Nope - it's 0.5% over, so at 1%.
The mortgage was originally taken out in 2001, tho' - so I've been sat on it a while. Started out as a stepped discount over the first 4 years (3%, 2%, 1%, 0.5%) then they automatically shifted it onto their lifetime, 0.5%-over-base rate tracker after 4 years.
Was paying £800 a month back then - I'm paying £550 a month now!
It's with Alliance & Leicester, who are part of Santander, so they can afford it!
I was actually looking into shifting it just a year or so before rates started dropping through the floor, so thankfully my apathy actually worked to my advantage this time!
The only problem is that with the recent arrival of my 2nd child, the house we're in is way too small, and if we're looking to move to a bigger place, I'm not sure how willing they'll be to let me keep the current arrangement (obviously taking out a different arrangement for the extra), or whether they'll force me to re-mortgage the whole lot.......
I'm thinking now is the time to take out a term-lenght (20-30 year) fixed mortgage. Is anybody doing these at the moment?