|
I renewed my mortgage on my house in Scotland 3 months before shit hit the fan, I got a tracker mortgage at 0.3% above the base rate, ever since late 2008 I have been paying only 0.8% interest on my mortgage. Just from interest alone my mortgage dropped more than $400 per month as the Banks reduced the rate. They call me every 3 months trying to trick me into changing my mortgage by offering me a cash lump sum or a vacation or some other crap, the sales guy gets all pissed off when I do the math back to him to show how ridiculously stupid it would be for me to change it, they usually end the call very quickly. I must admit, I look forward to the calls, it brightens my day to know how desperate they sound to get me off this mortgage, even better is it's a lifetime tracker, I can end it anytime with 2 months interest payment ( which is about $100 right now lol) but they can't do shit about it to get me off it. My broker really hooked me up on that one.
I can only imagine some other people who don't take time to think it over and maybe jump for the cash lump sum then end up being screwed long term with paying back double or even triple whatever cash lump sum they got.
|