what's your mortgage rate?

phizzimum

I recently posted on the thread re the One account, and someone pointed out to me that these mortgages often have a higher interest rate...something I confess I hadn't considered.

Had to get the mortgage statement out to check our rate - 5.25 percent. So now I'm being nosey and wondering what rate other people are on!

Who has the highest rate (ouch) or who is jammiest with the lowest? :j

Welshlassie

We have an Interest Only mortgage on a rate of 4.59% taken out just before last Christmas

*zippy*

4.79% fixed for 5 years taken out springtime

illmonkey

5.090% fixed for 2 years.

This is high because we could only lay down 2% deposit. We're also first time buyers and have some debt too.

Not too bad if you ask me.

sry

4.79% fixed for 5 years taken out about 6 months ago

[Deleted User]

Got 4.49% fixed 2 years set up last month with the Portman, just before the rate increase. Yay. Now we just need to set a date for exchange and completion.

180k borrowed - boo!

Don't forget additional fee's on top of rates...

Joe_Bloggs

Well said ringo_24601.
If you are borrowing a lot then a high fee may make the lower rate worth it.
Will you be voting for the Nationwide takeover (You don't have to answer that) ?
Is your interest charged annually ?
Is there a standard way of combining fees ,interest and comparison period to compare mortgages ?
J_B.

[Deleted User]

We'd already decided to take a fixed rate - 2 months ago - it was obvious rates were going to go up in the near future.

As joe said, we took the hit with the big fee because the rate was low and we were borrowing a lot - working on a fixed rate meant I just had simple sums - work out payments + entrance fees + exit fees.. decide what's the cheapest overall. I just did it in excel, but it would be nice if there was a website that worked it out for you. We also had an excellent mortgage broker.

Sadly, we arranged it about a week after the deadline, so I don't even think I get a vote.

We oppted for interest only - gonna have some fun holidays before we settle down and start paying a big mortgage. It probably runs against the mortgage-free-wannabies mantra, but I want to see the world, not worry about if I finish paying my mortgage at 51 rather than 53.

Joe_Bloggs

@Ringo_24601
If the mortgage is a repayment type and the interest is calculated annualy then then the rate quoted is lower but effectively more than a daily calculated mortgage rate. The reason is that the effect of the capital part of each monthly repayments is ignored until one day in the year.
If it is interest only then it does not matter unless you made an overpayment one day late and had it ignored for 364 days.
This yearly scheme will be the first thing to go according to this.

I'm on B of E + 0.19% for 4 more years.
J_B.

Dodgybloke

My rate is 5.10%, which is only 0.35% above the Bank of England base rate. The rate is for the life of the mortgage. There were no redemption fees either. Considering I've moved house three times in six years for work reasons, no redemptions is a key factor.

I regularly check if I can better the deal. I haven't found a better alternative yet (the job reason above is a key factor). Good rates and no redemption fee rarely go together.

cupid_s

ours is 5.39 fixed until end of august next year