Nationwide: No More Rate Cuts

mrcow

Kez100 wrote: »

I am putting my money where my mouth is and overpaying as much as possible as I have no confidence in what is around the corner job wise or rate wise.

Not trying to be pedantic here.

But if you are unsure of what the future brings jobwise or mortgage wise, surely you are better off parking the money instead of knocking it off the mortgage account?

The mortgage is attracting so little interest anyway, and if you did lose your job, you'd probably be grateful for the savings you have to pay other bills which won't wait?

If then after a certain period, you do want to pay it off the mortgage, you can always make a bulk payment? Once it's paid off the mortgage, if you lose your job, you won't get it back.

Broken_hearted

Don't know about their mortgage but with ours you can overpay, then if you have problems stop paying till the overpay runs out.

Kez100

Mines a completely flexible offset. I won't get any better interest anywhere. ISA used up and tax takes too much off of other accounts. If I want my overpayments back I just transfer them to my current account.

It's why I still have it. It's a very good product for me.

mrcow

Broken_hearted wrote: »

Don't know about their mortgage but with ours you can overpay, then if you have problems stop paying till the overpay runs out.

Thanks

That's not how mine works. An overpayment will just reduce your balance. If you wanted to get the money back, you'd have to reapply for the mortgage (which obviously you wouldn't get if you were unemployed).

MiserlyMartin

mr.broderick wrote: »

Am I a greedy and reckless idiot martin? I bought a house in 2007 and mortgaged some of it?

The greedy and reckless are not really just people who stretched to buy houses. They are the BTL brigade who thought they would get rich quick etc etc.... You should stop taking my posts so personally. You being one of the greedy would depend on your circumstances. I don't know them but you seem intelligent enough for that not to be the case.

RobertoMoir

uzubairu wrote: »

A lot of people have lost perspective. They won't happy until interest rates are at 0%.

At which point they'll whinge that the very same bank's savings account isn't very good, and "shouldn't be allowed innit".

RobertoMoir

MrDT wrote: »

Maybe because it's not outside the realm of possibility for that 0.38% above base rate to equate to an effective 12.38% interest rate sometime in the next few years?

That'll never happen. Also, property only goes up in value, and shares are always a good investment. ;-)

MRSTITTLEMOUSE

I spoke to someone today who on being two hundred quid a month better off on their mortgage has bought a new car(on credit using the mortgage savings for the payments).Surely this is why we're in this mess,because some people just can't stop getting into debt and debt is too easily given.
They moaned about the collar on their mortgage too.
They are convinced the mortgage won't rise again and say that the government will help them anyway they heard about that new scheme for people needing help with their mortgages.
I just can't believe how stupid some people are.

amcluesent

>I just can't believe how stupid some people are.<

With Clown at the controls, you could argue that being up to your eyes in debt is sensible. It's savers who have been made fools of.

uzubairu

MRSTITTLEMOUSE wrote: »

I spoke to someone today who on being two hundred quid a month better off on their mortgage has bought a new car(on credit using the mortgage savings for the payments).Surely this is why we're in this mess,because some people just can't stop getting into debt and debt is too easily given.
They moaned about the collar on their mortgage too.
They are convinced the mortgage won't rise again and say that the government will help them anyway they heard about that new scheme for people needing help with their mortgages.
I just can't believe how stupid some people are.

Neither can I. :mad:

So when interest rates rise (at some point in the future), will they just hand the car back because they can't afford the payments?