Mortgage Rate Rises

[413x]

I do love how OCUK earnings are probably much above the national average.
Then someone drops some bait. And everyone jumps on it!

 

[413x]

So I'm at this level basically?

Looks like he found my grandparents carpet and up cycled it!

 

[Chris344]

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.

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.

We have a decent sized 5 bed semi-detached in Bexley, SE London.

 

[fez]

Jeezzz how many maids do you have working for you?

Hes probably not north of the wall. Down South that big a mortgage gets you a 2 bedroom flat.

 

[Richie]

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]

Guys 2888 is easy, that's mine at 2.3%. The first payment is just because it's 56 days. Raise a real challenge

 

[IvanDobskey]

Some of the monthly payments in here scare me

 

[BUDFORCE]

Some of the monthly payments in here scare me

Yup that's five times what we pay.

 

[kona786]

We'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.

 

[fez]

We'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.

By god man, are you trying to bankrupt the poor bank!

 

[Narj]

We'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.

Great work. Feels good to have that millstone around your neck shrinking in size

 

[kona786]

By god man, are you trying to bankrupt the poor bank!

Haha. They're like cockroaches.

Great work. Feels good to have that millstone around your neck shrinking in size

Thanks. It does so very much.

 

[fez]

Haha. They're like cockroaches.

Like?

Thanks. It does so very much.

Are your plans just to go mortgage free or will you be moving in the coming years?

 

[potatolord]

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.

 

[kona786]

Are your plans just to go mortgage free or will you be moving in the coming years?

The plan is to move eventually. So more debt. Yay.

 

[IvanDobskey]

We'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.

Nice one

I've been doing the same, managed to overpay 60k in 3.5 years. Down to 19k and £126 a month now

 

[413x]

Do you guys who Iver pay choose it over stocks etc because it's less risky or because it's more tangible? Or some other reason?

 

[IvanDobskey]

Do you guys who Iver pay choose it over stocks etc because it's less risky or because it's more tangible? Or some other reason?

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.

 

[413x]

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.

I assume it's that. There's no risk at all with it and it seems real seeing the debt figure come down.

 

[Scam]

Do you guys who Iver pay choose it over stocks etc because it's less risky or because it's more tangible? Or some other reason?

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.