Mortgage after ILR

Got my ILR recently and our mortgage is up for renewal after two years.  Our mortgage payment is going to drop by £500 a month!!  Good interest rate now for the win!

Congratulations, if you weren’t expecting it then what a brilliant surprise.

I didn't allow myself to believe it would make much difference.   

I would be tempted to keep paying that £500 a month anyway if you can afford it. Saves a bunch of money in the long run if you can get that total debt down faster. I hate being in debt......

I would be tempted to keep paying that £500 a month anyway if you can afford it. Saves a bunch of money in the long run if you can get that total debt down faster. I hate being in debt......

Absolutely.  We always over pay.  As a result, we just about own our rental property free and clear (not a cheap place either).

I also hate debt.  I don't care if it's "good debt".  It's still debt!

Absolutely.  We always over pay.  As a result, we just about own our rental property free and clear (not a cheap place either).

I also hate debt.  I don't care if it's "good debt".  It's still debt!

Speaking of hating debt, and not to hijack yet another thread, but I logged into my (US) credit card account the other day to check that things are what they should be, and my credit rating has gone down a LOT!  I was looking at ~820 just a few months ago, and now it's on 795.  They say paying off debt won't affect your credit score, but it does!  I'm angry, because I worked hard to achieve that 820.

I'm gonna have to start developing my UK credit, I think.

Speaking of hating debt, and not to hijack yet another thread, but I logged into my (US) credit card account the other day to check that things are what they should be, and my credit rating has gone down a LOT!  I was looking at ~820 just a few months ago, and now it's on 795.  They say paying off debt won't affect your credit score, but it does!  I'm angry, because I worked hard to achieve that 820.

I'm gonna have to start developing my UK credit, I think.

I'm in the same boat. I've worked my tail end off at 18 to start building credit and have great credit there. But I've seen it slip slightly this past year

Could it be that the credit scores in the US are going down because the credit is not being used? I like to use my US cards every now and again just to keep things ticking over!

Hmmm. Wonder what mine is like these days.

The good thing is we hope to pay cash if we move to the USA.

Our mortgage on our rental will be less than £250 a month!  Woohoo!

Did your mortgage rate go down BECAUSE you got ILR?

Did your mortgage rate go down BECAUSE you got ILR?

I can't speak for anyone else, but I managed to get a mortgage when my visa was due to expire relatively soon.  As a consequence, it was at a much higher interest rate.

Now that my status is indefinite, I can get mortgages with a much lower rate.

Did your mortgage rate go down BECAUSE you got ILR?

Yes.  A much lower interest rate after you are “free from immigration control”.