Monday, June 17, 2013

Bank Concerns

I have my mortgage with the Co-operative bank. I got a great deal of 0.49% plus the base rate on an interest only deal. This means that at the moment that I am only paying 0.99% interest which comes to just £81.50 as my mortgage is just a bit below £100,000. This means that I am able to invest a lot of money each month towards paying it off, which I hope to do before the end of the 15 year term that I have left on it.

My main concern is the state of the Co-Operative Bank. I am concerned that they may be taken over and that might mean that my mortgage will be moved to another bank and the rate changed. If that happens then I could end up paying a lot more. I am therefore trying to work extremely hard to pay it off as quickly as I can. I would also like to pay it off before interest rates rise which I fear may happen in a few years time. I have quite a chunk still to find to be able to pay it off in full and so am using it as motivation to earn well and spend little.

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