Mortgage Rate Rises

glenimp617

glenimp617

glenimp617

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Joined
30 Sep 2005
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of course they have

I always seem to be a year behind the crazy cheap deals. Mines up this time next year. If it was this year I could have locked in a few months ago at around 2% but heaven knows what the rates will be like in another 12 months.

Santander are closing in on 4%

anyone else needing to renew at a higher rate?
 
TheOracle said:
of course they have

I always seem to be a year behind the crazy cheap deals. Mines up this time next year. If it was this year I could have locked in a few months ago at around 2% but heaven knows what the rates will be like in another 12 months.

Santander are closing in on 4%

anyone else needing to renew at a higher rate?
Click to expand...
I will be next year I believe, wasn't possible to change it when we moved recently as we were porting it. The other half of the mortgage is a fix up until 2027 which is nice, very glad I went for the 5 instead of 2 year fix at next to no additional cost per month.
 
We've just re-mortgaged at 2.29% and this time locked it for 5 years, so hopefully we have avoided the worst of the rises, for now.
EDIT: should add, actual completion is end of August, but we initiated the remortgage in May as rates were on the rise.
 
Yikes, currently on a fix of 1.28% until May 2023, if I wanted to re-fix now for 5 years, it would be at 3.5%
 
Blimey Charlie do I feel lucky we fixed for 5 years last year on our first place. 1.24% for 5 years, phew! I think once we've finished our renovations it'll be a case of paying as much as possible before we have to remortgage.

EDIT: Just did some maths. Shouldn't have :eek: Even if we overpay £400/month now as an easy example.. If we were fixing again in 4 years at say 3.5% we'd still be paying more every month then. Eek. (And as mentioned, it'll be more than 3.5% for sure)
 
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I'm on a lifetime tracker so meh... I didn't really see the point of a 2 year or 3 year fix, the rates weren't too different anyway and you then have the extra faff of getting a new mortgage every 2 or 3 years + paying a fee etc..

The silly thing was when trying to get the mortgage in the first place you have to spend ages answering questions from an "advisor" where they ask stuff about your feelings on certainty over what you need to pay etc.. then advise you on the types of mortgage to get etc.. I already knew what type of mortgage I wanted, I just wanted a quote and for them to check I was eligible/approved for it.

If I'd gone with a fixed rate then I'd have had to renew a bunch of times and it would all be moot anyway as when rates start to go up you're out of the deal anyway and I'm not sure the tracker deals that were available are still available now.
 
We're about halfway through our 5 year fix. We got a FTB rate of just over 2%, in 2 years we should be under the 60% LTV but the amount paying back appears to be a little more than we currently pay back now if we secured a rate today.

I can't see interest rates going up much more than they are now otherwise they're going to have a lot of people who won't be able to afford the new rate once their fixed term ends.
 
Semple said:
We're about halfway through our 5 year fix. We got a FTB rate of just over 2%, in 2 years we should be under the 60% LTV but the amount paying back appears to be a little more than we currently pay back now if we secured a rate today.

I can't see interest rates going up much more than they are now otherwise they're going to have a lot of people who won't be able to afford the new rate once their fixed term ends.
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minimum 3% by the end of 2023
 
Semple said:
We're about halfway through our 5 year fix. We got a FTB rate of just over 2%, in 2 years we should be under the 60% LTV but the amount paying back appears to be a little more than we currently pay back now if we secured a rate today.

I can't see interest rates going up much more than they are now otherwise they're going to have a lot of people who won't be able to afford the new rate once their fixed term ends.
Click to expand...

Base rate will be at least double by year end.
 
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