MarkO

Probably missed any threads about this yesterday, but...

Had a variable rate mortgage from 1997 right through until about 18 months ago (when rates stopped dropping). Then we bought our current house on the 13th November last year with a fixed-rate deal, the day before rates went up for the first time in about 7 years. They've increased three times (or is it four?) since then....

I have to say I'm feeling pretty smug now.

SiPie

Nothing new there then

What was your last post that I saw .... ?

or something like that...

Only joking Marko... and I'm glad that the sun is shining on some of us...and hope to finally see you in that 'Glentress over populated mecca' sometime

imlach

Git...my 2 year discount runs out next month - currently in a tizz trying to work out what to do....

Feeling is fixed rate, but should have arranged it last month or the month before - most lenders seem to keep their rate valid for 3-6 months as soon as you have paid the arrangement fee - DOH!

How is life in the Borders anyway Mark? Loving it, loving it, loving it?

MarkO

LOL @ SiPie.... yeah, I'm feeling smug for now, although if rates carry on rising it'll just be even more painful when the fixed-rate period runs out.

Might get out for a ride at Glentress, although like you say it is getting a bit over-populated now. Maybe it'll calm down when the XC route at Innerleithen officially opens later this month... if not there's a private forest across the road from my house which I intend to explore and hopefully develop the odd bit of trail if I can be arsed.

Mind you, all these supposed Glentress regulars on SN and in the 10 months I worked in the bike shop not one of you even bothered to pop in and say hello, let alone get out on the trails for a ride. So I won't be holding my breath now I'm not actually there all the time!!!

Loving life in the Borders, imlach. Best move we ever made.

the moose

Ahem!

Re the interest rates, I fixed mine at 6.5% to the end of the mortgage about three years ago. Am I feeling smug now? Just 7 more years of payments and the crumbling pile is mine, all mine, bwahahahaha.

ChrisB

I called in

imlach

Yeah, I was there too and met you there!

SiPie

Would of called in.... but the last time I was there (last Sunday...the sunny one) I was probably still waiting for my bacon roll and coffee at the Hub..... after 30mins

Ever heard of... ooops we've got just a bit to big for our own boots

Still.....good to see it bringing the punters in

MarkO

Moose - if it makes you feel any better, my mortgage started in 1998 at about 6.5%, and dropped down to something like 4.75% when we sold up down south. Our new fixed-rate is 4.29%.

SiPie - I was working that Sunday! Pffft. Not surprising the cafe was rammed though, as IIRC they were a little short-staffed....

ChrisB/Imlach, I was talking about real mountain-bikers.

Latest visitor numbers for Glentress are 250k/year.

the moose

Mortgage rate of 4.29% is great, but I took the view that I wanted a totally fixed amount to pay, which also allowed me to be flexible in terms of paying off additional capital without penalty.

So I guess I currently pay too much as an overall rate, but I think it's fair value given that the bank can't charge me any more regardless of interest rate rises, nor can they charge me additional amounts to clear off chunks as and when bonuses are earned.

SiPie

Car park must be raking it in then

MarkO

Yep. We estimate 50% of people will pay, that's still a cool half-million a year going back into the trailbuilding. So perhaps we'll see Spooky Wood without braking bumps at the end of the summer?!?

Mr Moose - that 4.29% fixed for 2 years is with no redemption penalties, and the ability to make overpayments (and, if necessary, drawn them down again) of any amount whenever I want. Top deal from Northern Rock, if you ask me.