Re: 1.5% Happy Days
 

It's only an issue if you want to go on to a "deal", ie fixed rate, tracker etc. If you don't, can afford your repayments and don't need to sell then you will be fine, possibly even better off if the SVR is low. Downside is, your Financial Advisor won't get his fee for you doing that, as he won't have sold you any "products". :mrgreen:

Re: 1.5% Happy Days
 

My lottery winning are not earning any interest so i am having to limit myself to a grand a week at the moment :(

Its not all rosey you know!

Re: 1.5% Happy Days
 

Not very likely as most lender's current Standard Variable Rate (SVR) is now well below the fixed rate deals folks got themselves onto in past 5 years. My SVR is 4.1% and may go lower if latest Base Rate cut is passed on.

Re: 1.5% Happy Days
 

Happy days - just hope it doesn't go back up again then! :D

Re: 1.5% Happy Days
 

its most definately going to go back up.

People have to always remember interest rates do change and as such have to be prepared that mortgage payments could go up. People ignoring that is probably part of the reason why the economy has gone so wrong

Re: 1.5% Happy Days
 

Just spoke to my mortgage advisor.

His team of 6 advisors sold ONE mortage in Novemeber

He had renewal notices on 7 fixed term mortgages in November or December - worth about £1M - and had to tell ALL of these customers to let their fixed term expire and let their mortgage go onto the default conditon (variable or tracker) - so he earns NO money for that.

Our fixed rate is 5.29% (set when base rate was 4.5% ish and the variable was 5.49%) and expires in August. We then go onto the default of a tracker at 0.99% above base rate - although I need to check the small print later to see if their is a lower limit.


How happy am I right now that our mortgage was only £50k???


On the other hand, our wedding funds have been hit badly by the rate cuts. £19 interest on one account in November dropped to £13 in December, and will no doubt be less than £10 for January.


Low interest rates is not all roses...

Re: 1.5% Happy Days
 

Nationwide are passing on the cut taking my SVR rate down to 3.5%, to think I was worried about coming off my 4.79% fixed at the end of July......the wife wanted to fix again then at 6.5% glad I persuaded her otherwise.....

Re: 1.5% Happy Days
 

Anyone who doesn't want a 25% deposit, as that's alot of money to raise up front.

Re: 1.5% Happy Days
 

I remortgaged last year and had to have a loan thing attached as I was still under a fixed rate for the main part of my mortgage. . .
well after coming out of my super fixed rate 6 months later I thought it was prudent to stay on the normal variable rate, as me and im indoors were umming and arring about when it would be best to relocate.

I'm glad I did do this as the loany bit is tracking 0.83 above the bank of England rate..:cheers: and obviously the main part goes with whatever the bank decide. I've had my mortgage lowered 4 times in as many months, so I am pretty happy. I keep my eye on what goes on and so far out of the nine years I've had my house I've made all the right decisions and been jammy about getting some good deals. All that worries me now is if and when Im Indoors decides he wants to move in permanently and relocate, is it going to be easy, and what will my hosue be worth. Luckily i made a good decision when i took out the remortgage not to go mad with the equity, whatever price it goes for its still going to make a good profit on what I paid for it:cool:

Re: 1.5% Happy Days
 

My savings have taken a battering. Thats why I decided on the new bike, I'd rather put my money to better use at the moment!