:

Total amount of credit

Total amount payable

Max Loan to value 85%: 2 Year 1.69% Tracker

1.69% – Bank Base Rate plus 1.44% for 2 years then 3.74% Variable for term

Total amount of credit

Total amount payable

Fees and charges:

Booking Fee 0

Arrangement fee 999

Valuation fee 0

Other fees 20

Flexibility:

Overpayments allowed? Unlimited

Early Repayment Charges No early repayment charge but a fee of £65 is payable when the mortgage is redeemed

Other info:

Exit fee 65

Basic legals Payable

Special Deal Free Standard Valuation. Free Legal Service for Remortgages.

Call now for more information: 0344 346 3672

Representative example A mortgage of £382,500 payable over 25 years on a repayment basis, initially on a tracker rate for 2 years at 1.69% (1.44% above Bank of England Rate, currently 0.25%, which will not go below a floor of 1.44%) for 2 years and then on a variable rate of 3.74% for the remaining 23 years would require 24 payments of £1,564.14 and 276 payments of £1,933.12. The total amount payable would be £572,164 made up of the loan amount plus interest (£188,580) and fees (£1,084 which includes exit fees of £65). The overall cost for comparison is 3.50% APRC representative.

Max Loan to value 60%: 2 Year 1.74% Tracker.

1.74% Barclays Bank Base Rate plus 1.49% for 2 years then 3.74%- Barclays Bank Base rate plus 3.49% for term

Call now for more information: 0344 346 3672

Representative example A mortgage of £292,500 payable over 25 years on a repayment basis, initially on a tracker rate for 2 years at 1.74% (1.49% above Barclays Bank Base Rate, currently 0.25% and then on a tracker variable rate of 3.74% (3.49% above Barclays Bank Base Rate, currently 0.25%) for the remaining 23 years would require 24 payments of £1,046.71 and 276 payments of £1,165.34. The total amount payable would be £348,179 made up of the loan amount plus interest (£76,755) and fees (£1,424 which includes exit fees of £80). The overall cost for comparison is 2.10% APRC representative.


Tracker Mortgage: Compare HSBC Mortgages #business #mortgage #calculator


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Tracker mortgages

An Early Repayment Charge (ERC) is a charge you may have to pay if you repay the whole or part of your mortgage early (which includes when you move to a different mortgage product or move to a different lender) during a certain period.

Mortgages that have an ERC also have an annual overpayment allowance. This allowance, which is available in the years when an ERC applies, gives you the flexibility of making some overpayments, if you wish, up to the amount of the allowance without incurring an ERC. As long as you do not exceed your annual overpayment allowance, you can make as many overpayments as you like within that year either by way of increasing your monthly mortgage payments or making lump sum payments.

If you exceed your annual overpayment allowance for a year, an ERC will be charged on the amount you have repaid over the allowance.

The annual overpayment allowance is calculated as a percentage of the amount drawn down for the first year of the mortgage. The allowance is recalculated annually for each year when an ERC applies on the anniversary of the date of drawdown (or following a switch to a new mortgage that has an ERC) on the outstanding balance of the mortgage.

The ERC is a percentage of the amount repaid early, above the annual overpayment allowance, for each remaining year of the period during which the ERC applies, reducing on a daily basis.

Varies by product

Some lenders stipulate that the borrower keeps their mortgage with that lender for a period of time after the agreed, discount or fixed rate period has ended. If the borrower moves their mortgage elsewhere during the tie in period, they may have to pay an early repayment charge.

Many institutions will charge you an exit fee when you fully repay your mortgage. HSBC Bank does not charge an exit fee.

The term used to describe transferring your current HSBC rate from one property to another when you sell your property and buy another. This is subject to terms and conditions.


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Featured Device

AT200 Low-Cost Tracking Device

Our lowest cost vehicle tracking device ever! The AT200 is very small and simple to install, with integrated antennas, LED status indicators and a single system cable. Despite its low cost, our AT200 uses state of the art technology, ublox EVA-M8M GNSS, Quectel M66 GPRS, Bluetooth, 3-axis MEMS accelerometer and ARM Cortex M3 processor. It also comes with our usual 5 year warranty!

Our AT200 and other vehicle tracking devices are available on a hardware only basis – either choose from our list of application service providers or integrate into your own vehicle tracking application. more about our AT200.

vehicle tracking devices with a 5 year warranty!

