Reply to: Mortgage Payments.

[DimPrawn]

Could have gone very wrong for him. I'm not going to gamble my money away punting on one share!

[Solidec]

Yes, I have a One Account mortgage (so it is actually a secured overdraft), so can draw 80% of the value of my house at any time, using a Visa card, cheque or by bank transfer.

So if I wanted the latest Ferrari, I can walk in, slap down the card and drive off.

Never tempted into shares when the FTSE was so volatile Jan-March? Liability on this forum made 80K in 4 months!

[Ruprect]

Yes, I have a One Account mortgage (so it is actually a secured overdraft), so can draw 80% of the value of my house at any time, using a Visa card, cheque or by bank transfer.

So if I wanted the latest Ferrari, I can walk in, slap down the card and drive off.

I see. In fact I'd enjoy the same....if only I had only £500 left on it

[DimPrawn]

Hey DP - what is the advantage of doing this? People used to do this so that the BS would hold onto the title deeds etc for you, but these days its all electronic; are there any other advantages to this?

Yes, I have a One Account mortgage (so it is actually a secured overdraft), so can draw 80% of the value of my house at any time, using a Visa card, cheque or by bank transfer.

So if I wanted the latest Ferrari, I can walk in, slap down the card and drive off.

[Ruprect]

Oh, and BR + 0.75% offset tracker.

Kerching

[Ruprect]

I've still got about £500 on the mortgage. Costs me about 40p a month.

Hey DP - what is the advantage of doing this? People used to do this so that the BS would hold onto the title deeds etc for you, but these days its all electronic; are there any other advantages to this?

[ThomasSoerensen]

I settled for a fixed rate 15 year loan in the autumn of 2005. Has been fine for me. It is a 3 %.

[TimberWolf]

I was offered a fixed rate mortgage two years ago, and got funny looks when I said, no thank-you, I want standard variable rate.

kerching.

Is there a web page somewhere that shows what standard variable rate banks and building societies are actually charging? My SVR doesn't seem to have been affected by government interest rate changes.

[NotAllThere]

I was offered a fixed rate mortgage two years ago, and got funny looks when I said, no thank-you, I want standard variable rate.

kerching.

[TimberWolf]

My mortgage interest repayments (variable rate) has hardly changed in the last 6 months, still around 5-6%. No wonder Barclays share price has gone up. Keeeerchinggg!

[BrilloPad]

When Base rates were 5% I paid 7.35%. At 3% I paid 5.35%. At 2% I paid 4.85%. And I still paid 4.85%.

Come on Bank Of Scotland. Get your finger out. Just because I have a LTV of about 110%......

[DimPrawn]

Northern Crock are still pushing loans to idiots at risk only to the taxpayer.

[Swiss Tony]

Not for me, it hasn't. I'm on a 5 year fixed rate which started about 5 months before the tulip hit the fan.

If your loan to value is about 25% have a look at the savings you would be able to make over the 5 years if you remortgaged, even if you do have to incur the penalties. Ditto for the 7 year fix. Did a check on mine and found that even with paying the penalties I would be making some serious savings

[Bagpuss]

No, he's rich! rich! I tell you

[Swiss Tony]

How has your loan to value changed?

The drop in some of the populations mortgage repayments is a welcome thing, but if your property has devalued causing your loan to vale to change, it could mean not being able to remortgage on decent rates, or having to pump money into the mortgage just to be able to remortgage.

Had a mate of mine giddy with the new repayments until I pointed out that come Sept he will not be able to remortgage unless he puts all the mortgage savings he was making plus some on top of that.