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Original poster

If you're still on a low mortgage rate

108 replies

Curlewwoohoo · 29/11/2023 07:28

Are you overpaying? Saving? Or just carrying on as normal? Just interested to see if people are taking any steps for when fixed rate ends.

OP posts:

InterestQ · 30/11/2023 10:45

I’m overpaying to get it down to a level that means when I fall off my low rate, if I get the rate I could get now, with my current lender, the monthly payment won’t increase. As it is, it would only go up £90 currently.

I’m not disciplined with saving though I know mathematically that would be best, psychologically, owning my property outright is a bigger motivator than money in the bank.

jesterdourt · 30/11/2023 18:44

For the people that have 3, 4, 5 years left - are you expecting the interest rates to be lower than they are now?

I don't expect them to be lower than 4.5%

Webex · 30/11/2023 18:52

We are fixed for another 5 years at 2.5%.

We owe around 400k on a decent LTV. Not overpaying as we can get more interest elsewhere than we save by overpaying. Plan is to see what's happening 2028 and either dump some savings into the mortgage when we remortgage or we may try to downsize. I really don't want to service a mortage of this size at a 5% rate or higher.

Slightly kicking myself as there was a point just before the big fuck up when I could have remortgaged for another 10 year fix at 2% - was just dicking about working out whether the early payment charge was worth it against the saving over the period and left it too late.

Interested in this thread?

Then you might like threads about this subject:

General money

AlPacinosHooHaa · 30/11/2023 19:47

About 3 years left we are paying 50 over when we can.

Notinmylifethyme · 30/11/2023 21:10

I overpaid about 10% every year, basically chucked any maintenance from the ex, whenever he deigned to pay.

It reduced my mortgage by 13 years.

Definitely look at the Martin Lewis website. The calculations may surprise you.

Ballymac · 11/12/2023 03:41

Yes, overpaying the max. We are on 1.19% until 2027.

Devo7 · 15/02/2025 14:05

on 2.29% fixed from 2020 10yr, best thing could've done considering, looking to pay over to reduce 6to7years off 😀

LividBlah · 15/02/2025 14:17

You can all fuck right off and be delighted you're not like me, stuck remortgaging on your own at 6% cos Liz Truss was about as sane as my now ex-husband.

Bah fucking humbug to both of them and being mortgaged past retirement age.

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