How do I work out payments?

Ali660

Hi there,

Just a quickie ... :j

Halifax 2 yr mortgage deal is up for revision in the Summer. Borrowed £107,000 (Interest only) - current rate is 4.99% - payments £405 p/m

Current Halifax SVR is 7.25%

Can anyone tell me what our payments will go up to? I have just phoned the Halifax and they couldn't tell me ... because it is too soon and the rates might change!

Just trying to plan ahead ... thanks in advance,
Ali

Magic_Dragon

Hi

I got a letter from Halifax today. Our fixed rate ends April 1 and we go onto Halifax SVR

Pur current rate is 4.59 - £544 per month - it is shooting up to £852 :mad: (£143,000 mortgage on I/O)

We are in the process of selling our house so should only have to pay it at theis rate for a short while

I would get re-mortgaging if I were you!

beecher

Have a look here

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

Ali660

THAT'S GREAT. JUST WHAT I WAS LOOKING FOR!

:beer: