LIBOR Mortgage - Advice needed

cfcboy

Hi guys,

Im due to come off my fixed 3yr 6% livingstone mortgages mortgage at the end of feb 10.
I have recently (august) had a letter from livingstone stating that the following will take place:

Current 6% mortgage of £800 will come down to current libor (+3%) of 1.27 - £585 payment per month.

This is good news but as i know very little about libor im a little worried this might not be the case come March time. If it means im saving a significant amount of money each month then great, i can shop around for the right mortgage while being able to put some money into my savings. But if Libor goes sky high i could be out of pocket.

So, could anyone point me in the right direction of libor and the current libor market? Im struggling to find the current rate, there are loads of different one (1 month, 3 month 1 year etc) and its confusing me slighty

hotspur84

http://www.thisismoney.co.uk/libor

inspector_monkfish

LIBORs are currently very slightly up from all time lows set a couple of weeks back, but there is no sign of them shooting 'sky high' for a long long time...

see this thread...

http://forums.moneysavingexpert.com/showthread.html?p=26136795#post26136795

cfcboy

Thanks for the info Monkfish. One quickie though if I may? Whats the difference between 1 mth, 3mth, 6thm and 1 year Libors??

Thanks again

inspector_monkfish

cfcboy wrote: »

Thanks for the info Monkfish. One quickie though if I may? Whats the difference between 1 mth, 3mth, 6thm and 1 year Libors??

Thanks again

they are the rates banks offer to lend cash deposits to each other for those periods