Morgage deal ended

dizzybuff

Okay , our morgage deal with Bank of irland ends in november , just had the review letter through and with the interest rate the payments go down about 130 quid for the month.


I just wanted a bit of advise , Is the interest rate due to go up ???

What would people suggest we do , im really worrying about alot of things at the moment. Being pregnant certainly doesnt help . Oh and being in the public sector doesnt either.


Any help would be nice .

Dizxxx

poppy10_2

dizzybuff wrote: »

I just wanted a bit of advise , Is the interest rate due to go up ???

Unlikely in the short term. But then I'm not a member of the Bank of England's MPC.

Why are you worrying when your payments are going down by £130/month?

dimbo61

If you can afford carry on paying your normal! existing mortgage payment each month.
Just ring up B of Ireland and ask for your payments to remain static ( what you have been paying while fixed) that way you are overpaying and wont have to increase the mortgage payment until your mortgage rate goes over the old fixed rate.
If the new rate is below 2.5% then put the spare money into cash savings in ISA,s

dizzybuff

Thanks was thinking of overpaying anyway. Im worrying as I have a baby due in January and well Im worrying about anything and everything. will call BOI and ask them to keep the rate as present so at least I will know whats going out .

Tar thanks again.

dizzybuff

charge wrote: »

it would be less costly to purchase a house on an auction sale

Yes but most aution houses tend to need things doing to them , therefore you need capital . I have a young family and need a house thats ready .

I have one rather suitable for that right here thanks .

Plus I think you should read my original post . I dont need a morgage I have one. My deal has just ended .

de1amo

mt deal ended about 3 years ago, i had a simular drop in the amount i had to pay and i am still 'enjoying being on the banks svr---i will reassess my position once rates start going back up but at present it doesnt seem likely because they are trying to get people to spend more!! --i am not spending i am saving for that rainy day that will inevitably come!!

blueberrypie

dizzybuff wrote: »

Thanks was thinking of overpaying anyway. Im worrying as I have a baby due in January and well Im worrying about anything and everything. will call BOI and ask them to keep the rate as present so at least I will know whats going out .

You mean you will ask them to keep the *payment amount* as it is, not the rate.

Your signature suggests you have other debts. It might well be better to allow your monthly mortgage payment to drop and to use the savings to eat into the other debts. Even if you don't have other debts, it might be better to stash the savings in a savings account for when your baby is born and you are on maternity leave. You can always overpay on the mortgage later (after the mortgage is paid or you're back at work and the finances are on an even keel).

dizzybuff

blueberrypie wrote: »

You mean you will ask them to keep the *payment amount* as it is, not the rate.

Your signature suggests you have other debts. It might well be better to allow your monthly mortgage payment to drop and to use the savings to eat into the other debts. Even if you don't have other debts, it might be better to stash the savings in a savings account for when your baby is born and you are on maternity leave. You can always overpay on the mortgage later (after the mortgage is paid or you're back at work and the finances are on an even keel).

Thanks berry pie , the siggy needs updating badly but have to do some calcs first , on the plus side cc debts are down and one loan is now paid. One finishes in November next year and one the following year. Our debts are dwindling , its getting better .

The other debts will hopefully be paid by the end of the year. Frugal Xmas and Xmas at In laws will help a little.