Sergeant Wilson Posted June 6, 2022 Share Posted June 6, 2022 2 minutes ago, Empty It said: Is there anything better than an afternoon nap whilst off work? An afternoon nap at work. 6 Quote Link to comment Share on other sites More sharing options...
GordonD Posted June 6, 2022 Share Posted June 6, 2022 Just now, Sergeant Wilson said: An afternoon nap at work. The bus passengers might not agree, 0 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 Is anyone here on a variable rate mortgage? 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted June 7, 2022 Share Posted June 7, 2022 2 minutes ago, 19QOS19 said: Is anyone here on a variable rate mortgage? Yes. 0 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 Yes.School me if you can be bothered(!) as I'm struggling to find these answers online:- How do they calculate your monthly payment? Have you got a 'base' amount you look to pay each month but it can obviously fluctuate. And if so, how high has it went above that amount? - that's a bit personal. Feel free to PM if you are ok to answer [emoji38] Does it change much from month to month? I still have a year left of my fixed rate but thinking of going variable in the future as I may end up paying more than 10% due to a loan coming to an end and me putting that money in to the mortgage. 0 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted June 7, 2022 Share Posted June 7, 2022 (edited) 11 minutes ago, 19QOS19 said: School me if you can be bothered(!) as I'm struggling to find these answers online:- How do they calculate your monthly payment? Have you got a 'base' amount you look to pay each month but it can obviously fluctuate. And if so, how high has it went above that amount? Does it change much from month to month? I still have a year left of my fixed rate but thinking of going variable in the future as I may end up paying more than 10% due to a loan coming to an end and me putting that money in to the mortgage. We got a great deal off an IFA mate 15 years ago, it's 1.1% plus base. So for a few years it has been peanuts. But, when base rate goes up, we pay more the month after. E.g If base goes up 0.5% on £100k, you will pay £500/12 extra in the month after. Ours is interest only which I don't think you can get these days (we have money put aside from pension lump sum to pay it off). We have done the sums on "money coming in v increase when rate goes up" and are still in a decent place. That said, if you have the opportunity of a good fix, that may be a better shout for budgeting etc. p.s. when I was younger, interest rates were about 8.5%🫣🫣 Edited June 7, 2022 by Leith Green 1 Quote Link to comment Share on other sites More sharing options...
broon-loon Posted June 7, 2022 Share Posted June 7, 2022 On 04/06/2022 at 14:59, Dundee Hibernian said: Reputed to be the smallest pub in Scotland (by some) Scotland's or the Railway Tavern in Kincardine. . Is it still open? Yeah, Jimmy Scotland's as I recall. Been there a few times. I don't think it's open any more..? Mrs b-l grew up in Kincardine, I'll get her to ask her Mother if it's still open? 1 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 We got a great deal off an IFA mate 15 years ago, it's 1.1% plus base. So for a few years it has been peanuts. But, when base rate goes up, we pay more the month after. E.g If base goes up 0.5% on £100k, you will pay £500/12 extra in the month after. Ours is interest only which I don't think you can get these days (we have money put aside from pension lump sum to pay it off). We have done the sums on "money coming in v increase when rate goes up" and are still in a decent place. That said, if you have the opportunity of a good fix, that may be a better shout for budgeting etc. p.s. when I was younger, interest rates were about 8.5%🫣🫣Cheers. Fixed rates are obviously great budget wise and is the only thing I was interested in when we first started. But as I say, we have a loan ending at the end of year so it's an extra £400 each month coming in. We've survived without it for about 3 years so my thinking is to continue without it and put it into the mortgage. But after about of year of doing that it will come to more than 10% overpayment that you're allowed with fixed rate. So I think it might make sense to take the plunge with a variable rate. 0 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted June 7, 2022 Share Posted June 7, 2022 (edited) 6 minutes ago, 19QOS19 said: 14 minutes ago, Leith Green said: We got a great deal off an IFA mate 15 years ago, it's 1.1% plus base. So for a few years it has been peanuts. But, when base rate goes up, we pay more the month after. E.g If base goes up 0.5% on £100k, you will pay £500/12 extra in the month after. Ours is interest only which I don't think you can get these days (we have money put aside from pension lump sum to pay it off). We have done the sums on "money coming in v increase when rate goes up" and are still in a decent place. That said, if you have the opportunity of a good fix, that may be a better shout for budgeting etc. p.s. when I was younger, interest rates were about 8.5%🫣🫣 Cheers. Fixed rates are obviously great budget wise and is the only thing I was interested in when we first started. But as I say, we have a loan ending at the end of year so it's an extra £400 each month coming in. We've survived without it for about 3 years so my thinking is to continue without it and put it into the mortgage. But after about of year of doing that it will come to more than 10% overpayment that you're allowed with fixed rate. So I think it might make sense to take the plunge with a variable rate. .......or, save it somewhere (ISA perhaps?) and offset against the capital at a point in the future. Not sure if they still offer "offset mortgages" where you can pile in a bit more cash as and when and you are not limited to the 10%. Speak to a mortgage adviser, they may have better ideas. Edited June 7, 2022 by Leith Green 0 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 .......or, save it somewhere (ISA perhaps?) and offset against the capital at a point in the future. Not sure if they still offer "offset mortgages" where you can pike in a bit more cash as and when and you are not limited to the 10%. Speak to a mortgage adviser, thru may have better ideas.Yeah I think it's definitely what I'll need to do. It isn't up for renewal until July '24 so with any luck things might be a bit more settled by then as well! 1 Quote Link to comment Share on other sites More sharing options...
