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Interest Rates

laus89 · 2022-03-03 16:56:51

Hi, I'm in the process of remortgaging my property - changing to a Buy to Let and releasing equity so my husband and I can buy a property together. The property is currently worth around £215k and I have £34k outstanding on the mortgage. I want to borrow a total of £114k. I do have defaults on my credit file from 4 years…

Comments

Jaybee_16 Posts: 549 Forumite

8 March 2022 at 10:53AM

theartfullodger said:

I had a large mortgage under Thatcher's rule, November 1979 , BoE rates hit 17,%, but I was "lucky" , my building society only charged 15%....

That was painful.

My mortgage was with the Woolwich and fortunately we could increase monthly payments to what was affordable and extend the term without problem. I think at one point my mortgage extended to about 45 years but as interest rates reduced the term came back in to the original 25 years.

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