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Original poster

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

68 replies

tatty33 · 11/02/2009 19:54

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...

OP posts:
Original poster
tatty33 · 11/02/2009 19:55

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

OP posts:
TheOldestCat · 11/02/2009 19:55

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

Tortington · 11/02/2009 19:56

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

TheOldestCat · 11/02/2009 19:56

thing/think - just try not to do either!

sfxmum · 11/02/2009 19:56

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

SobranieCocktail · 11/02/2009 19:57

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 · 11/02/2009 19:57

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

Original poster
tatty33 · 11/02/2009 19:59

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

OP posts:
LeninGrad · 11/02/2009 20:02

This reply has been deleted

Message withdrawn at poster's request.

LIZS · 11/02/2009 20:03

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

duckyfuzz · 11/02/2009 20:08

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 · 11/02/2009 20:09

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

GColdtimer · 11/02/2009 20:12

la la la .

Have rates gone down?

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

Milliways · 11/02/2009 20:34

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 · 11/02/2009 20:40

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 · 11/02/2009 21:01

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

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!

feefifo · 11/02/2009 21:04

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

MeAndMyMonkey · 11/02/2009 21:06

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 · 11/02/2009 21:10

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 · 11/02/2009 21:11

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 · 11/02/2009 21:13

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 · 11/02/2009 21:20

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 · 11/02/2009 21:22

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

feefifo · 11/02/2009 21:22

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.

FairLadyRandySlut · 11/02/2009 21:29

winehouse...never thought about it that way....so, really, our fixed rate is a good thing, as it will pay for itself in the longrun if you have a repayment mortgage....

oh, and I also think that interest rates will soon go up again....but I suppose it won't effect those having a fixed low rate....

well, we had to renew our mortgage this year and went with fixed rate again, and to avoid any charges we went with one that is fixed for 5 years....

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