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captain1000
captain1000 Posts: 19 Forumite
in Mortgages & endowments
Just thinking out loud- I currently have a mortgage with Yorkshire Building Society. I pay £889 a month (interest and capital) with an interest rate of 7.8% and my outstanding mortgage is £121,000.

Question is, what can I expect to pay when my fixed term ends in September ??

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    well if your rate drops to their standard rate at 4.99% then about 700pm
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    Thinking out loud too, not sure
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Have a look at your mortgage offer. This will state your reversionary rate and payment.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,191 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    captain1000 wrote: »
    Just thinking out loud- I currently have a mortgage with Yorkshire Building Society. I pay £889 a month (interest and capital) with an interest rate of 7.8% and my outstanding mortgage is £121,000.

    Question is, what can I expect to pay when my fixed term ends in September ??
    Depends on the "follow-on" rate and the remaining term.

    Clapton seems to have done a bit of trial and error and taken the remaining sum and YBS's standard rate and come up with £700 which is correct for a remaining term of 27 - 28 years?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    kingstreet wrote: »
    Depends on the "follow-on" rate and the remaining term.

    Clapton seems to have done a bit of trial and error and taken the remaining sum and YBS's standard rate and come up with £700 which is correct for a remaining term of 27 - 28 years?


    broadly, yes as there wasn't much information to go on.
  • kingstreet
    kingstreet Posts: 39,191 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    CLAPTON wrote: »
    broadly, yes as there wasn't much information to go on.
    True dat. :D
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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