mortgage maths

summer1982

My outstanding mortgage is £156,000 - I pay £1088 on a repayment basis currently at 7.89%

If the rate stays at 3.5% what will my monthyl payments be.

Also, how do you follow what Halifax's rate is? I have looked on the website but could not find it.

Thank you!

beecher2

Have a look on here
http://www.moneymadeclear.org.uk/tools/mortgage_calculator.html

Couldn't work out your term, but I think your payments will go down to around £620 at 3.5% and you should be allowed unlimited overpayments. Halifax will letter you when the rate goes up, and you'll also read about it in the news.

TrickyDicky101

Looks like a 35year term? I agree with beecher - comes down to £642 pm if at 3.5%.

dimbo61

So make hay while the sun shine and overpay the mortgage every month as you mortgage costs will drop by nearly £450 a month.
Ask to keep your mortgage payment static or round it up to £1100 a month

Gorgeous_George

Paying £1,088 on a £156K mortgage at 7.89% suggests that you have 36 years and 4 months to go. I make it £632.41 at 3.5%.

GG