Why the difference? What are the + and – points of both? Am I missing something?

My lifetime tracker has no get out clause or costs, however I've had a since last August so things may have changed.
You might find that a 2 year tracker has a lower fee but higher rate or vice versa. Tracker rates have definatley gone up in the last 18 months, paid £35 from Barclays for 0.99% above base, I think the best I saw recently is about 2.50% above base ( still pretty good) its the fees that are charged for mortgages now that annoy me.

Essentially, HSBC have offered us a lifetime tracker and Halifax a 2 year tracker. The difference in the rate is only 0.1% (HSBC with the better rate). Booking and valuation fees are very similar.

Monthly payments are within £4 of each other, despite borrowing £3k less with HSBC – another thing I'm struggling to get.

Suppose I have to goo through the confusion in order to have a garage to tinker in!

I can't see rates going up as quick as they came down so I would reckon a tracker is the way ahead for at least 2-3 years, look for get out costs, things like this don't often get mentioned up front only prduct fees, sols costs and valuation fees. When I left Halifax last year they wanted £175 for 'deeds dispatch fee' sending title deeds of house to another lender, £75 admin fee, and £75 quid for something else. I looked through the original paperwork from the last time I remortgaged with them and could only find £75 admin fee mentioned. They argued otherwise, I said 'I'll look on that Martin Lewis website' and they jsut went ok then £75 it is….

EDIT its worth the hassle for a garage, I couldn't live without mine now…

In Feb 08 we moved to a no-fee 0.35% over base lifetime tracker 😆

Glad it wasn't a 2 year, otherwise we'd be stuffed, and far poorer now…

Also on BBR + 0.35% Lifetime OFFSET tracker 😆 😆

Surely just a discounted rate for two years? 2.5% above is not great value and think if the interest rate does rise you will want out sharpish. Mortgages at the moment are poor value IMHO so get the best for the shortest period and then get a lifetime tracker/discounted rate foor 3- 5 years which will probably be less % above BBR than current deal as people/institutions/investors/banks realise interest rates for savings are rubbish and lend more than at present.
But hey what do I know it's a gamble innit.