Mortgage Rate Rises

[IvanDobskey]

Surely that's just money under the mattress territory for GD types. Just pay it off and wait a little longer for a new watch/phone/belt

Unfortunately redundancy is coming in a few months time, so will probably pay the remainder off with the payout. It's a pretty generous one, so will have plenty left for Gucci belts and corner sofas

Just not looking forward to job hunting....

 

[Nutty667]

Still hoping for sub 3pc by 2027!

Same. Though with a couple more pay rises under the belt by then, going up from current 0.99% shouldn't be too bad.
Think my 1st mortgage on this house was 3.49%.

 

[Zefan]

Anyone had any experience of requesting overpayments balances back from the mortgage lender? I have about £25k in my overpayments bucket and a mortgage rate that is 2.39% so i would be earning money just by having that overpayments bucket in a fixed term bond or high interest savings account even.

Is that something they explicitly offer? If it's anything like Halifax I believe the only way of doing this is to essentially reference a payment holiday/break to the overpayment value. I'd be interested to know which lender this is if they offer simple extraction of all the overpayment funds.

 

[slinxy]

Is that something they explicitly offer? If it's anything like Halifax I believe the only way of doing this is to essentially reference a payment holiday/break to the overpayment value. I'd be interested to know which lender this is if they offer simple extraction of all the overpayment funds.

yub, just this... from my experience you can re-negotiate the rest of your terms payments so the overpayments are cancelled out.

 

[slinxy]

Unfortunately redundancy is coming in a few months time, so will probably pay the remainder off with the payout. It's a pretty generous one, so will have plenty left for Gucci belts and corner sofas

Just not looking forward to job hunting....

would it not be a better idea especially because of redundancies? If you just had it sitting in the bank then they can use that amount to means test you when it comes to claiming benefits?

This is why I stack into my pension and overpayments, so when/if I do decide to take a year or two out.. the dole office can't say to me "Mr Slinxy... you have x thousands in the bank, x thousands in shares so we are giving nothing! you can afford to keep paying your own mortagage.."