ender4 Posted August 20, 2022 Share Posted August 20, 2022 Been on standard variable rate of Base Rate +0.99% for the past 10 years. Has worked out great for me during that period, but now rates are going up doesn’t feel too good. Is it time to fix or too late now? Link to comment Share on other sites More sharing options...
Genie Posted August 20, 2022 Share Posted August 20, 2022 51 minutes ago, ender4 said: Been on standard variable rate of Base Rate +0.99% for the past 10 years. Has worked out great for me during that period, but now rates are going up doesn’t feel too good. Is it time to fix or too late now? I’d stick with the base rate +0.99% personally Link to comment Share on other sites More sharing options...
ferguson1 Posted August 20, 2022 Share Posted August 20, 2022 1 hour ago, ender4 said: Been on standard variable rate of Base Rate +0.99% for the past 10 years. Has worked out great for me during that period, but now rates are going up doesn’t feel too good. Is it time to fix or too late now? Hard to tell what’s best mate, as until today I was on Base Rate +1.49%. Been on that for six years and it’s really been good for me. We’ve decided to fix today for 5 years at 3.49% purely on the basis that we can afford that. We may lose out but we may gain if rates continue to rise? We just wanted some stability after seeing roughly £30 increases to our payments every time a rise has happened this year. I suppose it depends on what you have left to pay, the LTV you can have and what you’re comfortable paying? Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 21, 2022 Share Posted August 21, 2022 5 hours ago, ender4 said: Been on standard variable rate of Base Rate +0.99% for the past 10 years. Has worked out great for me during that period, but now rates are going up doesn’t feel too good. Is it time to fix or too late now? What’s your loan to value? Link to comment Share on other sites More sharing options...
Rob182 Posted August 21, 2022 Share Posted August 21, 2022 15 hours ago, ferguson1 said: 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. If it’s still in the stage you can cancel, I’d recommend looking at Santander or going through a ‘free’ financial advisor to check Santander. My financial advisor that I always use for remortgaging said they Santander are WAY better for rates right now, as they keep offering deals well below what others offer, but they also pull the deals regularly too. If you can be bothered, it might be worth putting a call in just for a quick chat and to see if you could save yourself in the long run. My 5 year fixed is up in April, on <2%, but we had our remortgage arranged 2 months ago at around 2.79% (Santander), and we’re going to go ahead with it in December and pay our early repayment fee for December to April. After I worked it all out, I think the small charge is outweighed by what I’m likely to save by getting this better rate locked in, as opposed to getting a new deal in April 1 Link to comment Share on other sites More sharing options...
ender4 Posted August 21, 2022 Share Posted August 21, 2022 7 hours ago, Loxstock92 said: What’s your loan to value? Below 40% now. Link to comment Share on other sites More sharing options...
Loxstock92 Posted August 21, 2022 Share Posted August 21, 2022 15 minutes ago, ender4 said: Below 40% now. Think it would be worth exploring fixed rates and see what you can get. With that LTV you could get just over 3% which if rate the base rate does go up as expected your current tracker would end up higher than any new fixed rate you would move onto quite soon. Part of it will come down to whether you think base rate will come back down in the medium term or whether any increases would be manageable. it’s a case of, Do I fix now in the hope the base rate does go up which justifies me switching, or stick where I am and hope it doesn’t go up any further which justifies not fixing. Only you know your circumstances to know what’s best for you. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted August 21, 2022 Share Posted August 21, 2022 I fixed mine 5 years when it was rock bottom as i thiught even if it drops lower how much am i actually going to save. Thank god i did Link to comment Share on other sites More sharing options...
jacketspuds Posted September 5, 2022 Share Posted September 5, 2022 Really in a pickle now. I have a split mortgage, one which runs out at the end of this year, and another that runs out in August 2024. The one that runs out this year is 80% of the total, and the other is the remainder. I wanted to align them by extending the main one for 2 years, but I'm conscious that interest rates might be worse in 2 years. So I'm another with a decision to make around 5-year or 2-year remortgage as interested rates for both are more or less the same with my current provider. Nightmare, but leaning more towards 5-year at the moment. Link to comment Share on other sites More sharing options...
ender4 Posted September 5, 2022 Share Posted September 5, 2022 Is the housing market starting to slow now? Link to comment Share on other sites More sharing options...
