Capstone Mortages

catkin1508

Hi,
We are due to come out of our fixed period with Capstone Mortgages and i am concerned our payments might go up. I have gone through our paperwork and it says our mortgage will run at 3.14% above the LIBOR rate. Having gone on there website i see this rate is currently at 0.61%. So would this mean our mortgage payments would decrease as this rate is running low??

The fixed period ends on 31/05/10 and our current rate is 7.04%. Am i right in thinking if the LIBOR rate continues at the current rate our mortgages payments will decrease??

We will be paying the extra money into a savings account to help for when we do remortgage??

Any help would be appreciated.

Thanks

Carolyn

happybroker

you are quite right, if LIBOR remains t current levels your payments will decrease.

catkin1508

Is it worth shopping around for a new mortgage at the moment or staying where we are- I have seen in other posts people are negotiating settlement figures?? Is this possible with Capstone?? We are on an interest only mortgage but do have some savings to reduce the balance, but if we could get capstone to negotiate on a settlement figure this would be good?? Anyone have any news on the current situation?? Or fixed period ends 31/05 so if we need to start shopping around would like to do so sooner rather than later!!