Fixed rate mortgage nightmares.

adamshaw

i was on a tracker rate at a very very low 0.5% above BR so at the moment i am quids in! However i am aware that this could have gone the other way. And if so image if rates increase to say 12% etc like they used to be, then you people who took out the 5.89% fixed rates would then be laughing. Remember the rates are bound to go back up at some point. U choose your rate, u take your chance. If we all new the market would increase so much before the 2003 boom, im sure we would all have been investiging in property and selling for a profit. Fixed at 4.89 for 15 years mate. with fluctuations in BR and judging my historical rates you could well be quids in!!

Harry_Powell

adamshaw wrote: »

i was on a tracker rate at a very very low 0.5% above BR so at the moment i am quids in! However i am aware that this could have gone the other way.

How would you have felt if, like the OP is suggesting should have happened in the reverse direction, your lender came back to you and said "Due to external events out of our control and because these are unique and unprecedented times, I'm afraid we're going to change the terms of our mortgage contract because we feel it's unfair that you're paying so little for your mortgage. We are therefore capping your mortgage rate to a minimum of 3%". You'd be outraged, just as the OP would have been if he had guessed the direction of interest rates correctly.

Sorry OP, but I think you should just come to terms with the fact that you gambled and lost.