Stevo985 Posted September 5, 2022 VT Supporter Share Posted September 5, 2022 4 minutes ago, ender4 said: Is the housing market starting to slow now? Mortgage rates have definitely gone up. I was exploring buying a flat by me recently. I didn't in the end, but I'd looked at mortgages for it a couple of times and they were literally going up week on week. Significantly. That'll inevitably lead to a slow down. I'm feeling incredibly regretful that I didn't buy before the pandemic. We were close in the March of that year to getting a 5 bed house in Fradley. We were negotiating on the price and we were close. We ended up pulling out because of the pandemic and not being sure if our jobs were there. That house was 380-390k. That's where we were when we were negotiatiing. You wouldn't get it for 500k now I reckon. Link to comment Share on other sites More sharing options...
Genie Posted September 5, 2022 Share Posted September 5, 2022 New house builder by me has for the first time in 4 years lowered their prices. Link to comment Share on other sites More sharing options...
Genie Posted October 11, 2022 Share Posted October 11, 2022 1 Link to comment Share on other sites More sharing options...
lapal_fan Posted October 11, 2022 Share Posted October 11, 2022 The average HOUSEHOLD wage is £37k?! Christ, @Xela spent that on bog roll last Tuesday Link to comment Share on other sites More sharing options...
Delphinho123 Posted October 11, 2022 Share Posted October 11, 2022 1 hour ago, Genie said: That really is eye opening. We're heading towards a huge crisis. I fixed today for 5 years at 4.65%, up from 1.5%. It's an extra £500 a month exactly. I can afford it, just, but my god, a lot of people won't. I was lucky that Barclays allowed me to switch products without running an affordability check because nearly every other bank was failing me on affordability. How are people who are remortgaging at 6/7% going to be able to afford it when they're mortgaged up to the hilt already. Martin Lewis had it right, it's going to be a disaster. Link to comment Share on other sites More sharing options...
Xann Posted October 11, 2022 Share Posted October 11, 2022 You tow the line when you're in debt, plebs. Link to comment Share on other sites More sharing options...
mottaloo Posted October 11, 2022 Share Posted October 11, 2022 19 minutes ago, Delphinho123 said: That really is eye opening. We're heading towards a huge crisis. I fixed today for 5 years at 4.65%, up from 1.5%. It's an extra £500 a month exactly. Do you mind me asking your LTV ? Link to comment Share on other sites More sharing options...
Demitri_C Posted October 11, 2022 Share Posted October 11, 2022 There is no question we are heading to a crisis now. People are going to be absolutely **** with their mortgage repayments over the next few years Can see things getting really nasty Link to comment Share on other sites More sharing options...
ml1dch Posted October 11, 2022 Share Posted October 11, 2022 14 minutes ago, mottaloo said: Do you mind me asking your LTV ? LTV is pretty much irrelevant these days. There's no elasticity in the market, so there's basically one product, "expensive", for everyone. Nationwide for example, 60% gets you 5.89% and 90% gets 5.94%. Link to comment Share on other sites More sharing options...
MCU Posted October 11, 2022 Share Posted October 11, 2022 1 hour ago, Delphinho123 said: That really is eye opening. We're heading towards a huge crisis. I fixed today for 5 years at 4.65%, up from 1.5%. It's an extra £500 a month exactly. I can afford it, just, but my god, a lot of people won't. I was lucky that Barclays allowed me to switch products without running an affordability check because nearly every other bank was failing me on affordability. How are people who are remortgaging at 6/7% going to be able to afford it when they're mortgaged up to the hilt already. Martin Lewis had it right, it's going to be a disaster. For someone looking to first time buy early next year this is grim to read. Link to comment Share on other sites More sharing options...
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