I am becoming quite annoyed at having to keep re-mortgaging every couple of years and being slapped with a high arrangement fee to secure a decent interest rate. For me this is a complete con on the part of the mortgage lenders and I am sure the mortgage brokers love the fact that this practice takes place. I have just decided to re-mortgage to a life time tracker product and will be explaining the benefits of these types of mortgages in this article.
I have had a mortgage on my property for the last eight years and it is now the fourth time that I am having to go through the re-mortgage process. I am now getting very bored and feel like that I am being ripped off on each deal. I have never missed a mortgage payment and despite this the new rate that the current lender offers me is always way above the best rates on the market. This seems to force me to move the loan elsewhere. This requires a solicitor, the house to be valued, I have to once again prove my income and provide many forms of other documentation. The whole process seems to take around two to three months and can be quite stressful.
I am now very happy to have found a life time tracker mortgage deal with an interest rate of 5.48%. There are no penalties attached to this deal and due to the fact that it is a life time mortgage there will be no requirement to have to re-mortgage in the future. Even the arrangement fee is a lot lower than many of the others on the market.
I am fully aware that we are in the middle of a credit crunch however it seems quite unfair that people who have a good credit rating and who have not missed any mortgage repayments have to suffer due to errors of others.
I am now in a position where I do not have to worry about this due to this new life time tracker rate that I have secured and am very happy about it.
