Saturday, December 20, 2008

Wow - Mortgage Payments Down Again

I am so happy that we have a tracker mortgage, as yet again our payments have been reduced. At one time we were paying £450 on the £100,000 that we owe but due to cuts in rates we now only have to pay £205 a month. The frees up a significant sum of money to help pay off the sum that we owe.

4 comments:

Mizé said...

Hi Rachel.
Those are very good news!
I saw on TV that taxes went down, just didn´t know it could make this difference. My plot´s loan is personal so it doesn´t have any effect for me.
If things keep like this, you´ll be able to pay your mortgage in less time.
Happy Holidays.

Xinfinitum said...

Wow Rachel. That is super news for you.

Congratulations.

Regards,
Xinfinitum

An American in France said...

Wow! That's awesome for you guys, you will definitely be taking down that sum even more!

I'm kind of wondering how loans are set up in the UK because we are paying $675 a month on a $54,000 loan and when the escrow shortage is paid we will pay about $540 a month. This is on a 6.6% loan.

Rachel said...

We are paying back the interest only. Out interest rate tracks the base rate which is only 2% at the moment. The bank adds a bit on top, I cannot remember how much.