How much % interest in your mortgage

[Sabrina124]

Ours is 1.99% fixed for another 3 years. At the time it seemed like a good deal but now I wonder if we were fools. Not much we can do about it now obviously, we will just have to wait it out until the fixed term is up.

0.84% Offset tracker.

Just remortgaged at1.69% for 5 years. Other one is just over 2% and it comes up for renewal next year.

2.79%. Glad to see this thread as it’s reminded me to get my paperwork out and see how much I will be hammered if I go for another deal now as I’m 4 years and one month into a five year deal and think the interest rate will go up after Brexit so I should get my finger out and see if it’s worth switching now.

Just fixed for 5years at 1.42%

1.84% 3 years into 5 year fixed. We overpay but like having security on payments.

Just over 2% on a five year fix, 2 years in

1.64%, 2 months in to a 5 year fix. Mortgage is £184 per month, overpay to bring it up to £700 a month.

2.09%, fix rate until May 2021, hoping rates stay low until then

I had a good fixed rate of 6.1% for 10 years, then rates went ridiculously low. For me though, knowing that what I was paying would stay the same was worth it for peace if mind. And that's the way personally I think you should look at it. Can we afford it and are we happy with what we're paying, without comparing ourselves to others.

@ItsLikeSputnik

0.6%

It’s a base rate tracker at half over base. It’s saved us loads over the past 15 years.

What is this type of mortgage? Can you explain please?

1.74% fixed term is about to end currently deciding if I sell or not.

3 years into a 10 year fix at 2.29%

0%

1.5% for a 25 year fix with no early repayment fees. We were offered last year to switch to .79% for a 5 year fix but would have had to pay fees if we ever sold in that time. The flexibility of being able to pay back large chunks or sell at any time, as well as the long term security of always knowing exactly what our payments will be are worth it for us. I cannot imagine the base rate will stay this low for the next two and a half decades.

Are you in the UK Lingua? That's pretty good for the certainty.

@Thewithesarehere

A base rate tracker is exactly what the name implies. Your rate is X% over the Bank of England base rate. In the late 2000s a common product was 0.2-0.5% above the base rate for the lifetime of the mortgage.

Now that base rates have fallen so low, there's many of us that are paying virtually no interest on our mortgages (ours is less than £15 pm) and there's no incentive to remortgage because even the best fixes are quite a bit more expensive - the base rates would have to go up quite a lot for the trackers to become more than the fixes and that's very unlikely to happen because of the state of the economy and how much base rate linked debt's out there.

There's also no point overpaying because even now, you can get more interest in savings.

@BarbaraofSeville no, we’re on the continent. Here we found that the really cheap trackers still come with early repayment charges if you sell when the rate is lower than it was when you took out the mortgage (so basically the lower the rate is, the more you have to pay back in early repayment fees). That also felt risky for us as we thought there was still room for rates to fall (and we were right, they have), so we figured it was better to be safe and lock into a slightly higher fix.

1.94% fixed for 5yrs, 3 years left.
I'm happy with under 2%.

We used to have a base rate tracker of 0.3% which was wonderful but unsurprisingly we were unable to port it when we moved. We made a tactical error by getting a 10 year fixed for 2.99%. In hindsight we should have gone for a 5 year fixed abs we’d have saved a fortune. However, we took a big mortgage out when we were both full time and wanted the certainty of having finance in place through the nursery/part time years. We have paid a premium for that and it was still probably the right thing to do as we might have struggled to have borrowed enough after 5 years because it hit when we had both in nursery.

2.09% fixed until 2023

2.12% fixed 1.5 years to go. Happy with the rate at the time, didn’t know what was happening with brexit etc so wanted a longer fix just in case. Overpaying and small mortgage.

@BarbaraofSeville

Are you in the UK Lingua? That's pretty good for the certainty.

@Thewithesarehere

A base rate tracker is exactly what the name implies. Your rate is X% over the Bank of England base rate. In the late 2000s a common product was 0.2-0.5% above the base rate for the lifetime of the mortgage.

Now that base rates have fallen so low, there's many of us that are paying virtually no interest on our mortgages (ours is less than £15 pm) and there's no incentive to remortgage because even the best fixes are quite a bit more expensive - the base rates would have to go up quite a lot for the trackers to become more than the fixes and that's very unlikely to happen because of the state of the economy and how much base rate linked debt's out there.

There's also no point overpaying because even now, you can get more interest in savings.

Thanks. So are these tracker rates still available or have they gone extinct?

Thewithesarehere Basically extinct. We had one and wanted to keep it and the bank made it impossible to port it. When we had ours the base rate was 5-6%.

There's also no point overpaying because even now, you can get more interest in savings

Exactly. We have been fortunate enough to be in a position of being to off our mortgage in full for several years now, but doing so would have made us worse off, not better.

I think Barclays still offer them, but only for a fixed term, not lifetime like ours.

Forgive the gibberish. That should have said... in a position to pay off our mortgage

1.79% fixed in February for 5 years.