interest rate on mortgage

blueye

hi currently have interest rate of 5.89% ends in 2010 i know its a year off but if things stay the same what will my rate be if its 2.5% above barcleys base rate

herbiesjp

You would be on 4% as currently Barclays Base Rate is 1.5%

blueye

cheers, my payment at the mo is 725 a month on 122000 mortgage
does anyone know what my payments would be with the change in interest raye

Joe_Bloggs

@blueye
If you now owe 122000 at 5.89% and are paying £725 then you can work out by trial and error that your term remaining appears to be 357 months ( 29 Years 9 months).
After year one you will owe £120,443. Reverting to BMR + 2.5% ( 4% at present, who knows in the future ?) for a term of 28 years 9 months would give a monthly payment of £595.83.

I would not bet your house on my correct use of a free mortgage calculator program.
The future interest rates mentioned this calculation are anyone's guess.

J_B.

blueye

cheers no its 120000 now i think but thanks anyways,
595 a month wooohooo carry on the crunch!!!