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morgage repayments, can you still afford them if.....
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Pilsbury



Joined: 01 Apr 2007
Posts: 2141


Location: Essex

PostPosted: Fri Aug 15, 2014 9:48 am    Post subject: morgage repayments, can you still afford them if.....  Reply with quote

The intrest rate rises?
I have just been reading an artical suggesting people start to look at what happens when the intrest rates start to rise.
People it seems have become a bit complacent in the last 5 years withhistoric low interest so i decidec to use this morgage patment calculator to see what my payments would be at different interest rates.
http://www.moneysavingexpert.com/...aign=mortgages&utm_content=62
just fill iin your amount and time remaining and play with tue interest figure and hit calculate.
I overpay already and am pating tye equivelent of an 8% morgage already but plan next month to increase payments to the equivilent of an 11% morgage so for now im not to worried but have you checked yours?
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debbie
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Joined: 17 Feb 2007
Posts: 5708


Location: exmoor

PostPosted: Fri Aug 15, 2014 11:02 am    Post subject: Reply with quote

happy to say no mortgage and shortly to have no rent either however, I do remember when I lived in London and had my flat with a mortgage of £50,000 - a 95% mortgage which nearly crippled me when interest rates went up to 15%  Mortgage company did let me make 3/4 payments for 4 months but at the end of the day that still had to be paid back.
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sod
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Joined: 18 Dec 2007
Posts: 13148


Location: Masterton New Zealand

PostPosted: Fri Aug 15, 2014 11:43 am    Post subject: Reply with quote

No morgage but at our age we would have great trouble paying anythink.
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Digindeep



Joined: 27 Nov 2008
Posts: 7276


Location: Staffordshire

PostPosted: Fri Aug 15, 2014 3:44 pm    Post subject: Reply with quote

Yes Debbie, I too remember 15% mortgages , Jean and I were working 27 hours a day, yet somehow we survived and are now free of a mortgage....
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WendyBendy



Joined: 09 Nov 2014
Posts: 18


Location: Bath

PostPosted: Wed Nov 12, 2014 12:05 pm    Post subject: Reply with quote

wow I hate paying my mortgage, I can't wait until I finish paying in about 20 years lol
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WendyBendy



Joined: 09 Nov 2014
Posts: 18


Location: Bath

PostPosted: Wed Nov 12, 2014 12:06 pm    Post subject: Reply with quote

wow I hate paying my mortgage, I can't wait until I finish paying in about 20 years lol
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sod
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Joined: 18 Dec 2007
Posts: 13148


Location: Masterton New Zealand

PostPosted: Thu Nov 13, 2014 12:26 am    Post subject: Reply with quote

Remember the feeling well 'one day when..............' But now it is just the bills and Rates (council tax) which is bad enough   But we are retired
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dtalbot



Joined: 18 Sep 2007
Posts: 2656


Location: Derbyshire

PostPosted: Thu Nov 13, 2014 9:00 pm    Post subject: Reply with quote

About 7 years ago I took out a 25 year fixed deal, sure it has been more expensive than it could have been for the last few years but I've horrible feeling (for everyone else) it is going to come good in the next few.
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dtalbot



Joined: 18 Sep 2007
Posts: 2656


Location: Derbyshire

PostPosted: Thu Nov 13, 2014 9:03 pm    Post subject: Reply with quote

Oh and yep my first mortgage interest rate was well into the teens, why I grabbed the long term fixed when I did!
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Digindeep



Joined: 27 Nov 2008
Posts: 7276


Location: Staffordshire

PostPosted: Fri Nov 14, 2014 1:01 am    Post subject: Reply with quote

It's a long and winding road...(song).yet somehow we all get through ......

How I will never know......yet some 30 plus years later here I am, retired and mortgage free,.....
how ?  why?  you tell me!

Perhaps were all just survivours........................................
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brummie nick



Joined: 20 Oct 2008
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PostPosted: Fri Nov 14, 2014 11:52 am    Post subject: Reply with quote

We took our mortgage out in 1963 over twenty years, so we have been mortgage free for just over 30 years.  
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Border



Joined: 28 Sep 2007
Posts: 4092



PostPosted: Fri Nov 14, 2014 12:50 pm    Post subject: Reply with quote

Took out our mortgage in "94" fixed interest rate, remortgaged in "07" and are mortgage free in 2016.
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12Bore



Joined: 07 Oct 2011
Posts: 8153


Location: Paddling in the Mersey

PostPosted: Fri Nov 14, 2014 7:07 pm    Post subject: Reply with quote

14 payments to go...

Not that I'm counting
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Border



Joined: 28 Sep 2007
Posts: 4092



PostPosted: Fri Nov 14, 2014 7:08 pm    Post subject: Reply with quote

12Bore wrote:
14 payments to go...

Not that I'm counting


You can bet your last payment I am.    
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12Bore



Joined: 07 Oct 2011
Posts: 8153


Location: Paddling in the Mersey

PostPosted: Fri Nov 14, 2014 7:13 pm    Post subject: Reply with quote

Border wrote:
12Bore wrote:
14 payments to go...

Not that I'm counting


You can bet your last payment I am.    

 

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