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Ribenapigeon |
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Ribenapigeon Super Spammer
Joined: 20 Feb 2012 Karma :
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Diggs |
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Diggs World Chat Champion
Joined: 03 Apr 2007 Karma :
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Posted: 11:47 - 23 Nov 2022 Post subject: |
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Sadly, buy a Tardis... ____________________ Now - Speed Triple, old ratty GS550, GSXR750M
Gone (in order of ownership) - Raleigh Runabout, AP50, KH125, GP125, KH250, CBX550, Z400, CB750FII, 250LC, GS550, ZXR750H1, Guzzi Targa, GSX750F, KH250 x2, Bimota SB6R and counting... |
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Polarbear |
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Polarbear Super Spammer
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Rob Fzs |
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Rob Fzs World Chat Champion
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P. |
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P. Red Rocket
Joined: 14 Feb 2008 Karma :
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Posted: 13:19 - 23 Nov 2022 Post subject: |
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I'm praying it starts going down in 4 years as we magically got ours locked in (at what looked shit at the time but oooh boy) at 2.4
I really REALLY don't fancy anyones chances right now. |
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
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Islander |
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Islander World Chat Champion
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Ribenapigeon |
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Ribenapigeon Super Spammer
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Rob Fzs |
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Rob Fzs World Chat Champion
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Ribenapigeon |
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Ribenapigeon Super Spammer
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Posted: 16:03 - 23 Nov 2022 Post subject: |
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Its like gambling but on invisible horses |
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stinkwheel |
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stinkwheel Bovine Proctologist
Joined: 12 Jul 2004 Karma :
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Posted: 16:16 - 23 Nov 2022 Post subject: |
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It's all a big gamble.
Remeber "Normal" interest rates are more like 5-7%. They have been abnormally and outrageously low since the banking crash in 2008.
So you could fix and they may go up and you win the bet or you could fix and they go back down and you lose the bet.
I thinkthe right answer for a lot of people is to fix at what they find is still affordable with a short term deal for now. Then you aren't going to get bummed if there's a real short-term spike in rates.
It may also work out cheaper to go with a deal offered by your current provider, even if it's not the best interest rate because the fees can come to more than you'd save.
Personally, I'm leaving mine to drop to SVR at the moment. I'm in a good position financially just now and I reckon the best thing for me to do is get the whole thing paid off as quickly as possible. I'm in a position to make some significant overpayments and the quicker the capital comes down, the less I'll land up paying overall. If I go for a fixed deal, they usually have a maximum overpayment of 10% which I already ran into before the current rise in rates.
I'm also in a position to be able to take a gamble that rates will drop again. If they go very low again, I'll probably take a fixed deal and stick the overpayments into a savings account ready to dump into the mortgage when that deal is finished. My fixed deal finishes next month and I have about 18 months worth of overpayments in a savings account ready to drop into it.
The way things are going with one thing and another, I'm starting to realise I want to do a whole lot less work and have more time to do things while I'm still able to. I've also realised I don't need a huge amount of money to achieve that. Take the mortgage out of the equation and Mrs stinkwheel and I can live comfortably on a single wage so my main aim for the next few years is to dump as much as possible into the mortgage so we can both drop onto half our current working hours by the time I'm 50. ____________________ “Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles. |
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Ribenapigeon |
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Ribenapigeon Super Spammer
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arry |
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arry Super Spammer
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BanditsHigh |
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BanditsHigh Worse than a woman
Joined: 21 Mar 2005 Karma :
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Posted: 23:01 - 23 Nov 2022 Post subject: |
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I'd just keep on looking around to see what's coming up, it's all over the place at the moment, but as others have said I wouldn't go for any more than 2 years fixed!
I was lucky in that I decided to try and re-mortgage (for the first time) last year, managed to close the deal in November, while in hospital for heart attacks ... fixed for 5 years at 1.24% ... previously I was on 4.5%.
I'm potentially screwed in another way, my private pension ... I thought fuck it and retired in April this year after kicking the bucket earlier in the year, using my private pension to keep me going ... just as pensions tanked of course... there should be enough to pay the mortgage off, but not enough to get me to pension age ... will see what happens.
Hope things work out for you (and everyone else) |
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Ribenapigeon |
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Ribenapigeon Super Spammer
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BanditsHigh |
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BanditsHigh Worse than a woman
Joined: 21 Mar 2005 Karma :
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Posted: 11:24 - 24 Nov 2022 Post subject: |
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Try typing 'Mortgage Advisor' into a search engine |
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Ribenapigeon |
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Ribenapigeon Super Spammer
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arry |
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arry Super Spammer
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Rob Fzs |
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Rob Fzs World Chat Champion
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Ribenapigeon |
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Ribenapigeon Super Spammer
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Rob Fzs |
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Rob Fzs World Chat Champion
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stinkwheel |
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stinkwheel Bovine Proctologist
Joined: 12 Jul 2004 Karma :
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Posted: 15:44 - 25 Nov 2022 Post subject: |
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There are also fixed deals with discounted SVR out there. Best I was offered was SVR -2.15% for 2 years. Currently sat at 4.9% with my broker.
Maybe splits the difference between flxed and SVR? It can go up too but is obviously lower than standard rate. They could also land up truly shooting themselves in the foot if rates go down with this one! ____________________ “Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles. |
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Ribenapigeon |
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Ribenapigeon Super Spammer
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ThunderGuts |
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ThunderGuts World Chat Champion
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Posted: 09:36 - 29 Nov 2022 Post subject: |
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As above, see what your current lender can do; you don't have to mess around with mortgage valuations and the other faff associated with transferring the debt to a different lender.
stinkwheel wrote: | If I go for a fixed deal, they usually have a maximum overpayment of 10% which I already ran into before the current rise in rates. |
Check the small print; ours (Newcastle) allows up to £499 a month PLUS the 10% per annum. Works out at a level of overpayment in excess of what we would ever need. There is another trick too (which we're fortunate enough to be in a position to utilise);
When we transferred from our last deal to our current one (a few months back), there was a 7 day window at the start of the new deal where we could make unlimited overpayments. Clearly a benefit in itself, but the secondary benefit is if you do make an overpayment, unless you tell the lender to do a recalculation, they will retain your direct debit payment at the same level, even though the actual monthly payment needed for the mortgage term has dropped because the debt has reduced. This means you effectively have a "built in" overpayment that doesn't affect any additional overpayment allowed. At any time, you can ask them to recalculate, so if you found you wanted to reduce your payments for whatever reason, you could ask them to recalculate the monthly payment and they'd drop it to account for the lower level of debt. I am assuming this is all fairly generic and not specific to our lender of course, but it does mean you can make some hefty savings in interest.
So for example, let's say the standard mortgage payment is £700 a month on the new deal. Your lender allows a £200 a month overpayment. If you chip in some capital (the other way to do this of course is to drop to the SVR for a few days), the recalculated monthly payment might be £600 a month, but if you don't ask them to recalculate, you'll still be direct debited £700 a month and you'll still have the £200 overpayment allowance on top of that. But you're effectively overpaying £100 a month already, so in reality you're able to overpay £300 a month without penalty.
Bizarre tbh but hey it works. ____________________ TG. |
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Nobby the Bastard |
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Nobby the Bastard Harley Gaydar
Joined: 16 Aug 2013 Karma :
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Old Thread Alert!
The last post was made 1 year, 164 days ago. Instead of replying here, would creating a new thread be more useful? |
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