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How do I work out what my mortgage repayments will be when I come off fixed rate?

5 replies

scrumdiddlydoo · 18/04/2012 09:50

Ladies, help is needed as my brain is not what it used to be! We come off a fixed rate mortgage soon and the interest rate will be dropping quite considerably as we will be reverting to the base rate (currently 2.5%). How do I work out what the payments will be, taking into consideration what we are paying now at a rate of 5.98% (even typing that makes me shiver slightly, but 5 years ago a fixed seemed the best option!) I've tried ringing our provider who keep telling me someone will phone me back but they never do and I'm getting impatient! Any savvy finance guru's out there that can help me with the maths?

OP posts:
pepperrabbit · 18/04/2012 09:52

Try a repayment calculator online

here
Was thr first one that came up on Google Smile

scrumdiddlydoo · 18/04/2012 10:04

Duh, why didn't I think of that! Grin Thanks!

OP posts:
Thetokengirl · 18/04/2012 11:20

Are you sure you go to base rate? Normally, I think, you would go to the banks standard variable rate unless you change to something different. We've just come off our fixed rate and would have gone to SVR which was a bit cheaper than the fixed rate, but instead we have gone with their tracker as that will be £220 a month cheaper.

scrumdiddlydoo · 18/04/2012 12:35

Ours was a five year fixed and the conditions states that any mortgage taken out before April 2009 will revert to the base rate rather than the standard rate.

OP posts:
Thetokengirl · 18/04/2012 12:53

Oh, lovely.
Think of all the things you can spend the extra money on Grin

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