Mortgage Interest Rates - Loan Interest Rates

Question

I have a variable mortgage loan the intrest rate for it now is 6.45% it will go up Oct. 2006. It can go up by 2% points depending on how much the interest has gone up sense I got the loan, 2% maximum, for now. last year the interest rate was 5.7%, now it is 6.4 % this is what Greenspan has raised it too and this is what my intrest rate is attachec to. I do not know how to figure out or find on the internet how much constitutes 1% rate. Can some one please explain to me how much the intrest rate has gone up in the above, 5.7% to 6.4%.

Thank you so much for your time.

Craig Weaver

Mister Micawber · Accepted Answer

How about looking for a Financial Advice forum site, Anon. This is an English forum, and what you have posted is barely English.

My2sense · Answer

Mister MicawberHow about looking for a Financial Advice forum site, Anon. This is an English forum, and what you have posted is barely English.

Is there really a need to be so "mean" dude.... it's enough to simply tell the guy that this is not the forum for him to use. How does this reflect on those learning the language?

Be cool next time!

Mister Micawber · Answer

One of the perks of gurudom, My2sense-- and there are precious few.

Anonymous · Answer

Variable Interest Rates

Variable rates are currently around 7.0% and are expected to stay near that level for the rest of the year. Variable rates may be discounted for a fixed period. This means that for a fixed period, you will pay interest on your mortgage at a lower level than the standard variable rate.

Example:
Assume the Standard Variable rate is 7.00% and the Discount rate is 2.50%. To work out the Discounted Variable rate (i.e. the rate you will pay), simply subtract the Discount rate from the Variable rate, in this case 7.00 minus 2.50, giving a discounted rate of 4.50%

Lenders will give discounted rates to First Time Buyers. They may also give you this preferred rate if you transfer you mortgage to them, or for existing customers who are moving home again. The rate may also vary depending on the size of your mortgage (the higher the mortgage, the higher the discount rate).

It is very important to remember that the discounted rate only lasts for a fixed period (often 12 months). After that period, the lender's Standard Variable rate will apply. Always check to see how long the discount rate .

Anonymous · Answer

0 hi,02br
02br
00 I may sell the house with in a year or two.At this moment i don't want to tie up with early payment fees.I understand life time tracker is only the option in my knowledge.Can you help to choose which one is good for my circumstances and which lender giving good deal at present. 0-

Anonymous · Answer

The monthly payment fluctuates in line with the lender's mortgage rate. This can cause budgeting problems in times of increasing interest rates. Some lenders offer an annual review so that the amount you pay only changes once a year with the difference adjusting your outstanding mortgage. Lenders may also offer a version where your monthly payment fluctuates in line with the Bank of England Base Rate, often referred to as a 'Base Rate Tracker'
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samflutch

Anonymous · Answer

yeh i agree go to other sites

Mortgage Interest Rates - Loan Interest Rates

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