mortgage rate increase whats my payments?

[bubblebobble]

Hi,

just received a letter stating that my variable rate mortgage is going to increase from 4.99 to 5.24%.
what kind of repayment should we expect at that rate ?

currently paying 681PM for a 109k loan repayment.

thanks

D

[randlemarcus]

BBC mortgage calculator says £697 odd.

Mind you, to get your £681 payment @4.99% the loan was 112900 over 24 years, so I may be out

[therams]

musclecarmad said:

yeah not much mate, don't worry.

it's only a small mortgage that.

its only £712 if it goes up another .5% to 5.5%

22 years left on your mortgage

Edited by musclecarmad on Saturday 16th October 18:56

just out of interest, what is considered to be a large mortgage? 200k? 300k?


i know one mans 50k is another mans 500k but interested to see what is considered large

[MrCippo]

is that something from your mortgage provider or coming through the bank of england scheme ?

[bubblebobble]

Thanks for the replies chaps.
To the first poster,you are quite correct the loan was around 120k, we put down two thirds deposit from a previous house sale.
I fixed a rate just before all the credit troubles, this was unfortunate as we opted to pay a higher rate to offset the charges. The rates then dropped; at that time we paid 850; we came out of the fixed rate to be greeted with the 680ish figure.
Just wanted to check we were not in for any surprises.
We are actually in the process of looking to remortgage as our bank is in administration, if anyone here works in the industry then Iam willing to listen to advice.
D