OT My Mortgage.

WTF?_2

Realy wrote: »

1) well £100 per year over 25 years obviously, so cheaper than geting 5X 5 year fixes OK?

2) OK thanks that is helpfull

3)But would i not risk not getting the best deals? Also losing this deal? I am happy with the current payments and can afford raises of quiet a few% at the moment. But i do not get if you are saying go for the longterm deal?

Well, who cares about the absolute best deal? Even current (BoE) interest rates are on the low side of the longer term average. When things are historically low, they will tend to go higher in the longer term.

My thinking on this is if you can fix long-term at an relatively low rate (compared to historical trends) that you are comfortable paying then don't worry about the possibility of it maybe even going lower at some unknown point in the future.

4) Thanks but that is not much help to me unless you are giving me the cash.

Sorry buddy - try the US government, they are chomping at the bit to give away money for nothing at the moment.

mewbie_2

Realy wrote: »

Thanks for your help mate but i have already done that stuff.

I think may I not of been clear.
I suppose what I am trying to say is do people think I will make the £2500K back over time
E.g, No remortgaging, rate, etc.

Or would i better of with the April gamble?

If you can afford it then I would do it now. Base rates are likely to go low for a while anyway. Or you could spend every waking hour checking this mortgage and that mortgage from now until April. Do it, and forget it is my suggestion.

kennyboy66_2

How much is the redemption fee ?
What interest rate our you paying now ?
How realistic is the 30% equity ?
Huge difference between a pessimistic & optimistic 30%
Have you any savings at present that you would be putting in offset mortgage?
How secure is your job & income ?

What do you think interest rates will be come April?

JonnyBravo

Youll be able to reserve a rate for April by now.

I just started a new mortgage (1 Oct) and I booked that 6 months ahead hence getting a good deal and avoiding ERC.
Why not do that and get a valuation now?

penguine

First Direct currently has an offset base rate tracker. 0.79% above BoE base rate, no fees, they do valuation and paperwork for you, unlimited overpayments. We have recently applied for this -- it took about 40 minutes over the phone then another hour or so to fill in the app form. They lend up to 80% LTV so you should be OK at the moment. Can you get out of your current deal early?

www.firstdirect.com/rates/current.shtml#offset_mortgage

Realy

kennyboy66 wrote: »

How much is the redemption fee ? £1.5Kish
What interest rate our you paying now ? 5.08% (£100k) 6.49% (£75K)
How realistic is the 30% equity ? Very ,could possibly argue more but i only need 75%LTV
Huge difference between a pessimistic & optimistic 30% Thanks but I think I may have realised wht the market is like or i would not have posted
Have you any savings at present that you would be putting in offset mortgage? £6K with up to an extra £600ppm going in.
How secure is your job & income ?Quite but I am not a fortune teller

What do you think interest rates will be come April?

If I knew that I would not have posted!

Realy

penguine wrote: »

First Direct currently has an offset base rate tracker. 0.79% above BoE base rate, no fees, they do valuation and paperwork for you, unlimited overpayments. We have recently applied for this -- it took about 40 minutes over the phone then another hour or so to fill in the app form. They lend up to 80% LTV so you should be OK at the moment. Can you get out of your current deal early?

www.firstdirect.com/rates/current.shtml#offset_mortgage

It is them who do the +.49 I have already applied but still pondering.
I would rather pay the fee for a lower lifetime rate.

Realy

JonnyBravo wrote: »

Youll be able to reserve a rate for April by now.

I just started a new mortgage (1 Oct) and I booked that 6 months ahead hence getting a good deal and avoiding ERC.
Why not do that and get a valuation now?

I am but It is a limited funds offer which it says they could pull at any time.

Realy

mewbie wrote: »

If you can afford it then I would do it now. Base rates are likely to go low for a while anyway. Or you could spend every waking hour checking this mortgage and that mortgage from now until April. Do it, and forget it is my suggestion.

I think I will unless anyone can come up with a good reason not to, but I have not seen one yet.

kennyboy66_2

Realy wrote: »

I think I will unless anyone can come up with a good reason not to, but I have not seen one yet.

JB has the best advice.
Reserve now and avoid the penalty.