Leith Green Posted June 7, 2022 Share Posted June 7, 2022 7 minutes ago, 19QOS19 said: 9 minutes ago, Leith Green said: .......or, save it somewhere (ISA perhaps?) and offset against the capital at a point in the future. Not sure if they still offer "offset mortgages" where you can pike in a bit more cash as and when and you are not limited to the 10%. Speak to a mortgage adviser, thru may have better ideas. Yeah I think it's definitely what I'll need to do. It isn't up for renewal until July '24 so with any luck things might be a bit more settled by then as well! Worth pointing out that we are paying 75% more now than we were in November, that's just because it's a variable rate. Add on the gas and electric increases and we are hundreds a month worse off..... I might have to move this to pptgoyn thread now ! 1 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 Worth pointing out that we are paying 75% more now than we were in November, that's just because it's a variable rate. Add on the gas and electric increases and we are hundreds a month worse off..... I might have to move this to pptgoyn thread now !My plan would be to keep my basic at £500 a month. I'd be putting the £400/500 extra away to make a payment at the end/start of the year. So if it went up to £800/900 a month it wouldn't really sting me as I'd have that extra money to the side to use anyway if that makes sense. Just good to get an idea of how high it can go from your 'basic' monthly payment to know if it's worth the risk. 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted June 7, 2022 Share Posted June 7, 2022 50 minutes ago, 19QOS19 said: School me if you can be bothered(!) as I'm struggling to find these answers online:- How do they calculate your monthly payment? Have you got a 'base' amount you look to pay each month but it can obviously fluctuate. And if so, how high has it went above that amount? - that's a bit personal. Feel free to PM if you are ok to answer Does it change much from month to month? I still have a year left of my fixed rate but thinking of going variable in the future as I may end up paying more than 10% due to a loan coming to an end and me putting that money in to the mortgage. 41 minutes ago, Leith Green said: We got a great deal off an IFA mate 15 years ago, it's 1.1% plus base. So for a few years it has been peanuts. But, when base rate goes up, we pay more the month after. E.g If base goes up 0.5% on £100k, you will pay £500/12 extra in the month after. Ours is interest only which I don't think you can get these days (we have money put aside from pension lump sum to pay it off). We have done the sums on "money coming in v increase when rate goes up" and are still in a decent place. That said, if you have the opportunity of a good fix, that may be a better shout for budgeting etc. p.s. when I was younger, interest rates were about 8.5%🫣🫣 Very similar to Leith Green but we took our original mortgage on in '97 on endowment basis but changed in '02 to Cap & Int. We got a deal from Abbey National (Santander) of Base + 1.00%...........plus, we only took on a £45k mortgage so we've been paying peanuts for 20 years and only 2 payments to go. I'd imagine you're in a different situation ............ 1 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 7, 2022 Share Posted June 7, 2022 Very similar to Leith Green but we took our original mortgage on in '97 on endowment basis but changed in '02 to Cap & Int. We got a deal from Abbey National (Santander) of Base + 1.00%...........plus, we only took on a £45k mortgage so we've been paying peanuts for 20 years and only 2 payments to go. I'd imagine you're in a different situation ............We only borrowed 85K. Which is very little by today's standards! I'll have 14 years and £63k left by the end of this year. We're paying off Cap & Int. If I can stick to making that overpayment I can take 7 years off it according to moneysupermarket's website, so that's the reason I think I'll need to go variable, so I can overpay more than 10% per annum. Ours is 3.99% just now but I expect that will rise regardless of what plan we take out next. A mortgage advisor will likely be a go to nearer the time. 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted June 7, 2022 Share Posted June 7, 2022 4 minutes ago, 19QOS19 said: We only borrowed 85K. Which is very little by today's standards! I'll have 14 years and £63k left by the end of this year. We're paying off Cap & Int. If I can stick to making that overpayment I can take 7 years off it according to moneysupermarket's website, so that's the reason I think I'll need to go variable, so I can overpay more than 10% per annum. Ours is 3.99% just now but I expect that will rise regardless of what plan we take out next. A mortgage advisor will likely be a go to nearer the time. Definately speak to an advisor. Christ knows what will happen to interest rates over the next 3-5 years........... 1 Quote Link to comment Share on other sites More sharing options...
