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23-02-2005, 01:58 PM
#42
Originally Posted by zvhturbo
Trouble with fixed rate mortgages is they generally tie you into the mortgage for the term of the fixed rate.
I.e if your fixed rate is 3 years and within that 3 years you decide to move and take out a new mortage they will sting you with fees.
We are taking out a 3 year fixed rate with cash back and if we decide to move lenders within that 3 years we pay a scaled percentage back:
i think year 1 = 3% of mortage
year 2 = 2% of mortgage
year 3 = 1% of mortgage
And if we do leave them then we have to give them the cash back.
Is nice to know that during that 3 years your monthly payments won't go up though.
Matt.
I.e if your fixed rate is 3 years and within that 3 years you decide to move and take out a new mortage they will sting you with fees.
We are taking out a 3 year fixed rate with cash back and if we decide to move lenders within that 3 years we pay a scaled percentage back:
i think year 1 = 3% of mortage
year 2 = 2% of mortgage
year 3 = 1% of mortgage
And if we do leave them then we have to give them the cash back.
Is nice to know that during that 3 years your monthly payments won't go up though.
Matt.
When Anna and i started we had NO deposit and NO real financial backing
So we got a variable rate with £4500 cash back with the Abbey, seemed fantastic at the time, but 99% of that cash back was the deposit and what ever was left went to the solicitors.
Great £512 a month, but over the past 2 years its gone upto £660 a month
Now its gone down to £400ish a month
+ we "might" have £12k top play around with 
Smit If we do have a BBQ, your the first on the list mate!!
23-02-2005, 02:06 PM
#43
0-60 in 17 seconds (eek)
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Well done guys, be careful not to borrow too much against the equity you have in the property, if the market falls, you'll be kicking yourselves. It's very tempting, cos it's so cheap every month, but also is the MOST expensive way to borrow money when you consider how much you end up paying over the years.
I'm going to look into getting a mortgage from France, they have 3.5% fixed for the duration of the mortgage, now that sounds appealing.
I'll ask my folks to investigate for me and report back if/when something has happened.
I'm going to look into getting a mortgage from France, they have 3.5% fixed for the duration of the mortgage, now that sounds appealing.
I'll ask my folks to investigate for me and report back if/when something has happened.
25-02-2005, 06:45 PM
#49
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High interest rates?...lol
i remember when i was paying nearly 9%
If they ever go that high again that is when you start worrying
My parents can remember when they were at 15%
i remember when i was paying nearly 9%
If they ever go that high again that is when you start worrying
My parents can remember when they were at 15%
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