My mums fixed rate is due up in September, it was fixed in 2008 at 6.58%. My dad fixed it back then but died a year later meaning my mum had too and still is paying £1183 per month. Luckily he left enough to make the payments each month and she has not missed a payment since she started paying in Feb 2009 after a 6 month payment holiday after dads death. The yearly statement from Nationwide arrived today and said that she could (in September) move to a base rate of 2% above the boe rate which am I right in thinking would be 2.5%? If it stays at 0.5% that is.
If so what would the new monthly payments be? The balance is £102,000 and there are 8 years and 9 months left to go. My dad borrowed £125,000 in total in September 2008. He died July 2009.
Please ask if I have missed anything you might need to make a calculation.
We would like to know what the future payments may be when the fixed rate runs out.
If it makes any difference my mum is 63 this year, believe it or not dad was also 63 when Nationwide gave him £125,000 to remortgage. He was a self employed taxi driver earning £300-400 a week, he could not afford it but they lent him anyway.
Many thanks.
If so what would the new monthly payments be? The balance is £102,000 and there are 8 years and 9 months left to go. My dad borrowed £125,000 in total in September 2008. He died July 2009.
Please ask if I have missed anything you might need to make a calculation.
We would like to know what the future payments may be when the fixed rate runs out.
If it makes any difference my mum is 63 this year, believe it or not dad was also 63 when Nationwide gave him £125,000 to remortgage. He was a self employed taxi driver earning £300-400 a week, he could not afford it but they lent him anyway.
Many thanks.