Mortgage Rate Rises

[Mercenary Keyboard Warrior]

Problem is if 1 micro-inverter on your roof dies, you either ignore it and have less panels, or you have the pain of getting scaffold up again and replacing it, which has a cost as well.

Unless you need them I'd avoid micro-inverters on domestic personally.

Yes exactly, unless you have a heavily compromised array micro inverters will never pay back and raise the likelihood of failure significantly.

The only time I would add them is if going for an in roof panel solution which means the microinverters are able to be changed from inside.
Either cutting the membrane or I have seen some vids of them pushing them through the membrane where they overlap and fixing to roof itself (inside loft)

I was considering them for mine since I was listed as 5% shading. I can see the impact of this shading on my generation, it affects 5-10 minutes thats all. Deffo the right decision.
When I looked into it people (installers) were claiming about 5% failure rate in years 10-15. With 14 panels I would be almost certain statistically to have a failure in that time.
What do you do then when the first fails, replace them all, or just the failed one etc.

When inverters and micro inverters are responsible for the majority of solar failures then IMO keeping that as simple as possible makes most sense.

As many videos will demonstrate the benefit is very minor on a non compromised system.
Half cell, multiple bypass diodes etc have reduced most of the benefits. The benefits do still exist but they are much reduced unless big shading issues.

 

[neocon]

Fed raised their rates by 0.25%

 

[TNA]

Fed raised their rates by 0.25%

BoE will do the same.

 

[IvanDobskey]

Paid a bit more off this week. Mortgage monthly payments are no longer the largest bill. It is less than the council tax now. For another two years anyway.

 

[Felon]

Anyone here using the "property log" for Google chrome? I just came across it, and it's pretty handy as you can see how much current listings on Rightmove have been reduced by, how many times and when,

 

[tamzzy]

Anyone here using the "property log" for Google chrome? I just came across it, and it's pretty handy as you can see how much current listings on Rightmove have been reduced by, how many times and when,

yes, i did back when i was looking for my home

 

[fez]

Just stuck our mortgage into compare the meerkat and the cheapest was basically 6% with a £1000 up front fee. ******* madness.

 

[Guest2]

Mines been accepted by Santander, 5.79%
10 year term, 5 year fixed rate.

If I can overpay for 5 years (with no ERC charges, so 10% overpay a year) then I'll save 16.5k in interest!

They also allow a switch to a different deal if rates drop in the next 5 months

This would mean i'm mortgage free on this propertly by the time im 43. I have a feeling kids and wedding could scupper my plans somewhat

I will owe my dad money as he has helped this be achievable. I borrowed money, paid him back over the past 5 years and now borrowed some again.

 

[potatolord]

Slight increase in new mortgage approvals last month, which is surprising.

UK mortgage approvals rise despite surge in borrowing rates

Surprise jump in demand for home loans as borrowers ‘scramble’ to get ahead of interest rate increases

www.theguardian.com

Original data is here

Money and Credit - June 2023

Our monthly Money and Credit statistical release is made up of three parts: broad money and credit, lending to individual and lending to businesses.

www.bankofengland.co.uk

Note new purchase approvals still remains below recent average. Remortgaging is within historic average band, but has increased recently.

 

[neocon]

Mines been accepted by Santander, 5.79%
10 year term, 5 year fixed rate.

If I can overpay for 5 years (with no ERC charges, so 10% overpay a year) then I'll save 16.5k in interest!

They also allow a switch to a different deal if rates drop in the next 5 months

This would mean i'm mortgage free on this propertly by the time im 43. I have a feeling kids and wedding could scupper my plans somewhat

I will owe my dad money as he has helped this be achievable. I borrowed money, paid him back over the past 5 years and now borrowed some again.

You think the rate isn't going down in the next 5 years?

 

[jaybee]

Mines been accepted by Santander, 5.79%
10 year term, 5 year fixed rate.

If I can overpay for 5 years (with no ERC charges, so 10% overpay a year) then I'll save 16.5k in interest!

They also allow a switch to a different deal if rates drop in the next 5 months

This would mean i'm mortgage free on this propertly by the time im 43. I have a feeling kids and wedding could scupper my plans somewhat

I will owe my dad money as he has helped this be achievable. I borrowed money, paid him back over the past 5 years and now borrowed some again.

What rate 2 year fix could you have got?

 

[Guest2]

You think the rate isn't going down in the next 5 years?

You think the rate isn't going down in the next 5 years?

Re-read what I wrote "They also allow a switch to a different deal if rates drop in the next 5 months"

 

[Guest2]

What rate 2 year fix could you have got?

I didnt really look at 2 year deals as they're higher interest rates and I plan to have it paid off in 5 years (just outside of the 5 year fixed term)

6.64% I think when I looked last week

 

[fez]

Slight increase in new mortgage approvals last month, which is surprising.

UK mortgage approvals rise despite surge in borrowing rates

Surprise jump in demand for home loans as borrowers ‘scramble’ to get ahead of interest rate increases

www.theguardian.com

Original data is here

Money and Credit - June 2023

Our monthly Money and Credit statistical release is made up of three parts: broad money and credit, lending to individual and lending to businesses.

www.bankofengland.co.uk

Note new purchase approvals still remains below recent average. Remortgaging is within historic average band, but has increased recently.

I wonder how many people are worried its going to go higher and are remortgaging a little earlier to try and head it off. We will be one of these people being forced to remortgage in 5 months. Going to be painful.

 

[LiE]

You think the rate isn't going down in the next 5 years?

Personally I don't see it going down. The super low interest rates we've become accustomed to is not the normal. What we have now is a return to normal interest rates.

 

[delta0]

I wonder how many people are worried its going to go higher and are remortgaging a little earlier to try and head it off. We will be one of these people being forced to remortgage in 5 months. Going to be painful.

There was a stamp duty exemption that finished around June 2021 so could be from those renewing. I’ve noticed the fixed rates are already coming down. I’m seeing 2 year fixes with my current lender for around 5.25-5.5% with/without fees. It’s a few hundred less per month for me since I last looked. I remain hopeful for when I need to renew next year.

 

[Raymond Lin]

Personally I don't see it going down. The super low interest rates we've become accustomed to is not the normal. What we have now is a return to normal interest rates.

I think inflation at 2-3% (which is like best case and their aim), with BOE interest rate at 3-3.5% and mortgage interest rates around 4% would be the best scenario for the foreseeable future.

 

[fez]

If these predictions come to pass then house prices will have to stagnate for a while unless wages increase significantly. The economy will just collapse if no one has any disposable income and can't afford to move. We're priced out of the next move in the property ladder currently entirely due to interest rates.

A housing market built on < 2% interest rates can't stay where it is when the average rate is 5% or more for any serious amount of time.

Our mortgage payments will be about 50% higher than the last one despite having paid off about £80k of it.

 

[Guest2]

Personally I don't see it going down. The super low interest rates we've become accustomed to is not the normal. What we have now is a return to normal interest rates.

It dropped already a few weeks ago. Not by much, but it did drop.

The reason I opted for a slightly higher interest rate so I can easily switch to a deal if the rates drop in the next 5 months

 

[kevman]

The reason I opted for a slightly higher interest rate so I can easily switch to a deal if there rates drop in the next 5 months

Think its a pretty safe bet they wont drop before the end of the year