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Have I missed the thread where all of us on fixed term mortgages feel a bit sick?

(69 Posts)
tatty33 Wed 11-Feb-09 19:54:24

I know its useless to moan.. and I know I'm lucky to have a home, but my God my stomach keeps going into knots when I thing about what we fixed on compared to interest rate now

Pointless rant over, as you were...

tatty33 Wed 11-Feb-09 19:55:39

sorry, think not thing (obv), so full of rage can't even spell!

TheOldestCat Wed 11-Feb-09 19:55:42

In the same boat here. My advice is not to think about it.

Tortington Wed 11-Feb-09 19:56:00

i jsut piad to get out of mine, it saves us much more in the long run

TheOldestCat Wed 11-Feb-09 19:56:21

thing/think - just try not to do either!

sfxmum Wed 11-Feb-09 19:56:41

yep but don't think about it what is done is done

SobranieCocktail Wed 11-Feb-09 19:57:15

Oh it's painful isn't it?! BUT we did make the right decsion at the time...we would have been stuffed if interest rates had gone up (and actually they did for a short while after fixing our mortgage).

I keep telling myself it's nice not having to worry about whether they are going up or down.

duckyfuzz Wed 11-Feb-09 19:57:28

I was lucky that ours finished in dec, otherwise yes, I'd be v sick

tatty33 Wed 11-Feb-09 19:59:45

Yes, not worth wasting worry on I know (i'll save that for thoughts about negative equity!)

LeninGrad Wed 11-Feb-09 20:02:01

Message withdrawn at poster's request.

LIZS Wed 11-Feb-09 20:03:42

We've just refixed for 2 years as our original deal is expiring.

duckyfuzz Wed 11-Feb-09 20:08:26

what rate did you get LIZS? we will fix again at some point in the next year or so, when the fixed rate deals come down

megcleary Wed 11-Feb-09 20:09:18

well on the radio this morning they were advising people to fix as they reckon they will go up

twofalls Wed 11-Feb-09 20:12:43

la la la <covers ears>.

Have rates gone down? grin

come join me with your head in the sand tatty. Its quite a cosy place to be.

Milliways Wed 11-Feb-09 20:34:41

Well, ours is fixed and DH recently unemployed so we are doubly stuffed as cannot remortgage without an income!

However, we are with First Direct who have been brilliant and it is flexible/offset so we have reduced our payments to bare minimum and will overpay when DH gets a job again.

inthemaking Wed 11-Feb-09 20:40:03

Wont it pay more off the mortgage or is it thats the interest you get charges no matter what?

Sorry if i seem a bit stupid!

Sidge Wed 11-Feb-09 21:01:26

We got a fixed rate 18 months ago - at the time it was a pretty good rate and we liked the security of knowing what we would be paying for the next few years.

Now we are kicking ourselves angry

But no point in trying to remortgage onto another lender's variable rate as it would cost us more in early redemption penalties than we would save. And we'd have all the fees and aggro of remortgaging.

Twofalls I'll join you in the sand! grin

feefifo Wed 11-Feb-09 21:04:11

Oh yes. And when we sold our 1 bed flat in July 2007 which turned out to be top of the market we did have the 'should we just go into rented' conversation and decided we couldn't take the risk with DD on the way. Feel very sick.

Joining twofalls in the sand <la la la>

MeAndMyMonkey Wed 11-Feb-09 21:06:42

I might join you custardo, I feel physically sick about the size of my mortgage and how cheap it would be if we weren't on this damned fixed rate...

Winehouse Wed 11-Feb-09 21:10:56

If you have a repayment mortgage you are reducing the size of the outstanding balance more quickly, though. Our rate is still high, but since September we have paid approx £4000 more off our mortgage than we would have.

Mintyy Wed 11-Feb-09 21:11:03

I'm in.

I don't dare do the calculations to see what we would be paying now had we chosen a tracker in May 08, instead of a fix at 5 point something percent.

Should it happen that we get in to trouble paying our mortgage at any point on this rate, I will be ranting and screaming and objecting to the building society and anyone else who will listen that it would be a SCANDAL if I were repossesed because I happened to choose the wrong kind of mortgage. What am I? A fekking soothsayer?

MrsHappy Wed 11-Feb-09 21:13:17

I predict rates are going to whizz up next year. A fix is no bad thing - at least you know what your payments are and can budget accordingly.

PortofinosDHwillDieIfHeForgets Wed 11-Feb-09 21:20:20

I don't see why this is a "scandal". When you fix a rate you take a chance - like gambling investing money on the stock market. I appreciate that it is a right bugger though and you have my sympathies.

Bicnod Wed 11-Feb-09 21:22:17

We're in the same boat... got a fixed rate in November 2007 and can't remortgage until February 2010

feefifo Wed 11-Feb-09 21:22:56

This is the bit where I reveal that i don't understand mortgages - Winehouse doesn't the extra intrest that we are paying over base rate just go to the bank because that's what I agreed to pay for borrowing the money - how does it reduce the outstanding balance?

and God bless you MrsHappy lets hope that all us safe non-risk takers get soem benefit from our fixes - I'm slightly cheered by the fact that global capitalism is in melt down means that the extra I'm shelling out for my mortgage is probably the least of problems.

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