Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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As title... Fixed rate expires on the 19th of Feb
I believe it automatically goes onto base rate + 3% (iirc) meaning i'll be saving 2%ish. Planning on leaving it at least a year on variable as I can't see rates moving off 0.5% for a while yet seeing as Europe is ballsed and we're supposedly nearly/already in recession again
Question is, do you get a letter reminding you of this, or am I meant to take action on it, or what?
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danzx2
Member
Registered: 5th Jul 07
Location: Somerset
User status: Offline
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I received a letter about a month before advising of the new payments.
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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I'm off to town now so might pop in to see them, but i'll probably get them trying to sell me stuff. Hmmm, might not be arsed and just assume i'll be getting a letter
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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I had a letter advising my fixed term was up and I have continued on a variable scheme for the last 12 months @ 3.5% iirc. Saving myself about £300 a month.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline
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Leave it and run on the tracker. Loads of people doing so at the moment. Worth the chance I think.
Corsa 2.0 16v Vegas - Sold
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I was in the same position except mine came off when rates were about 4 ish so I got .59% above base. They've gone down steadily ever since and I'm now paying 1.09%.
Only thing is if you think they're going to rise you'll do a better deal now on another fixed rate than you would when they start to rise. Depends how much of an increase you can tolerate really.
No fee either to set mine up which was nice, that original fixed one was about £500 which on reflection was complete robbery - I paid £500 for the privilege of being locked in 2% higher than BoE.
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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I wanted to go on variable when we got it 2 years ago, but the advisor paniced the missus and we went fixed at a higher rate. Rates haven't risen.
Personally I don't think rates will rise for a while yet, so we'll keep it for a year or so saving 200ish a month.
Went into the bank and got a phone number for their mortgage people, hopefully we'll get a letter through confirming what I think.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Fixed is OK because it does mitigate the changes, but it can be false economy if you end up paying £200pm to know you're not going to suffer a rate rise which costs you £50.
I think the industry prefers selling fixed for that reason, bit of panic and security, cash cash.
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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Definitely, yeah, they've done well off us so far.
I'll have a half hearted look around at deals just in case.
Thing is I'm only on a 25 hour contract with royal mail, although I'm on a 39 hr job, and have months of payslips showing that, I'm only guaranteed 25 hrs, which caused us trouble originally. halifax offered 4.49 but even with 3 months payslips and a p60 from the year before couldn't mortgage me, so went on the at 5.59 because they were the only people that'd have me.
Still on 25 hrs now officially, so gonna struggle with finding anything.
[Edited on 03-02-2012 by Cavey]
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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I can't wait to switch deals. You don't havlf get robbed as a FTB. I can borrow 15k extra, reduce my term by 7 years and still be £29 a month better off.
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AlunJ
Member
Registered: 3rd Apr 07
Location: Newport
User status: Offline
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Just come off my fixed deal, sticking with the variable for this year I think, I'm £60 better off a month 
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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Im not sure who you are with, but im with halifax, my rate ended april 2011. I agreed to a fixed rate deal, but had to call within 3months of the start date to start it. 3 months came and i didnt take the deal as it was still the same fixed rate and BOE rate remained the same. So i then went and agreed to another fixed rate, and then let it run for the 3months and just keep repeating it. I then have the security of a fixed rate within 3 months of base rate going up, but if it doesnt im quids in! Saving me £100 a month over the new rate, and £200 over the old rate pre april 2011, so mega happy
Adult GiftsClick here to vist us
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Cavey
As title... Fixed rate expires on the 19th of Feb
I believe it automatically goes onto base rate + 3% (iirc) meaning i'll be saving 2%ish. Planning on leaving it at least a year on variable as I can't see rates moving off 0.5% for a while yet seeing as Europe is ballsed and we're supposedly nearly/already in recession again
Question is, do you get a letter reminding you of this, or am I meant to take action on it, or what?
Normally a letter with an invite to a review to discuss options
Depending on your equity you might no other option than to drop on the base rate which at the moment is not a bad thing
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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also biggest thing i regret is not keep paying what i was on the fixed rate when I went on the base tracker
If you can afford what your paying now and your mortgage reduces by £200 - £300 as an example _ i would personally carry on paying what you were before as you will pay it off earlier
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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quote:
Originally posted by whitter45
also biggest thing i regret is not keep paying what i was on the fixed rate when I went on the base tracker
If you can afford what your paying now and your mortgage reduces by £200 - £300 as an example _ i would personally carry on paying what you were before as you will pay it off earlier
I think it all depends on your type of job & quality of life. If you are in a 'good' job which have career prospects then while its always good to get your mortgage down as quick as possible I personally want to be able to enjoy life as well still.
The reason I say about job is that when you first start out your mortgage you will typically be on way way less than towards the end of your mortgage, it will be a much smaller buden when it comes round.
A good example is I would rather have that second snowboarding holiday for 5 years, spend 10K than have an extra 20K in 20 years when I am not going to be able to snowboard (well guessing so).
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whitter45
Member
Registered: 15th Nov 02
Location: Norton
User status: Offline
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quote:
Originally posted by Rob_Quads
quote:
Originally posted by whitter45
also biggest thing i regret is not keep paying what i was on the fixed rate when I went on the base tracker
If you can afford what your paying now and your mortgage reduces by £200 - £300 as an example _ i would personally carry on paying what you were before as you will pay it off earlier
I think it all depends on your type of job & quality of life. If you are in a 'good' job which have career prospects then while its always good to get your mortgage down as quick as possible I personally want to be able to enjoy life as well still.
The reason I say about job is that when you first start out your mortgage you will typically be on way way less than towards the end of your mortgage, it will be a much smaller buden when it comes round.
A good example is I would rather have that second snowboarding holiday for 5 years, spend 10K than have an extra 20K in 20 years when I am not going to be able to snowboard (well guessing so).
Completely agree hence why I stated if you can afford to pay what you have always paid
Everyone will have different opinions based on their own circumstances
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Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
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Found out why we haven't had a letter yet....
It's a 3 yr fixed term 
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