Interest Rates - can someone explain what...

**Moscow Mule** · 5 February 2009, 12:48

Originally posted by scooterscot View Post

I'm going to do with the extra money I'm making on my BTL now that the mortgage on my 1% + 0.5 tracker is now actually costing less than half of the rent I'm charging?

Aw capitalism, don't you just love it?

Buy more houses, it seems to be working for you.

**shaunbhoy** · 5 February 2009, 12:49

Originally posted by scooterscot View Post

I'm going to do with the extra money I'm making on my BTL now that the mortgage on my 1% + 0.5 tracker is now actually costing less than half of the rent I'm charging?

Aw capitalism, don't you just love it?

Send it to me, I'll take care of it for you.

HTH

SB in "Happy to help" mode

**Mich the Tester** · 5 February 2009, 12:49

Stock up on tinned soup, cardboard boxes and camping gas.

**DimPrawn** · 5 February 2009, 12:55

Originally posted by scooterscot View Post

I'm going to do with the extra money I'm making on my BTL now that the mortgage on my 1% + 0.5 tracker is now actually costing less than half of the rent I'm charging?

Aw capitalism, don't you just love it?

How long does the tracker last?

**wurzel** · 5 February 2009, 12:59

My fixed rate mortgage (4.75%) finished last June. What with all the doom and gloom that was going around this time last year I took the advice of a financial advisor and pre booked a new one in advance at a rate of 5.6% fixed for 3 years. The feeling at the time was that inflation was rocketing and interest rates would be going the same way.

Now I'm seriously p****d off!

**oracleslave** · 5 February 2009, 13:09

Originally posted by wurzel View Post

My fixed rate mortgage (4.75%) finished last June. What with all the doom and gloom that was going around this time last year I took the advice of a financial advisor and pre booked a new one in advance at a rate of 5.6% fixed for 3 years. The feeling at the time was that inflation was rocketing and interest rates would be going the same way.

Now I'm seriously p****d off!

Mine's fixed at 5.89% until June 2010 if it makes you feel any better.

**Cyberman** · 5 February 2009, 13:09

Originally posted by wurzel View Post

My fixed rate mortgage (4.75%) finished last June. What with all the doom and gloom that was going around this time last year I took the advice of a financial advisor and pre booked a new one in advance at a rate of 5.6% fixed for 3 years. The feeling at the time was that inflation was rocketing and interest rates would be going the same way.

Now I'm seriously p****d off!

Most experts in 2007 were predicting interest rates to fall to around 3.5% in 2008. It would not have made sense to fix unless you saw inflation rising, but savvy people should have been aware that a combination of high taxes and interest rates were pulling us into a downturn, except of course your advisor, who was probably on a nice commission for arranging a fixed-rate mortgage. If it is any consolation a friend of mine is fixed on 6% with a 250,000 pound mortgage !!

**wurzel** · 5 February 2009, 13:20

Doesn't really make me feel any better, though glad I'm not the only one!

I also took his advice on a company pension and am slinging as much of my money at it as I can. The pension pot probably has less in now than when I started just over 1 year ago but sooner there than the taxman's pocket.

By the way, this is the financial advisor that the PCG recommends!

**swamp** · 5 February 2009, 13:24

When I got my .69% tracker last year the advice from the mortgage broker was to fix, but I reasoned that as a contractor I could afford to take the chance.

Oh, and

Interest Rates - can someone explain what...