Fixed rate 100% mortgage with alliance and lecister coming to end... help!!

tarakul

Hi Everyone

Thought i would update you all with the great news. Looked through my paperwork after we all last spoke and I am too going onto a baserate tracker mortgage! It is base rate plus 1.99%. This means from next month my mortgage repayment drops from £425 a month to £230

I think i will take this oppertunity to move to capital repayment which will mean £370 a month!

Thanks for everyones help!

Fliss_M

congrates!

getmore4less

tarakul wrote: »

Hi Everyone

Thought i would update you all with the great news. Looked through my paperwork after we all last spoke and I am too going onto a baserate tracker mortgage! It is base rate plus 1.99%. This means from next month my mortgage repayment drops from £425 a month to £230

I think i will take this oppertunity to move to capital repayment which will mean £370 a month!

Thanks for everyones help!

Stick with I/O you may not be able to change back when rates go up.

Overpay upto your old payment(or any other more expensive debt first), more if you can afford it, should be no penatlies now you are on the tracker


keep the flexability to lower your payments.

Trying_to_be_good

getmore4less wrote: »

Stick with I/O you may not be able to change back when rates go up.

Overpay upto your old payment(or any other more expensive debt), more if you can afford it, should be no penatlies now you on the tracker


keep the flexability to lower your payments.

This is very good advice - you maintain the flexibility, but overpay by as much as you can - if you can afford more than your original mortgage payments, do so.

You'll be in a much better position to get a fixed rate when rates do start to climb.