BOSI Rates: Tracker vs. Variable

[Lynnie]

Hi, I'm a bit confused about Bank of Scotland's APR rates and hoping someone can help me before I finish filling in my application form.

From previous posts, it sounds as though a Variable Tracker is generally a good bet. However, the APR on the BOSI Tracker for a FTB [where LTV>75% & it tracks at ECB+1.25%] is 3.82%, while the APR on their Standard Variable is 3.80% and they give a guarantee that it will never be more than ECB+1.5%...

... is the Tracker still the better option here even though the APR is slightly higher?


[I know there have been previous posts about Trackers but they seem to relate to instances where the Tracker APR is lower than that of the Standard Variable, hence this post.]

 

[ClubMan]

Why BOSI when there seem to be cheaper > 75% LTV trackers available elsewhere?

 

[Lynnie]

Unfortunately, it's just down to our personal circumstances - BOSI are one of the only providers whose lending criteria we meet.

 

[irishpancake]

In this instance, the BoSI variable does seem to be slightly cheaper than it's LTV > 75% tracker.

However, as previously stated, there are cheaper trackers available.

Here is a screen-shot from Prima Finance showing Trackers LTV 60%-80% for a €300k. Mortgage.

[broken link removed]

Don't forget, Prima also give a good deal for legal fees.

 

[Lynnie]

Unfortunately, it's just down to our personal circumstances - BOSI are one of the only providers whose lending criteria we meet.

And that's only by approaching them directly. Initially, by putting our application through a broker, we got a "computer says noooo"-type response.

Furthermore, we are looking at 100% LTV [sorry, no doubt I should've clarified that earlier.]

 

[ClubMan]

Initially, by putting our application through a broker, we got a "computer says noooo"-type response.

Who's to say that another broker might not have had more success?

 

[Lynnie]

We approached more than one broker. All came back with the same response. They all told us to go back to them in 6 month's/a year's time as we are graduates who have been in our current jobs less than 12 months.

 

[ClubMan]

Fair enough. I just assumed from your previous posts that you had approached only one broker