Xela Posted September 26, 2022 Share Posted September 26, 2022 10 minutes ago, Delphinho123 said: They won’t waive the fee. It’s up front as well, not added to the mortgage. I can secure another product 6 months out (1st Dec) but the rates will have gone up again then I imagine. Problem is, anything I ‘lock in’ may then get pulled if they keep going up by May. Barclays will allow me to switch on Jan 1st to a fairly attractive rate (all things considered) but all this talk of emergency interest rate increases puts paid to everything. Rignt now, I’m really thinking the only option is a 6k early repayment to try and lock in a long term interest rate of roughly 3.1%. You can move onto a new product from your lender on 1st Dec (6 months before the end of your fix) with no penalty but before then its a £6k fee to break the fix? Thats madness 1 Link to comment Share on other sites More sharing options...
Genie Posted September 26, 2022 Share Posted September 26, 2022 It’s easy for me to say but I’d sweat it out and wait the 8 weeks. The BoE didn’t do anything drastic today so it might be just 1 meeting before the start of December. 2 max and if inflation has started to fall they might wait until the new year to do anything. Link to comment Share on other sites More sharing options...
Xela Posted September 26, 2022 Share Posted September 26, 2022 I'm in the same boat @Genie but like you say, its easy for us to say that when it's not us in the situation. It is a gamble. Even if the 8 weeks waits means the fix is an extra £50 a month, thats 10 years of payments before you match what the £6k early payment fee would be. I'd also potentially look at extending the term, if possible, to smooth out the increase. I know you end up paying more but for peace of mind... Hope you get it sorted @Delphinho123 Link to comment Share on other sites More sharing options...
Lichfield Dean Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 Our nationwide mortgage was due to expire end of Jan 2023. They have just let us fix online for 5 years (starting in Jan 2023) at 3.69%. This is only about £80 a month more than our previous mortgage. Happy with that! 2 Link to comment Share on other sites More sharing options...
sidcow Posted September 26, 2022 VT Supporter Share Posted September 26, 2022 (edited) 48 minutes ago, Delphinho123 said: They won’t waive the fee. It’s up front as well, not added to the mortgage. I can secure another product 6 months out (1st Dec) but the rates will have gone up again then I imagine. Problem is, anything I ‘lock in’ may then get pulled if they keep going up by May. Barclays will allow me to switch on Jan 1st to a fairly attractive rate (all things considered) but all this talk of emergency interest rate increases puts paid to everything. Rignt now, I’m really thinking the only option is a 6k early repayment to try and lock in a long term interest rate of roughly 3.1%. Honestly, try a mortgage broker. If you're having to pay out of the deal it's highly likely there will be better deals out there than Barclays. I used Oak Tree mortgages in Shirley when I moved house, got me a great deal. Loads cheaper than I was looking at with my existing provider. Edited September 26, 2022 by sidcow Link to comment Share on other sites More sharing options...
Delphinho123 Posted September 27, 2022 Share Posted September 27, 2022 Can anyone recommend a good mortgage broker? Link to comment Share on other sites More sharing options...
ender4 Posted September 27, 2022 Share Posted September 27, 2022 40 minutes ago, Delphinho123 said: Can anyone recommend a good mortgage broker? I hear Kwasi Kwarteng is good at all this money stuff. 1 Link to comment Share on other sites More sharing options...
sidcow Posted September 27, 2022 VT Supporter Share Posted September 27, 2022 1 hour ago, Delphinho123 said: Can anyone recommend a good mortgage broker? No, I only recommend bad ones 1 Link to comment Share on other sites More sharing options...
Rodders Posted September 27, 2022 Share Posted September 27, 2022 1 hour ago, Delphinho123 said: Can anyone recommend a good mortgage broker? L&C | The UK's Largest Fee-Free Mortgage Broker and Advisor (landc.co.uk) London and Country are one I've heard recommended a lot on another forum I use. Have no personal experience of them myself mind! Link to comment Share on other sites More sharing options...
Delphinho123 Posted September 27, 2022 Share Posted September 27, 2022 37 minutes ago, sidcow said: No, I only recommend bad ones Right now, I'd take one of them! Link to comment Share on other sites More sharing options...
sidcow Posted September 27, 2022 VT Supporter Share Posted September 27, 2022 10 minutes ago, Delphinho123 said: Right now, I'd take one of them! That's why I recommend a Mortgage broker I had used before above 1 1 Link to comment Share on other sites More sharing options...
OutByEaster? Posted September 27, 2022 Moderator Share Posted September 27, 2022 I have about a year left on my mortgage and my supplier wouldn't offer me a 'product' as with what I've got left I don't think it's worth their while. So I'm left on the standard variable rate, which seems like trouble - am I best piling money into it today to get it down as much as I can before a higher interest rate kicks in? Link to comment Share on other sites More sharing options...
blandy Posted September 27, 2022 Moderator Share Posted September 27, 2022 7 minutes ago, OutByEaster? said: am I best piling money into it today to get it down as much as I can before a higher interest rate kicks in? Yes. Mine’s paid up now, but a big reason why is overpaying. If/ when there was money left over from normal spending it pretty much all went on overpaying on the mortgage and ultimately saved a fortune, both in terms of ending the mortgage 6 years early and in terms of every overpayment bringing down the total left owed and so the interest on that smaller amount was less, so even the standard payment was essentially paying off more of the capital amount. Complete virtuous circle. 2 Link to comment Share on other sites More sharing options...
