Mortgage Rate Rises
- Thread starter glenimp617
- Start date
So I'm at this level basically?
Looks like he found my grandparents carpet and up cycled it!
A tracker made the most sense. We’ve actually sold the house and didn’t fancy sitting on the bank’s 9.50% SVR rate - we will probably fix once we move.Hmm. If we remortgaged now at 5.48% our payments would go to about 2K a month. I am very much not at Gucci belt level. Think more Primark level. But yes, £2888 a month is pretty high. @Chris344 presumably has a nice house, or maybe a central London 2 bed flat?
EDIT: Personally right now I like the look of trackers too.
We have a decent sized 5 bed semi-detached in Bexley, SE London.
Hes probably not north of the wall. Down South that big a mortgage gets you a 2 bedroom flat.
I've just gone onto a tracker at 5.48% without an ERC, because we plan to move by summer.
C'mon @dlockers... Challenge extended
dlockers
D
dlockers
Guys 2888 is easy, that's mine at 2.3%. The first payment is just because it's 56 days. Raise a real challenge 
Soldato
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Some of the monthly payments in here scare me
Some of the monthly payments in here scare me
Yup that's five times what we pay.
By god man, are you trying to bankrupt the poor bank!
Great work. Feels good to have that millstone around your neck shrinking in size
Haha. They're like cockroaches.
Thanks. It does so very much.Great work. Feels good to have that millstone around your neck shrinking in size
Like?
Are your plans just to go mortgage free or will you be moving in the coming years?
Soldato
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Great work. Feels good to have that millstone around your neck shrinking in size
Agreed!
In a couple of months my outstanding amount will be less than my total overpayment.
Theoretically we have 13 years left, I'm hoping to be done five years early.
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Soldato
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Nice oneWe've been overpaying what we can the last 4 years (92k) Got the payments down to a level we don't have to worry about when the rates renew.
I've been doing the same, managed to overpay 60k in 3.5 years. Down to 19k and £126 a month now
Soldato
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I guess because it's more tangible. Also security, knowing nobody can take your roof from over your head is a nice feeling.
Was a good feeling when I paid my last house off. Striving for that again I guess.
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I assume it's that. There's no risk at all with it and it seems real seeing the debt figure come down.
Well you have to do the maths, really. Now it may make sense to put away cash in a high-interest account but I certainly wouldn't risk it on stocks and shares in the pursuit of a quick buck. For us, we could possible make a little bit by putting our potential overpayments into a fixed access ISA, but not enough to make it worth the aggro. I'd rather pay it off at-source, and then there's also no temptation to do something else with it.