Mortgage Question (1 Viewer)

Wyken Sky Blue · Sep 30, 2022

Just bought a house and managed to get a five year fixed rate with Santander at 2.79%. It won't be my forever home so nearly went for a two year deal, glad I didn't in the end!

I guess during a 25 year term most if not all of us are going to have some turbulence? People keep mentioning the early 90s when interest rates went up to circa 18%, but house prices and affordability means testing was different back then

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shmmeee · Sep 30, 2022

One good thing is it’ll finally shut up all the boomers and their “house prices? Bah! Check muh interest rates!” Nonsense

Deleted member 5849 · Sep 30, 2022

skyblue1991 said:
Just bought a house and managed to get a five year fixed rate with Santander at 2.79%. It won't be my forever home so nearly went for a two year deal, glad I didn't in the end!

I guess during a 25 year term most if not all of us are going to have some turbulence? People keep mentioning the early 90s when interest rates went up to circa 18%, but house prices and affordability means testing was different back then

Sent from my Pixel 6 using Tapatalk

Turbulance is also easier to absorb as your debt comes down thanks to repayment and also inflation making it relatively less. It's the early years that are the challenge.

shmmeee · Sep 30, 2022

Sorry lads this is all my fault.

First time I bought was 2007, second house post divorce just last year.

I promise to rent from here on out.

wingy · Sep 30, 2022

skyblue1991 said:
Just bought a house and managed to get a five year fixed rate with Santander at 2.79%. It won't be my forever home so nearly went for a two year deal, glad I didn't in the end!

I guess during a 25 year term most if not all of us are going to have some turbulence? People keep mentioning the early 90s when interest rates went up to circa 18%, but house prices and affordability means testing was different back then

Sent from my Pixel 6 using Tapatalk

That's a very good deal .
In the nineties when selling during the after effects the purchaser's mortgage/bank would only front 75% of the asking price .
Knocking around 30k off what it was marketed at, luckily the one we went for for had dropped 40% as it had been on the market for a considerable time.

Deleted member 5849 · Sep 30, 2022

Still unsure whether to proceed myself... the gamble would be to sell and move into rented accomodation, then have the capital to swoop if prices crash a bit.

jimmyhillsfanclub · Sep 30, 2022

Deleted member 5849 said:
Still unsure whether to proceed myself... the gamble would be to sell and move into rented accomodation, then have the capital to swoop if prices crash a bit.

Dont do that.

Deleted member 5849 · Sep 30, 2022

jimmyhillsfanclub said:
Dont do that.

As I said, gamble In a general sense, it's more whether to sit tight for a bit as it all sorts itself out!

wingy · Sep 30, 2022

Deleted member 5849 said:
As I said, gamble

Ah that old chestnut "Going for growth ".

Sky Blue Pete · Sep 30, 2022

ovduk78 said:
You need to speak to a broker ASAP as I think you can exit your current deal when it has 6 months remaining & the way things are going it could be even worse in April.

You wouldn’t avoid redemption on n penalties

Nick · Sep 30, 2022

Deleted member 5849 said:
Still unsure whether to proceed myself... the gamble would be to sell and move into rented accomodation, then have the capital to swoop if prices crash a bit.

Or wait for a repo.....

ovduk78 · Sep 30, 2022

Sky Blue Pete said:
You wouldn’t avoid redemption on n penalties

I'm not sure but the hope is that the potential savings on getting a better rate now will outweigh any penalty. A mortgage broker will advise on this if you can get one as I would imagine that they are quite busy.

Sky Blue Pete · Sep 30, 2022

ovduk78 said:
I'm not sure but the hope is that the potential savings on getting a better rate now will outweigh any penalty. A mortgage broker will advise on this if you can get one as I would imagine that they are quite busy.

Yeah sure I agree

Mr Panda · Sep 30, 2022

Started the remortgage process 6 months early and locked in at 1.41% for 5 years, felt great at the time and a little smug about getting in there before the BoE raised the base rate...but now 5 years feels like nothing given the shit show we're in.

