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Sez & Amber
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Sez & Amber is offline  
Location: North Yorkshire, UK
Joined: Oct 2007
Posts: 655
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21-11-2008, 03:37 PM

New mortgage rate almost gave me a heart attack!

I've owned my house for almost four years now, and am on a repayment mortgage. After the ex left, I spoke to the company about going onto an interest only mortgage to try to reduce my costs for a bit while I sorted myself out, but the saving was literally only 40 a month, so I decided it wasn't worth it, as I would have to find that money anyway at some point.

Over the last few years, the mortgage has gradually risen - to the point that I was paying 75 a month more than the original payments. As most of you are probably aware, the Bank of England just dropped its interest rate, and my mortgage company has written to me with my new monthly payments.

It's 40 a month less than the original payments were That's a total saving of 115 a month. I'm completely stunned and had to call Darren to tell him - he didn't even believe me at first!

I sincerely hope that there are some more happy people out there who have recieved some nice news from their mortgage companies It's certainly going to make the Xmas shopping a bit easier!
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Helena54
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Helena54 is offline  
Location: South East UK
Joined: Mar 2005
Posts: 27,437
Female 
 
21-11-2008, 03:45 PM
Same here!! I'm with the Nationwide, and they sent me a letter yesterday (as they did a month ago too!) saying my mortgage had dropped! NOt by much, coz we don't have a big one, but every little helps!!!I'm glad for all of those who are struggling, and it will help those who might otherwise lose their house
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