My Interest rate gamble pays off again!

Percy1983

goodfella321 wrote: »

I don't think you quite understood what the gamble was percy. I also had fixed rate mortgages. I had a 3 year fix, then a 5 year fix and now a 10 year fix. I also paid more monthly than I needed to because of the fix. The gamble was to max out my borrowing (5 x income) at £300k while mortgages were so cheap at these historically low rates.

My mortgage is now £200k and just 2.5 x salary and I will have had less than 3% mortgage rates for 18 years by the time my new 10 year fix is complete.

To recap, I maxed out my borrowing on the gamble that rates would stay low for long enough for me to significantly pay down that debt (and grow my income) so that I was secure when rates finally went up. With this final 10 year fix, I am secure, so the gamble paid off.

Its exactly as I understood, as mentioned my risk was simply fix or not with little difference in outcomes with much lower levels of debt.

As I said I am genuinely happy its working out for you, my life is also working out great for me, everyone's a winner! :beer:

sabretoothtigger

goodfella321 wrote: »

Any news on interest rates? Oh yes, still expected to remain at historical lows for the next few years

Gov cant afford to pay the rates they should however UK has the largest proportion of Index linked debt in the world

Due to the 70's they'll not have a choice to keep rates I guess. Still nice if you had a tracker

goodfella321

I see that the BoE have finally started to raise interest rates. It's of no interest to me as I've fixed my mortgage for 10 years @ 2.39%

By the time 10 years is up, I'll have paid off my mortgage. I've absolutely made the most of the historically low rates by maxing out my borrowing and gambling that I'd be able to substantially reduce the mortgage before rates started to rise. I've actually done better than I'd hoped because I'll have paid off the mortgage and so will never be impacted by the BoE again

All hail Dithering Dad!!! AKA Renovation Man, AKA Me!!!

mayonnaise

Congratulations RM!

Years of ridicule and scorn aimed at you on these forums by the bitter brigade (dervprof, devon bloke, shortchanged, percy, aberdeengarse, et al) and you owed them all, showing incredible class and magnanimity.

Hats off to you, Sir.

NCC-1701

mayonnaise wrote: »

Congratulations RM!

Years of ridicule and scorn aimed at you on these forums by the bitter brigade (dervprof, devon bloke, shortchanged, percy, aberdeengarse, et al) and you owed them all, showing incredible class and magnanimity.

Hats off to you, Sir.

Freudian slip perhaps?

Aberdeenangarse

mayonnaise wrote: »

Congratulations RM!

Years of ridicule and scorn aimed at you on these forums by the bitter brigade (dervprof, devon bloke, shortchanged, percy, aberdeengarse, et al) and you owed them all, showing incredible class and magnanimity.

Hats off to you, Sir.

I think you’ll find I’m not the one who’s bitter.

https://www.rightmove.co.uk/property-for-sale/property-66665476.html

Percy1983

mayonnaise wrote: »

Congratulations RM!

Years of ridicule and scorn aimed at you on these forums by the bitter brigade (dervprof, devon bloke, shortchanged, percy, aberdeengarse, et al) and you owed them all, showing incredible class and magnanimity.

Hats off to you, Sir.

Yep I got owned...


I made the best choices based on my available options at the time which got me exactly where I want to be and I am happy.


RM made the best choices based on his available options at the time which got him exactly where he wanted to be and he is happy.


Oh wait I owned him...

Or maybe we are both doing well in life :beer:

goodfella321

Aberdeenangarse wrote: »

I think you’ll find I’m not the one who’s bitter.

https://www.rightmove.co.uk/property-for-sale/property-66665476.html

22 Eddiscombe Road, Fulham, London.

Once you have an address, it's simple to find the previous owner's details. Probably not a great idea to advertise yourself, especially when you're such an angarse....