Burlesque Babe's Re-building life but back in debt diary

LouiseJ

Is it the BOE base rate or their Standard Variable Rate which is different.

If its definitely their Base Rate then you will be paying 1.79 over whatever the BOE rate is:j

Our mortgage reverts to the SVR in Oct which is still only 2.79 so you should definitely see a decent drop it looks like whichever one it is:D

Burlesque_Babe

it says 'the rate...will be a variable rate, which is 1.790% above the Barclays bank plc Base rate (currently 5.5%) to give a current rate payable of 7.29%.

This was dated July 2 years ago, so I guess that 5.5% is now 0.5%?

"Current interest rate
(effective from 06/03/09) Barclays Bank Base Rate 0.50%"

pepe2008

Burlesque_Babe wrote: »

it says 'the rate...will be a variable rate, which is 1.790% above the Barclays bank plc Base rate (currently 5.5%) to give a current rate payable of 7.29%.

This was dated July 2 years ago, so I guess that 5.5% is now 0.5%?

"Current interest rate
(effective from 06/03/09) Barclays Bank Base Rate 0.50%"

Hello BB, not been here for ages. Been neglecting you:rolleyes:

Read back through the T&C, there should be a definition of 'the rate' somewhere. Or contact the Mortgage Dept....I would do that AFTER I had found the answer in the T&C tho'.

Burlesque_Babe

that's exactly the wording in the offer......
In full
Description of Mortgage
Fixed rate of 5.44% for a period of 36 months.

After the initial fixed rate, the rate which will apply for the remaining term of the mortgage will be a variable rate, which is 1.79% above the Barclays Bank plc Base Rate (currently 5.5% (July 2007)) to give a current rate payable of 7.29%

Any changes to the variable rate will take effect from the monthly payment date following the announcement of a change to the Barclays Bank plc Base Rate. Your monthly payent will be changed a month later. '

What you will need to pay each month

36 payments at a fixed rate of 5.44%
Followed by
264 payments at a variable rate, currently 7.29%

so it all reads to me like Barclays base rate + 1.79%


awwwwwwwwwwww, neglecting me?? You smooth talking bar steward, you..........:rotfl:

Actually do you fancy giving me a bit of TLC? I'm licking my wounds from buying a washer dryer today..............sob..........it hurt.....

ZTD

The barclays bank base rate is currently 0.5% - i.e. the same as the BoE base rate. The difference between it and the BoE base rate is that it is not guaranteed to always be the same - if that makes sense.

So yes, currently your mortgage would be 2.29% interest.

Burlesque_Babe

ZTD wrote: »

The barclays bank base rate is currently 0.5% - i.e. the same as the BoE base rate. The difference between it and the BoE base rate is that it is not guaranteed to always be the same - if that makes sense.

So yes, currently your mortgage would be 2.29% interest.

all this time I've been wanting to move mortgages asap - now I'd be happy for the fixed rate to end!!

I guess though there is a long way between now and next July - another 10 Bank of England decisions to happen yet......

ZTD

Burlesque_Babe wrote: »

all this time I've been wanting to move mortgages asap - now I'd be happy for the fixed rate to end!!

I guess though there is a long way between now and next July - another 10 Bank of England decisions to happen yet......

The rates should go up dramatically, but they won't. Mr Keynes says "Low rates = booming economy" so they will stay low.

LouiseJ

ZTD wrote: »

The rates should go up dramatically, but they won't. Mr Keynes says "Low rates = booming economy" so they will stay low.

I agree with Zed, I wont be rushing to find a fixed deal in October but plan to throw overpayments into the pot:D

Zed - Strange question alert! Were you by any chance in Peterlee today? I saw someone from a distance that looked like you going into Aldi wearing one of "your hats".

Burlesque_Babe

ZTD wrote: »

The rates should go up dramatically, but they won't. Mr Keynes says "Low rates = booming economy" so they will stay low.

fingers crossed they don't. If they do, I need to be on a salary of around 28k to move - the salary I was on 2 years ago to move, I guess it would still be the same, but perhaps the multiples are much stricter in light of what has happened in the banking world.

ZTD

LouiseJ wrote: »

I agree with Zed, I wont be rushing to find a fixed deal in October but plan to throw overpayments into the pot:D

Zed - Strange question alert! Were you by any chance in Peterlee today? I saw someone from a distance that looked like you going into Aldi wearing one of "your hats".

Nope...not me.

I do go into Peterlee from time to time, but today was not one of those times...













Thankfully...