Fixed rate nearly up

Dave_J_3

GMS wrote: »

What is your LTV? You may find a better rate elsewhere although if they have offered 4.99% I am guseeing 90%?

Would you believe me if i told you my LTV is now 107% :eek:

we bought at the peak, and paid £99k and they have now valued at £87k so im in neg equity, badly LOL.

Not much options unfortunately

Joe_Bloggs

@Dave_J
If you took on a mortgage of 99k five years ago at 5.69%, capital repayment, then the capital outstanding will have been reduced to around 87K.
This assumes a total mortgage term of 25 years.

Are you sure that you are not confusing your figures with a redemption quotation from your lender?
J_B.

getmore4less

Stick with what you have it is effectively a fix at 3.75% for the forseeabe future.(which is a good fixed rate)


Don't give up that potential tracker unless you have to or can get well below 3.75% for long time.

no other lender will take you on and your own lender needs to make a much better offer.

dimbo61

You have a good deal I know because thats what by fix with YBS has reverted to and we have a LTV of 17%!!!
Now if the BOE base rate goes up from 0.5% to 3% it will make no difference to your mortgage payments!!!
You are paying less than the 5.79% you were when in the fix and you are over 2% better off
Please use the SAVINGS to overpay your mortgage each month if you can afford as this will quickly make a diffence in your outstanding debt and be counted as overpayments if you ever need a mortgage holiday.
It maybe years before interest rates go back upto normal rates ( 5/6%) so enjoy the tracker you are now on.

Dave_J_3

Joe_Bloggs wrote: »

@Dave_J
If you took on a mortgage of 99k five years ago at 5.69%, capital repayment, then the capital outstanding will have been reduced to around 87K.
This assumes a total mortgage term of 25 years.

Are you sure that you are not confusing your figures with a redemption quotation from your lender?
J_B.

dont think so. We took the £99k as 100% and from my last statement we still owed about £94k (roughly). They have since valued it at £87k so im assuming the 7% is the difference between the value and what we owe

Nothing on the letter received about a redemption

Joe_Bloggs

@Dave_J
If the term of the mortgage was 35 years then you will still be owing 94K for over a year as the rate of repayment is so low. Around a 100 a month. Good luck with the next 30 years.
J_B.