Myself and my partner have a joint mortgage and we are about to come to the end of our fixed term.
Since my partner now works for LoydsTSB we have been offered a 'special' deal where, for up to the value of 4 times her salary, we pay the Bank of England base rate (currently at 5%).
For any remaining borrowing over 4 times her salary we pay the C&G SVR (currently at 6.7%).
Since four times her salary accounts for 86K of the 160K we need to borrow - then combining the interest rates I have worked out that we would be currently charged an equivalent interest rate of 5.79%.
Considering this is a lifetime tracker, with no arrangement or valuation fees and no early repayment charges it seems pretty good.
I also note that as we pay our mortgage off, a higher proportion of our mortgage will be charged at the lower Bank of England base rate - eventually our entire mortgage would be at the Bank of England base rate.
This seems pretty competitive and the only issue I can see is that G&G can change the SVR as they see fit - but if they change it to something much worse or even if the Bank of England rate goes sky high then we can remortgage as and when we wish.
I was looking for other people's opinions on this, perhaps I've missed some negatove points about this offer!?
TIA