Going to overpay as much as I can whilst I can, assuming I'll probably not get that low a percentage in 2027

CCFCWilson · Sep 30, 2022

Mr Panda said:
Started the remortgage process 6 months early and locked in at 1.41% for 5 years, felt great at the time and a little smug about getting in there before the BoE raised the base rate...but now 5 years feels like nothing given the shit show we're in.

Going to overpay as much as I can whilst I can, assuming I'll probably not get that low a percentage in 2027

Hi Mr Panda. What are your thoughts on Adam allegedly cheating on Paige. He’s flew off to Bali now without her. Also the Ferne and Sam drama keeps getting worse

Sky Blue Pete · Sep 30, 2022

Mr Panda said:
Started the remortgage process 6 months early and locked in at 1.41% for 5 years, felt great at the time and a little smug about getting in there before the BoE raised the base rate...but now 5 years feels like nothing given the shit show we're in.

Going to overpay as much as I can whilst I can, assuming I'll probably not get that low a percentage in 2027

Without a crystal ball or being mates with the chancellor financial activity is competent guesswork

robbiekeane · Sep 30, 2022

Mr Panda said:
Started the remortgage process 6 months early and locked in at 1.41% for 5 years, felt great at the time and a little smug about getting in there before the BoE raised the base rate...but now 5 years feels like nothing given the shit show we're in.

Going to overpay as much as I can whilst I can, assuming I'll probably not get that low a percentage in 2027

That’s fantastic. I wish I’d have went for 5 years, I got something similar at 3 years

SkyBlueScottie · Oct 1, 2022

Mr Panda said:
Started the remortgage process 6 months early and locked in at 1.41% for 5 years, felt great at the time and a little smug about getting in there before the BoE raised the base rate...but now 5 years feels like nothing given the shit show we're in.

Going to overpay as much as I can whilst I can, assuming I'll probably not get that low a percentage in 2027

I've just locked in for 5 years, at 4% though, was a few months too late! However I was on the SVR so its about £50 cheaper per month. It seems the "experts" are predicting this too last for about 3 years, so fingers crossed. However within that they are probably hedging bets on a change in govt / policy.

wingy · Oct 1, 2022

SkyBlueScottie said:
I've just locked in for 5 years, at 4% though, was a few months too late! However I was on the SVR so its about £50 cheaper per month. It seems the "experts" are predicting this too last for about 3 years, so fingers crossed. However within that they are probably hedging bets on a change in govt / policy.

Can't be certain but have feeling we had a 5% fixed 5yr in 92-3 and from memory we were back above the variable rate 2-3 years in .

OffenhamSkyBlue · Oct 1, 2022

shmmeee said:
Sorry lads this is all my fault.

First time I bought was 2007, second house post divorce just last year.

I promise to rent from here on out.

Don't do that Shmmeee - your rent will still go up if the landlord's mortgage increases (and even if it doesn't), and you will no assets to show for shelling out the dosh. Always mortgage if you can

shmmeee · Oct 1, 2022

OffenhamSkyBlue said:
Don't do that Shmmeee - your rent will still go up if the landlord's mortgage increases (and even if it doesn't), and you will no assets to show for shelling out the dosh. Always mortgage if you can

Don’t worry, if I really had the power to crash the financial system at will I could think of much better ways to use it.

Mr Panda · Oct 1, 2022

CCFCWilson said:
Hi Mr Panda. What are your thoughts on Adam allegedly cheating on Paige. He’s flew off to Bali now without her. Also the Ferne and Sam drama keeps getting worse

I saw the video of Adam with that blonde girl on the socials and I have to admit I was dismayed. Paige deserves better

stay_up_skyblues · Oct 5, 2022

Average rate just under 7% as of today we bought our first house in July but only thanks to a family member “gifting” (I’ve paid him back, don’t tell the bank) the rest of our deposit to get the ideal house that came up. Otherwise we were aiming to have completed on somewhere by Christmas. We’d be somewhere a lot smaller at that rate, if we got accepted at all.

oldfiver · Oct 5, 2022

SAJ said:
Let’s hope we don’t go back to the 1980’s rates then 15% mortgages will make yours eyes water.

