Interest rate rise

[J R Hartley]

I managed to get a 10% fixed rate through that period.

Had to remortgage sharpish when the rates plummeted.

I took a 10 year fixed at 5.89% in May 2008 and then some 6 months later the worlds economy crashed

The deal is just coming to an end and now interest rates start to rise

I should stil see a nice reduction in my mortgage next May regardless of the increase.

[Badly Ironed Shirt]

I took a 10 year fixed at 5.89% in May 2008 and then some 6 months later the worlds economy crashed

The deal is just coming to an end and now interest rates start to rise

I should stil see a nice reduction in my mortgage next May regardless of the increase.

Yep, you will. For a start you'll have a great LTV value (I would assume), and also your interest rate will be below 3%.

https://money.comparethemarket.com/m.../?AFFCLIE=CM01 - will give you some clue.

If I were you, I'd be tempted to pay the same amount on a mortgage, and try to pay it all off as quickly as possible.


For me, I have 4 years of my fixed rate to go. I struggled to meet the affordability, and I guess I may struggle again in 4 years time. No doubt, I'll be in a position of not being able to take a cheaper mortgage because they will claim I can't afford it whilst, at the same time, paying a mortgage with a higher interest rate.