OutByEaster? Posted September 27, 2022 Moderator Share Posted September 27, 2022 22 minutes ago, blandy said: Yes. Mine’s paid up now, but a big reason why is overpaying. If/ when there was money left over from normal spending it pretty much all went on overpaying on the mortgage and ultimately saved a fortune, both in terms of ending the mortgage 6 years early and in terms of every overpayment bringing down the total left owed and so the interest on that smaller amount was less, so even the standard payment was essentially paying off more of the capital amount. Complete virtuous circle. Aye. I've made a few overpayments as I've gone on, but was quite content to just let it tick down - it's suddenly started looking like an angry little beggar though and I'm guessing squishing it now before it turns into a wee beastie is probably a good idea. 1 Link to comment Share on other sites More sharing options...
Seat68 Posted September 27, 2022 Share Posted September 27, 2022 literally just started the process of remortgage with Halifax. Overnight they withdrew a number of products with fees, thankfully this doesnt impact us. 2 Link to comment Share on other sites More sharing options...
Delphinho123 Posted September 28, 2022 Share Posted September 28, 2022 One of my family members just paid £12k to end their mortgage early and secure a new 5 year fix with Halifax. They were due to remortgage next December when it’s predicted interest rates will be close to 6%. These increases have spooked a lot of people. Folks are mortgaged up to the hilt with balances that are 4/5x their combined salary’s. Even a 1% increase in the base rate is unaffordable. Now add in the rising cost of energy, food, fuel etc. and all of a sudden you have a perfect storm to f*** a large percentage of the population. Example. Last December I was paying 930 a month for my mortgage and 150 a month for my energy. This December coming I’ll be paying 1200 for my mortgage and 400 for my energy. It’s not easy to find 450 extra a month when you have three young children. Unless something drastic happens, I can’t see a future without a huge recession, house repossessions and people struggling to afford to even eat. Am I wrong? 1 Link to comment Share on other sites More sharing options...
PieFacE Posted September 28, 2022 VT Supporter Share Posted September 28, 2022 (edited) My mortgage deal expires in March next year. Really shitty timing. Been speaking to my mortgage broker and he pretty much said there's not much I can do other than try and completely remortgage my house in November, leave the deal standing for a few months and compare the interest rate of whatever is offered in November against whatever it will be come March. But in no uncertain terms he stated to expect a massive increase in costs (shocker). He also stated that loads of people have been calling him in a panic cos they will be unable to afford their homes with an increased interest rate and general increase to cost of living, and lots are already putting their houses on the market. So will be interesting to see what happens with the housing market, i'm sure the rich will scoop up a few good deals. We're incredibly fortunate that my gf inherited a house from her grandad when he passed which she rents out, it's very very tempting to sell our current house and move in there and try and dip back into the market if it has a wobble. But with a baby, it all feels a bit too much. Edited September 28, 2022 by PieFacE Link to comment Share on other sites More sharing options...
PieFacE Posted September 28, 2022 VT Supporter Share Posted September 28, 2022 1 hour ago, Delphinho123 said: Unless something drastic happens, I can’t see a future without a huge recession, house repossessions and people struggling to afford to even eat. Am I wrong? I don't believe so but i'm no economist. I've been feeling like there has to be a huge crash somewhere ever since covid started. Feels like it's kinda happening now but for other reasons. Link to comment Share on other sites More sharing options...
Delphinho123 Posted September 28, 2022 Share Posted September 28, 2022 1 hour ago, PieFacE said: I don't believe so but i'm no economist. I've been feeling like there has to be a huge crash somewhere ever since covid started. Feels like it's kinda happening now but for other reasons. I feel like when it happens, it will be big. And it will be awful. Link to comment Share on other sites More sharing options...
Delphinho123 Posted September 28, 2022 Share Posted September 28, 2022 1 hour ago, PieFacE said: My mortgage deal expires in March next year. Really shitty timing. Been speaking to my mortgage broker and he pretty much said there's not much I can do other than try and completely remortgage my house in November, leave the deal standing for a few months and compare the interest rate of whatever is offered in November against whatever it will be come March. But in no uncertain terms he stated to expect a massive increase in costs (shocker). He also stated that loads of people have been calling him in a panic cos they will be unable to afford their homes with an increased interest rate and general increase to cost of living, and lots are already putting their houses on the market. So will be interesting to see what happens with the housing market, i'm sure the rich will scoop up a few good deals. We're incredibly fortunate that my gf inherited a house from her grandad when he passed which she rents out, it's very very tempting to sell our current house and move in there and try and dip back into the market if it has a wobble. But with a baby, it all feels a bit too much. Can you not pay to get out of your current deal and tie up a new deal this week? Who are you with? Link to comment Share on other sites More sharing options...
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