New to this so hope im posting in the right place.
My mortgage is up for renewal and recieved a letter with options:-
I was considering going interest only as im going on maternity leave and not sure will i be paid from work yet (if this is possible but not quite sure how to do this) these are the options:- i was on a 2yr tracker
Tracker variable rate - Currently 3.25%
Ltv Variable - Currently 3.65%
2 yr fixed " 5.25%
5 5.75 %
7 6.10 %
Maybe I'm wrong, but I thought a tracker was for life, not for a fixed period. Are you sure you were on a tracker, or were you on a fixed rate? For the tracker rate they are quoting you, what is the tracker margin (e.g. +1% or similar).