Is my mortgage rate any good?

dawn1974

It is currently 3.75%.

opinions4u

Fixed?
Tracker?
Discounted?
Capped?
Standard Variable Rate?

How long will it remain at that rate for?

Value of property?
Size of debt?

At the moment you may as well have asked "will my tea taste nice?".

More information please.

MB1919

We could do with quite a bit more detail. Is it the SVR? What's your LTV? On the face of it, your rate seems reasonable but we'll need more information.

dawn1974

opinions4u wrote: »

Fixed?
Tracker?
Discounted?
Capped?
Standard Variable Rate?

How long will it remain at that rate for?

Value of property?
Size of debt?

At the moment you may as well have asked "will my tea taste nice?".

More information please.

Sorry, I have an offset mortgage on a variable rate.

I owe £41,000 over 20 year's.

_Andy_

And how much is the property value?

dawn1974

_Andy_ wrote: »

And how much is the property value?

It is worth £88,000.

mark55man

better that if it was 4% - less good than if it was 3%

most SVRs seem to be around 4 - short term fixes around 3-3.5

my friend has a BoE+1% lifetime tricker so he's like a pig in !!!!!!

my other friend is on 5.5% fix so he's a bit glum

I am on a 4.99% 10 year fix so I envy you today, but (IMHO and that's all it is) you will be green by 2012 when inflation & consequent high interest rates kicks in as the only way to devalue the debt we are all in

Joe_Bloggs

I would say that the rate is a good rate. Offsets are best made use of when you have savings. If you can't get a better rate elsewhere for your savings then use the offset facility of your mortgage. If you put money in your offset accounts you will shorten the term of the mortgage if you keep your monthly mortgage repayments the same.

Savings held in offset accounts are tax free so you will need to find better rates than:
Tax free savings 3.75%
Taxed savings at 3.75 x 1.2 = 4.5% for a basic rate tax payer.
Taxed savings at 3.75 x 1.4 = 5.75% for a high rate tax payer.
J_B.