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Thread: Decent news for once.

  1. #1
    Regular Member shan's Avatar
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    Default Decent news for once.

    I was in the bank today talking to them about a glitch in a small loan i have. Sorted it out no problem.
    We then talked about my mortgage.
    At the moment I'm paying 5.89 % fixed until April 09
    He then told me that at the moment the rate is 3.5 % so if it stays at that rate when my fixed rate ends i will automatically drop down to 3.5 % and I'd be saving about 200 quid a month . He says the way things are going it will probably be less than 3.5 %.

    I'm no good when it comes to mortgage's etc.
    I thought my fixed term was until April 2010.
    So a nice surprise really.

  2. #2
    On a Sabbatical VauxVeteran's Avatar
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    I got caught like that Glen, I wanted to avoid the problems I had in the early 90's so this time round I set it at 5.75% iirc and paid !% too much for 5 years, tried to get me back on another one as that one ran out but I declined, rule of thumb if a bank offers you something they know the market well in advance and you will still lose whatever the deal is.

  3. #3
    Regular Member shan's Avatar
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    They are not asking me to take 3.5% for a period. They just told me that at the moment the rate is 3.5% and to watch the rate.
    So lets say when my fixed rate ends in April and the rate is 3.5% i can sit paying that and if the rate riser's i can say OK i will now take the fixed rate of 4.5/5% for say 3 years.
    I possibly could sit paying 3.5% or lower for maybe 6 month and as soon as the rate go's up i then take a fixed rate.

    I don't think the rate is going to go over 5.89% between now and next April. So I'm not going to pay more on mortgage payments. I thought i was fixed at 5.89% until April 2010.

  4. #4
    Regular Member bgm46's Avatar
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    Shan, start writing down a shopping list for the car

  5. #5
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    This is great news Shan, I am in the same boat with my mortgage; where it comes to an end in May 2009...

    So I will be shopping for better options, especially with the interests rates will be lower and that will bring my mortgage payments down...

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