Mandy Lifeboats Posted August 16, 2022 Share Posted August 16, 2022 I am no expert. But if you can fix now for 5 years you will look back at your decision in 5 years and think one of these 3 things. 1. I saved an absolute fortune when the rates shot up. 2. I paid about right. 3. I overpaid a small amount when the rates went down. All of those outcomes would feel OK. 4 Link to comment Share on other sites More sharing options...
Anthony Posted August 16, 2022 VT Supporter Share Posted August 16, 2022 14 minutes ago, Mandy Lifeboats said: I am no expert. But if you can fix now for 5 years you will look back at your decision in 5 years and think one of these 3 things. 1. I saved an absolute fortune when the rates shot up. 2. I paid about right. 3. I overpaid a small amount when the rates went down. All of those outcomes would feel OK. Agree. There's a fourth one: I knew that my mortgage wouldn't go up over the last five years, which meant I could make my spare money work more effectively for me, rather than keeping it in cash, "just in case" Link to comment Share on other sites More sharing options...
markavfc40 Posted August 16, 2022 Share Posted August 16, 2022 (edited) 3 hours ago, Demitri_C said: I think if it hits 6% nowdays mark alot of people would be losing or have to sell their homes. Alot of people i know took mortgages out and didnt really plan for massive interest rates. If it goes near that figure i think they would be in massive trouble I don't see mortgage rates going up to 6%. I think the standard variable mortgage rate at the moment is 3.75%. Certainly wouldn't be surprised to see that hit 5% over the next year though. When I was paying 6% in the late 90's my old man thought that was really low as back in the 80's they were as high as 15%. Edited August 16, 2022 by markavfc40 Link to comment Share on other sites More sharing options...
Genie Posted August 16, 2022 Share Posted August 16, 2022 I’m sure my first deal was about 5.5% fixed. for 2 or 3 years. Link to comment Share on other sites More sharing options...
Xela Posted August 16, 2022 Share Posted August 16, 2022 Wish the bastard savings rates would go up like the mortgage rates. 2 Link to comment Share on other sites More sharing options...
Genie Posted August 16, 2022 Share Posted August 16, 2022 5 minutes ago, Xela said: Wish the bastard savings rates would go up like the mortgage rates. Literally 5 minutes after a rate rise the emails go out to say those an a variable rate will be paying more. Hey bank, what about the savings rates? 1 Link to comment Share on other sites More sharing options...
Mandy Lifeboats Posted August 16, 2022 Share Posted August 16, 2022 (edited) 1993 - i think my first mortgage was 5.44% fixed for 5 years with a 3% reduction for one year. I can't remember if it turned out to be a good deal. But it fixed the rate at a level I could afford and the 1 year reduction let me kit out the flat. Edited August 16, 2022 by Mandy Lifeboats Incorrect date. Link to comment Share on other sites More sharing options...
wilko154 Posted August 19, 2022 Share Posted August 19, 2022 Thanks guy's very helpful! All sorted, fixed for 5 years at a slightly lower rate than I was looking at initially. A bit of consistency at least going forward. 1 Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 19, 2022 Share Posted August 19, 2022 9 hours ago, wilko154 said: Thanks guy's very helpful! All sorted, fixed for 5 years at a slightly lower rate than I was looking at initially. A bit of consistency at least going forward. What did you end up fixing at? sorry I didn’t see this earlier but I work in mortgages for a large building society. If anyone else wants to ask about mortgages I’ll do my best. 1 Link to comment Share on other sites More sharing options...
Genie Posted August 19, 2022 Share Posted August 19, 2022 19 minutes ago, Loxstock92 said: What did you end up fixing at? sorry I didn’t see this earlier but I work in mortgages for a large building society. If anyone else wants to ask about mortgages I’ll do my best. What’s a good deal these days for a 5 year fix at about 60% LTV? Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 19, 2022 Share Posted August 19, 2022 1 hour ago, Genie said: What’s a good deal these days for a 5 year fix at about 60% LTV? You’re going to be in and around 3% at the moment. Only going one way for the foreseeable. Think you might see 5% on higher LTV come middle of next year. 1 Link to comment Share on other sites More sharing options...
Genie Posted August 19, 2022 Share Posted August 19, 2022 Just now, Loxstock92 said: You’re going to be in and around 3% at the moment. Only going one way for the foreseeable. Think you might see 5% on higher LTV come middle of next year. I still have 3 years at 1.39% but gonna start overpaying what I can get to get the balance down before it needs renewing. Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 19, 2022 Share Posted August 19, 2022 16 minutes ago, Genie said: I still have 3 years at 1.39% but gonna start overpaying what I can get to get the balance down before it needs renewing. That’s what I’d do. A lot people have been paying early repayment charges to get out early over the last year which I can see is feasible in some circumstances. Pay off as much as you can whilst the rate is low. 1 Link to comment Share on other sites More sharing options...
Xela Posted August 19, 2022 Share Posted August 19, 2022 38 minutes ago, Genie said: I still have 3 years at 1.39% but gonna start overpaying what I can get to get the balance down before it needs renewing. Base rate could be 2.75% by Christmas, based on what our internal experts say. Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 19, 2022 Share Posted August 19, 2022 57 minutes ago, Xela said: Base rate could be 2.75% by Christmas, based on what our internal experts say. 2 or 3 mpc meetings left before end of year. Will defo be close to that. Link to comment Share on other sites More sharing options...
Xela Posted August 19, 2022 Share Posted August 19, 2022 4 minutes ago, Loxstock92 said: 2 or 3 mpc meetings left before end of year. Will defo be close to that. 3 I think. 0.5 increase in the next one and then 2x 0.25 (unless the situation changes rapidly!) Link to comment Share on other sites More sharing options...
wilko154 Posted August 19, 2022 Share Posted August 19, 2022 4 hours ago, Loxstock92 said: What did you end up fixing at? sorry I didn’t see this earlier but I work in mortgages for a large building society. If anyone else wants to ask about mortgages I’ll do my best. Fixed at around 3% Wish I had overpaid on my 1.58% for the last few years now, but you can't predict the future. Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 19, 2022 Share Posted August 19, 2022 18 minutes ago, wilko154 said: Fixed at around 3% Wish I had overpaid on my 1.58% for the last few years now, but you can't predict the future. Pretty decent then considering options available today. They’re just changing at such a pace it’s hard to keep up. Lost count the amount of rotations they’ve done on the products. Link to comment Share on other sites More sharing options...
ferguson1 Posted August 20, 2022 Share Posted August 20, 2022 (edited) After being on a lifetime tracker for the last 6 years, I’ve fixed today for 5 years with HSBC (existing lender) at 3.49%. I really couldn’t be bothered to hunt around for the cheapest and no product fee made it easy. My tracker had recently gone up to 3.24% in total. Another £30 extra a month. However, one more BOE increase of 0.25% and I’ll be paying what I’ve just fixed at for 5 years anyway, so peace of mind I suppose. Just wish I’d looked at this last year or earlier this year. I’ve been really slow in reacting. Edited August 20, 2022 by ferguson1 3 Link to comment Share on other sites More sharing options...
Xela Posted August 20, 2022 Share Posted August 20, 2022 3 hours ago, ferguson1 said: Just wish I’d looked at this last year or earlier this year. I’ve been really slow in reacting. Same. I was on a tracker and had the option to fix at about 1.65% earlier this year. I never did and by the time I got round to it the offer was 2.40% due to a couple of base rate rises! Still, peace of mind for a bit! 1 Link to comment Share on other sites More sharing options...
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