Mortgage Rate Rises

ProStreet said:
Nice. Must be a nice feeling when it's fully paid off :)

Will have about 100k left on mine, due for renewal in January, will put it on a 5yr term so 2029 I should be mortgage free :D
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dLockers said:
Congrats man!
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Yes thanks. Been looking forwards to it somewhat.
I think its mainly just knowing its mine and no one can take it away!
 
If I can help it I never want to pay more than I do now.
900 a month.

I'll keep taking the term down on renewal and keep the payback amount the same.

Find it slightly uncomfortable being any more than this thinking of 6pc rates.
 
413x said:
If I can help it I never want to pay more than I do now.
900 a month.

I'll keep taking the term down on renewal and keep the payback amount the same.

Find it slightly uncomfortable being any more than this thinking of 6pc rates.
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Mine is just over £900 a month too. I worry now about what will be the interest rates in 4.5 years time because of the way this country has been screwed up.

Wait years to get a house because of the way prices were rising, and when I do it's just in time to get screwed by huge rate hikes.
 
danlightbulb said:
Mine is just over £900 a month too. I worry now about what will be the interest rates in 4.5 years time because of the way this country has been screwed up.

Wait years to get a house because of the way prices were rising, and when I do it's just in time to get screwed by huge rate hikes.
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happened to me in 2008.. had to sell the house .. just to over stretched took yrs to get straight ..
 
danlightbulb said:
Mine is just over £900 a month too. I worry now about what will be the interest rates in 4.5 years time because of the way this country has been screwed up.

Wait years to get a house because of the way prices were rising, and when I do it's just in time to get screwed by huge rate hikes.
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Your option save as much as you can now. Take advantage of higher savings rates to offset your low mortgage rates.

If you have 5 year fix dump as much as you can into your savings for 1 -5 years.
And I mean every penny you can, reduce your spending dramatically.
Spend on cheaper food, don’t buy any clothes etc.
When fix rate comes to an end pay down all or most of it.

This will give you some breathing space when you come to renew a new fixed rate.

£900 mortgage is nothing
 
MikeTheNative said:
Your repayments are £4k a month!
Can't work out if it's a mansion or a two bed flat in London. :D
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They are currently 3.1k - I had been planning/praying/hoping for no more than £3800.

And it's neither a mansion nor a posh London flat lol! RIP.
 
Mrwong said:
Your option save as much as you can now. Take advantage of higher savings rates to offset your low mortgage rates.

If you have 5 year fix dump as much as you can into your savings for 1 -5 years.
And I mean every penny you can, reduce your spending dramatically.
Spend on cheaper food, don’t buy any clothes etc.
When fix rate comes to an end pay down all or most of it.

This will give you some breathing space when you come to renew a new fixed rate.

£900 mortgage is nothing
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No headroom to do that with all the cost of living increases. I have a bit of savings, but its not getting easy to keep it. Car failed last year and had to be scrapped, costing me both the value of that car plus the cost of another. Then with the costs coming with having an older house to bring up to spec, and with crap like now finding leaking pipes etc. Always something to suck away cash.
 
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