Mine went from 4.5% to 16%. I had to strike a deal to roll up some of the increase. Still paying it off!

Astute · Oct 5, 2022

skyblue1991 said:
Just bought a house and managed to get a five year fixed rate with Santander at 2.79%. It won't be my forever home so nearly went for a two year deal, glad I didn't in the end!

I guess during a 25 year term most if not all of us are going to have some turbulence? People keep mentioning the early 90s when interest rates went up to circa 18%, but house prices and affordability means testing was different back then

Sent from my Pixel 6 using Tapatalk

Long term fixed rates when the rate is low is always the best way. If you need to move you shouldn't have to pay any redemption fee as long as the amount you borrow doesn't go down for your next property and you stay with your current lender.

robbiekeane · Oct 6, 2022

Astute said:
Long term fixed rates when the rate is low is always the best way. If you need to move you shouldn't have to pay any redemption fee as long as the amount you borrow doesn't go down for your next property and you stay with your current lender.

I renewed early and for 3 years at 1.39% in January 2022 because it was basically free money. I wish I’d have fixed for 5 years

Nick · Mar 16, 2023

Bump

Gone from 2.5% up to 6% now that the fixed term has run out.

Do I want a couple of months and try for lower rates or remortgage ASAP?

Any recommendations for brokers?

Deleted member 5849 · Mar 16, 2023

Nick said:
Any recommendations for brokers?

I'll second that, if anybody knows of good ones!

fernandopartridge · Mar 16, 2023

Nick said:
Bump

Gone from 2.5% up to 6% now that the fixed term has run out.

Do I want a couple of months and try for lower rates or remortgage ASAP?

Any recommendations for brokers?

I renewed mine recently, did speak to a broker who suggested that things were getting a bit better and better fixed deals were coming into the market. I managed to renew and get 3.95% fixed for a couple of years (was 2.6% prior), it's a decent bit extra per month but gives the opportunity to get out when the rates improve again which they are expected to.

Didn't actually go with a deal the broker offered as found when I logged on to a Principality that the deal available online was better than in their letter and better than any my broker found.

oldfiver · Mar 16, 2023

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Nick · Mar 16, 2023

Just spoken to somebody who's getting some offers. Although to fix for 3 years now my monthly payment will be the pretty much the same as svr now my fixed period is over. (Keeping the same term etc)

Just depends if svr is going to keep going up...

Deleted member 5849 · Mar 16, 2023

Nick said:
Just spoken to somebody who's getting some offers. Although to fix for 3 years now my monthly payment will be the pretty much the same as svr now my fixed period is over. (Keeping the same term etc)

Just depends if svr is going to keep going up...

I'd tend to head for fix regardless, in that you know what you're paying each month then, and can budget around that. The financial runes suggest choppy waters for another year or so, so if you were a gambling man you'd bet on them coming down after that and it balancing out, or even you end up in profit.

But if it doesn't sort itself out...

Mild-Mannered Janitor · Mar 16, 2023

shepardo01 said:
Our deal - fixed rate - up in Dec...
Just had call with broker - looking at going from paying 850 to 1300 per month over a further extended period!...on the best deal WHAT THE F**K!!??

Get a new broker, that doesn’t sound a good deal unless you were on a 1% mortgage rate before.

use the money supermarket sites on your own research, agents still make money, having said that, i research myself and then use London and country to see if they can better.
most agents I’ll ask you what you want, ie 3, 5, fixed etc so if you define too much, it limits the deals and other thing to consider is how much of the available market that agent can actually look at, very few are capable of having access to 95% of products available so you are only getting the best of what they can offer.

Mild-Mannered Janitor · Mar 16, 2023

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Robinshio · Mar 16, 2023

Inflation will be 2% by the end of the year. Interest rates will then go down. Not the time for a long fix. Up to 2 years max for security

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