we design, build, supply and support our own devices

work directly with us and get ahead of your competitors

  • Support – 5 year warranty as standard with all devices
  • Competitive pricing – ask for our latest price lists, you may be surprised!
  • Fast Delivery – no need for you to carry stock
  • No MoQs – order as few or as many devices as you like!
  • Choice – we have a device to suit most applications
  • All GNSS Supported – our devices now support GPS, GLONASS, GALILEO and BeiDou
  • 3G/UMTS Devices – our advanced devices now support 3G / UMTS with GPRS fallback
  • Compact Size – yet packed with all the features you could wish for
  • Low power consumption – no worries about battery drain
  • Built in back-up battery – internal back-up battery with all our devices
  • Accelerometer based driver behaviour – standard with all our devices
  • Bluetooth based driver ID – the simplest and most cost-effective solution available, with our AT200 & AT210
  • IP67 Waterproof Options – we offer 2 different devices with IP67 spec
  • Modular communications protocols – choose only the data you want
  • Free firmware updates – even beyond the warranty period
  • Flexibility – if our devices don’t support your requirements, just ask us, we’re happy to customise them for you!
  • SDK Option – customise your device firmware or create your own using our SDK
  • Modular – extended functionality by plug and play options – RFID card readers, Garmin FMI, gritters, sweepers, weighing equipment, trailer tags.
  • Free Evaluation Kit – for qualifying clients, please see our Special Offers page for details
  • We supply hardware/device only – free to use with your own software or choose a vehicle tracking application service provider from this list

All this for less than you might think!

Our AT110 is one of the smallest and most power efficient vehicle tracking devices in the world! It is packed with the latest technology and loaded with all the features you could ever need. The AT110 uses external antennas, giving total flexibility of installation options.

Our AT240 advanced IP67 waterproof vehicle tracking device. utilises the very latest ublox EVA-M8M GNSS, ublox SARA-U2 UMTS/HSPA 3G modem and microprocessor based on the latest Cortex M3 architecture from ARM. Housed in a rugged IP67 box, the AT240 has internal antennas and a host of advanced features and options.

Our AT210 IP67 waterproof tracking device uses similar technology to our AT240 and AT110 devices, but with Quectel’s tiny M66 GPRS modem, it was designed with plant and machinery applications in mind. Housed in a tiny and rugged IP67 box, the AT210 has internal antennas plus the option of using an external GNSS antenna (e.g. where device location is not an optimal location for GNSS signal).

Our AT200 low-cost vehicle tracking device uses similar technology to our other devices, but with a keen eye on costs! Like our AT210, it is aimed at basic applications with lower budgets. Housed in a tiny and rugged ABS box, the AT200 has internal antennas for GNSS, GPRS and Bluetooth.

Installation can be completely covert and typically takes less than 30 minutes per vehicle! Detailed information on your fleet can be accessed in real-time from several supporting Application Service Providers (ASPs). Most of these ASPs offer internet based tracking systems, so all you require is a PC with access to the internet.

Need to customise your device behaviour, features and / or communication protocols? We have an SDK available for use with all our devices, so you can customise our standard firmware to suit your needs. Alternatively, you can choose to buy our hardware only and we will provide supporting information for you to develop you own firmware from scratch. Please contact us for more information if you are interested in the SDK or hardware-only options.

Interested? We supply direct to the industry, so please contact us for pricing.


Tracker mortgages – What is a mortgage? Mortgages – property – Which? Money #calculate #monthly


#mortgage rate tracker

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What is a mortgage? Tracker mortgages

A tracker mortgage deal will follow the base rate at a set margin

What is a tracker mortgage?

A tracker mortgage is a type of variable-rate mortgage. The interest rate tracks the Bank of England base rate at a set margin (for example, 1%) above or below it.

When we surveyed 5,002 mortgage customers in April 2016, we found that around one in 10 (11%) had a tracker deal. Trackers can last for as little as one year, or as long as the total life of the loan.

Once your tracker deal comes to an end, you’re likely to be automatically transferred onto your lender’s standard variable rate (SVR). Typically, this will have a higher rate of interest.

  • A tracker mortgage is just one of many different types of mortgages, and it’s important you get the right sort for you. Which? Mortgage Advisers will look at every available mortgage on the market and recommend the best one for your personal circumstances. You can call for a free initial consultation on 0808 252 7987 .

2.24 % Average tracker rate – August 2016

Tracker mortgage benefits

In certain economic circumstances, borrowers can secure tracker mortgage deals with very low rates of interest. For example, with the current historically low base rate of 0.25%, a +1% tracker mortgage would charge a rate of just 1.25% interest.

While your tracker mortgage rate is low, you can take the opportunity to overpay on your mortgage. This will either reduce the total length of time it will take you to pay off your mortgage or mean that you can make smaller subsequent monthly payments – either of these options will mean that you pay less interest in total. Many lenders will now allow you to overpay on a tracker mortgage without incurring any financial penalties.

In addition, your rate is not dependent on your lender’s SVR, just changes in the base rate.

Tracker mortgage drawbacks

On the other hand, as a variable deal a tracker mortgage will not provide total rate security: if the base rate changes, so too will the interest rate you pay.

This means that if you need to know exactly how much your monthly mortgage repayment will be each month, a tracker mortgage might not be the best option for you, and you could be better off considering a fixed-rate mortgage instead.

If you want to leave a tracker mortgage deal before the end of the set term, you are also likely to be charged an early repayment fee.

More on this.

  • The best mortgage deal – how to find the cheapest mortgage for your circumstances
  • Mortgage fees – the range of fees you might pay to set up your mortgage
  • Which? Money Helpline – for answers to your tracker mortgage and other finance questions

Last updated:

August 2016