fixed rate...just a little question

GAILEY

Firstly, apologies for posting what may well be a daft little question...but it is niggling at me so I figure I might as well ask away to see what you savvy moneysavers think (I think I already know the answer.....but I'd love to be wrong!).

We remortgaged our home in 2005 - to try to save money really, and because we'd been told to look for a fixed rate while rates were still lowish. We took a 10 year fixed rate at the end of 2005 - the rate was (and is:rotfl:) 4.99%. We thought we had a pretty good deal and were happy.

Of course, nobody could have predicted what was to happen in the coming years and the depths to which interest rates would fall.

My mortgage payment is about £500 a month, and we are overpaying the maximum allowed each month without penalty of £499. The lovely mortgage repayment tool I am using tells me our mortgage will be clear in May 2014.
If we overpayed more than the £499 we would be charged a penalty (6% of the overpayment).

I feel really stuck - I know I should be grateful that at least I have had the certainty of knowing what we pay each month and when the mortgage (which is repayment) is clear and to have been able to overpay despite my OH's redundancy and the consequent work free period that followed for him...but I see the majority of people around me with flexible mortgages and paying next to nothing and wonder whether there is anything I can do to make our situation better....or am I simply resigned to having backed the wrong horse !!

Sorry for the whinge ...I just wonder whether I am missing something obvious
Gail

Thrugelmir

A considerable number of people aren't in this position, "but I see the majority of people around me with flexible mortgages and paying next to nothing".

You took a decision which was sensible at the time. Had you paid repaid your mortgage on the normal basis then 4.99% in 2017 may have been a good rate of interest to be locked into.

The race isn't over by any means. So your horse may yet win. I personally prefer long term security to short term gain.

GAILEY

Thanks.....you have confirmed what I thought ie. I am whinging !!

I shall feed my horse lots of oats and hope it gets a second wind