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Have I done the right thing??
LoopyLinz
Posts: 469 Forumite
Ok Im pretty clueless with the whole mortgage thing so please bare with me.
Just had a call from our mortgage provider (First Trust Bank) who have advised that our fixed rate low start mortgage deal ends at the end of the month. Now whilst in the back of my mind I new this was going to happen I wasnt really sure when.
Guy on the phone went through lots of options.........most of which completely confused me, and basically said that for the last three years we had an interest only mortgage and did we want to start a repayment. He worked out that a flexi at the moment would be best for us. Maybe it will help if I try to give some figures...........
Currently paying - £354.00 (fixed rate low start interest only)
Flexi tracker - £388.79 (Repayment)
Fixed rate (4.89%) - £493.80 + arrangement fee of £899
I told him that we would go ahead with the Flexi Tracker, really because I didnt know what he was talking about. Now Im concerned that maybe I have done the wrong thing?
Can anyone help?
L xoxox
Just had a call from our mortgage provider (First Trust Bank) who have advised that our fixed rate low start mortgage deal ends at the end of the month. Now whilst in the back of my mind I new this was going to happen I wasnt really sure when.
Guy on the phone went through lots of options.........most of which completely confused me, and basically said that for the last three years we had an interest only mortgage and did we want to start a repayment. He worked out that a flexi at the moment would be best for us. Maybe it will help if I try to give some figures...........
Currently paying - £354.00 (fixed rate low start interest only)
Flexi tracker - £388.79 (Repayment)
Fixed rate (4.89%) - £493.80 + arrangement fee of £899
I told him that we would go ahead with the Flexi Tracker, really because I didnt know what he was talking about. Now Im concerned that maybe I have done the wrong thing?
Can anyone help?
L xoxox
Its hard to wait around for that something you know may never happen,but its harder to give up when you know its everything you ever wanted.........
People tell me Im going the wrong way..............when its simply a way of my own!
People tell me Im going the wrong way..............when its simply a way of my own!
0
Comments
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Ok have got some more info. Apparently the flexi tracker will track at 1.15% above base rate.Its hard to wait around for that something you know may never happen,but its harder to give up when you know its everything you ever wanted.........
People tell me Im going the wrong way..............when its simply a way of my own!0 -
Hi Linz
How much do you owe on the mortgage and realistically how much is the home worth?0 -
Hi Linz
How much do you owe on the mortgage and realistically how much is the home worth?
Hi Andy
We still owe £70,000 on the mortgage. House was valued in November for £165,000. Not sure if it makes a difference but we still have 22 years left on our mortgage.
Linz xoxoxIts hard to wait around for that something you know may never happen,but its harder to give up when you know its everything you ever wanted.........
People tell me Im going the wrong way..............when its simply a way of my own!0 -
Thanks Linz - the reason I asked that is to find out if you could look elsewhere. As you've got plenty of equity you would.
Have you had a shop around elsewhere at all?0 -
Thanks Linz - the reason I asked that is to find out if you could look elsewhere. As you've got plenty of equity you would.
Have you had a shop around elsewhere at all?
Hi Andy
Nope, havent looked anywhere. Problem is DH has quite a bad credit rating so changing our provider would probably be out of the question.
L xoxoxIts hard to wait around for that something you know may never happen,but its harder to give up when you know its everything you ever wanted.........
People tell me Im going the wrong way..............when its simply a way of my own!0 -
Ah OK - in that case then it's just working out whether you're after stability from the fixed rate or not.0
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