Mortgage...

[annwfyn]

I've just taken a new fixed rate mortgage with Abbey.

I had to hand over a cheque for £924. I am staring in blank horror at my bank balance. And on top of that, my mortgage will still be going up by £90 come August.

However, I am informed that in the time it has taken me to decide whether to accept Abbey's offer on a new fixed rate, the rates on offer have got worse and my 5.8% interest rate is half a point lower than the next best offer available via Abbey right now. It's also fully portable so if I move house I can take the mortgage with me, and I can overpay by up to 10% every year.

*sighs*

At least this is one less thing to worry about. My mortgage is now fixed for another two years. I know how much I need to pay, I know that my house won't get taken away from me. And that makes me feel a bit better.

There's a next step to come somewhere. I just need to work out what that is.

Comments

[hareb-sarap.livejournal.com]

Despite pretending (at the weekends, at least) not to be, I think you're a serious responsible adult.

[anysbryd.livejournal.com]

Its some serious stuff, but i imagine that you will be paying less that your old mortgage would be charging you right now. This adult thing ain't easy, but focus on the fact that you have a rate you know you can work around now and you can budget accordingly. Mortgages are generally in a horrible state at the moment, i know what mine is going to be, but its not so bad a rate when the average mortgage as at today in around 6.2%

Take it easy.

[isalani.livejournal.com]

I'm happy to talk about mortgages - as I have one but I'll generally stay quiet about amounts as mines is more or less the same one for the last 9 yrs with the odd shifting on it and thus is a very good rate.

[astro-dust.livejournal.com]

Mortgages go straight over my head....

Waaah for having to pay money is all i say.

[adze.livejournal.com]

I think we can all agree with that!

[aleaxiactaxest.livejournal.com]

I got my new fixed rate literally just before the Base Rate came crashing down, as I'd expected it to go up, which was a bit d'oh worthy.

[anonymous-james.livejournal.com]

I'm 3 and a bit years in to my 5 year fixed rate mortgage - Back in the summer of 2004 I secured a fixed rate of 5.79, so your new rate isn't any worse than it was back then.