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Fixed Rate ends Sept- what deal now?
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I presume that you are on a repayment mortgage.Used the switcher option as advised,now even more confused.
Currently on fixed at 5.78% paying £545 and if I just stay and move onto BMR at 2.5% will pay £435. Is it my maths but I thought if I moved onto a rate less than half of what on currently then monthly payments should have been halved?
A chunk of your monthly payments will be going to pay off the capital. That doesn't change when the rate changes.
For example if you somehow managed to get down to 0% interest you would still have to pay the repayment part of the mortgage each month.0 -
Ok got it, yes on a repayment mortgage. Not easy is it,this trying to save cash:mad:JimmyTheWig wrote: »I presume that you are on a repayment mortgage.
A chunk of your monthly payments will be going to pay off the capital. That doesn't change when the rate changes.
For example if you somehow managed to get down to 0% interest you would still have to pay the repayment part of the mortgage each month.0
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