Interest only mortgage question

Julie67

Thanks Blueberrypie. I have just spoken to the mortgage company and we should be 2.5% better of in September if the base rate stays the same.
My signature should have said Secured and HP Debts £225.000. but I will change.
ytfcmad I am sure you are polishing your halo as I type:A obviously you have never made a mistake and are a financial wizard. I am not stupid, far from it and due in large part to circimstances beyond my control I have a large amount of debt which I am dealing with. We will be paying that by working hard and economising, and following the helpful advice of the mostly kind people on the DFW board. I am not behind with anything, have never missed a payment and have a good credit rating. I have too much debt which I intend to get rid of by working full time whilst bringing up my four children along with my OH who also works full time. We don't claim any benefits and never have. So in answer to your question we will be paying the debt not the fairies

The original post should be written into the history books as an epitaph to this last decade or so and taught in every school for years to come as the best example of peoples greed and stupidity.

Possibly have been greedy not stupid though, I am sure the history books are already full of people like yourself, shining examples. The more mortal of us just get on and do the best we can!

ytfcmad

Between your first and last post your debt has decreased by around £30k!!!!!!!
Prior to your edit it was £225k secured and around £50k unsecured (by memory) what happened??????

That's not bad in one day.

kriss_boy

Julie,

People arent meaning to sound rude but you have to realise the question you asked was pretty spectacular. Understanding the basics of your mortgage is surely on a par with just knowing to tax and MOT your car for example. Its basic.

iwantasmallholding

Julie

My advice is to take advantage of the low interest rates at the moment, you can expect that your monthly payment will go up when you change to repayment. My advice to you would be to start over paying by £200pm so that you start to pay off the balance, and as soon as the bank of England start upping rates you will be able to take your pick of the market, and jump to repayment. I am in the same position but I was not fixed rate, my mortgage has been as high as 1400pm and is now 399pm, so I am overpaying 500pm, it is taking huge chunks of the balance!, and I am clearing my credit card debts quickly too. If you dont overpay your morgage them get rid of all of your secured debts as the morgage you will get now at 85% will not be all that great, if you clear your secured debts then you will get you LTV down so you will get a better offer when rates start to go up.