broon-loon Posted June 7, 2022 Share Posted June 7, 2022 On 04/06/2022 at 14:59, Dundee Hibernian said: Reputed to be the smallest pub in Scotland (by some) Scotland's or the Railway Tavern in Kincardine. . Is it still open? OK, here goes... This establishment was once known as The Drover's Inn (Drover's). Apparently there are still beds at the back where the Drovers slept when moving livestock across the Forth? Mother in Law also recalls being sent there many times as a kid with a jug to get beer for her Grandad. It has also been named The Railway Tavern for a spell. Mother in Law reckons it's still open. But yes, it's Jimmy Scotland's. 1 Quote Link to comment Share on other sites More sharing options...
Dundee Hibernian Posted June 7, 2022 Share Posted June 7, 2022 3 hours ago, broon-loon said: OK, here goes... This establishment was once known as The Drover's Inn (Drover's). Apparently there are still beds at the back where the Drovers slept when moving livestock across the Forth? Mother in Law also recalls being sent there many times as a kid with a jug to get beer for her Grandad. It has also been named The Railway Tavern for a spell. Mother in Law reckons it's still open. But yes, it's Jimmy Scotland's. It appears it is still open, locally called the Railway, previously the Ferry Inn. Sporadic opening hours, some old bus seats, the three seaters, used in the lounge which seats six. Thank you for the 'Drovers' information, it makes sense given the locality: the drovers would be bringing livestock to the Trysts in Stirlingshire. 0 Quote Link to comment Share on other sites More sharing options...
Left Back Posted June 8, 2022 Share Posted June 8, 2022 13 hours ago, Leith Green said: .......or, save it somewhere (ISA perhaps?) and offset against the capital at a point in the future. Not sure if they still offer "offset mortgages" where you can pile in a bit more cash as and when and you are not limited to the 10%. Speak to a mortgage adviser, they may have better ideas. Offset mortgages are still a thing, not usually with overpayment facility though but you can work it the same. We have an offset we put money into each month. We then aren’t paying mortgage interest on that. Every two years when we re-fix we bring the capital down using some of the money in the offset so reduce our monthly payment. It’s basically overpaying and you aren’t limited to how much you can overpay. 1 Quote Link to comment Share on other sites More sharing options...
Left Back Posted June 8, 2022 Share Posted June 8, 2022 12 hours ago, 19QOS19 said: We only borrowed 85K. Which is very little by today's standards! I'll have 14 years and £63k left by the end of this year. We're paying off Cap & Int. If I can stick to making that overpayment I can take 7 years off it according to moneysupermarket's website, so that's the reason I think I'll need to go variable, so I can overpay more than 10% per annum. Ours is 3.99% just now but I expect that will rise regardless of what plan we take out next. A mortgage advisor will likely be a go to nearer the time. You can fix for a lot less than that. We fixed earlier this year (with offset) at about 1.6. Rates have gone up slightly since then though. 0 Quote Link to comment Share on other sites More sharing options...
19QOS19 Posted June 8, 2022 Share Posted June 8, 2022 You can fix for a lot less than that. We fixed earlier this year (with offset) at about 1.6. Rates have gone up slightly since then though.Aye absolutely mental seeing how low some of the fixed rates are/were recently. And I thought 3.99% was decent! As I say though, it's not so much that that I'm bothered about. I'm more concerned about wanting to get it paid off much earlier than the 14 years we have left. If we took that extra loan money and put it in our accounts we'd no doubt waste it on shit we dont need. Far better for us to put it away to help get the mortgage cleared sooner. 0 Quote Link to comment Share on other sites More sharing options...
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