Happy with Mortgage

mariecc_2

We are happy with our mortgage at the moment. When we came off our fixed deal in March 08. We applied to hsbc for theirs, but they would not offer what we wanted. After working out the initial cost of £2000 just to get a mortgage we worked out that the fixed deals which we would be tied into were no cheaper over the same period!

Woowich gave us a tracker .74% above the base rate. Nationwide offered the same deal but tied for three years.

We took the Woolwich, full costs to get mortgage £35. We have found out by the bank rate constantly reducing we have no bottm ceiling, therefore, our rate at the moment is 1.24%.

In all our 20 years of having a mortgage never have we had the rate so low.

Down side is we have endowments which won't pay off the mortgage, so all our excess monthly payments are being saved to help.

We would like it to stay like this for 10 years but it won't. So were very grateful just now.

chrisand_juanita

Well done and enjoy it while it lasts!!

dimbo61

Well done on taking a very good deal but now is the time to either save into regular savers 6% barclays £250 a month or save into ISA,s 3.61% tax free Barclays or BOTH!
you could also overpay and clear some of the mortgage each month because your great rate will not last forever but please dont do nothing !!

mariecc_2

We opened Isa which are now full, and starting on this years. But the isa rate is much higher so at the moment I agree were better offf saving, and eaning more interest, than paying it off when were so low on the mortgae rate.