Mortgage Rate Rises

[Sythe79]

"mortgage rate rises"
"fence boundary issues rises"

hey, every inch is getting more and more expensive every day

 

[a1ex2001]

I doubt many people do. We have been looking for months on the back burner but since we have been looking, rates haven't got any worse and were always likely to get better if anything.

Its just shocking how much they get away with charging you when you fall onto their SVR.

It’s funny (read absolutely ridiculous) that there SVR for loans is well above the base rate and the equivalent rate for deposits is as close to zero as they can get away with!

 

[shredgodxp]

It’s funny (read absolutely ridiculous) that there SVR for loans is well above the base rate and the equivalent rate for deposits is as close to zero as they can get away with!

Just like everything now - doing everything they can to maximise shareholder returns (massively increase profits) at the expense of joe public.

 

[a1ex2001]

Just like everything now - doing everything they can to maximise shareholder returns (massively increase profits) at the expense of joe public.

There should be some sort of link bettween the interest they pay and the interest they charge and they should definitely be stopped from letting legacy accounts rot on paltry interest rates it’s so annoying having to basically move my ISA every year to stop the rate falling through the floor!

 

[Mercenary Keyboard Warrior]

SVR has always been, like forever about 3% above base rate. (it varies slightly by lender)

 

[MikeTheNative]

I'm pretty sure if you get a new deal 6 months before your original is meant to end and the bank's rates go lower in the 6 months after they will honour that lower rate.

 

[SaBBz]

I'm pretty sure if you get a new deal 6 months before your original is meant to end and the bank's rates go lower in the 6 months after they will honour that lower rate.

They have to if they’ve signed up to the mortgage charter.

 

[reef]

I'm pretty sure if you get a new deal 6 months before your original is meant to end and the bank's rates go lower in the 6 months after they will honour that lower rate.

They do. I reserved a 10 year fix at 4.99% in July and have just switched to a 5 year fix at 4.74% free of charge.

 

[jaybee]

I'm pretty sure if you get a new deal 6 months before your original is meant to end and the bank's rates go lower in the 6 months after they will honour that lower rate.

Can you define "the bank" please?

 

[Kill_Phil]

Can you define "the bank" please?

The mortgage provider

https://www.moneysavingexpert.com/mortgages/getting-ready-remortgage/

 

[Deleted User 298457]

I'm pretty sure if you get a new deal 6 months before your original is meant to end and the bank's rates go lower in the 6 months after they will honour that lower rate.

Yeah I've done this twice already and my mortgage is due April 1st.

 

[unwashed potato!]

My mortgage renewed today but I'm lost jowbit works. We still have it with the old provider (santander), and at some point it'll switch to HSBC, but the date is unknown. What rate will I currently be on? Given santander has run out, but we aren't paying HSBC yet. I'm told not to cancel any payments to our old provider as we may have another month until it's fully switched.

 

[Mercenary Keyboard Warrior]

My mortgage renewed today but I'm lost jowbit works. We still have it with the old provider (santander), and at some point it'll switch to HSBC, but the date is unknown. What rate will I currently be on? Given santander has run out, but we aren't paying HSBC yet. I'm told not to cancel any payments to our old provider as we may have another month until it's fully switched.

You will be on SVR which is likely to be about 8%

 

[unwashed potato!]

You will be on SVR which is likely to be about 8%

Why?

 

[Mercenary Keyboard Warrior]

Why?

Well you said given santander has run out which I assume means your deal has ended
SVR means standard variable rate, its the default

 

[unwashed potato!]

Well you said given santander has run out which I assume means your deal has ended

yeah and 5 months ago we agreed a deal with hsbc to replace it.

it's this inbetween period i don't understand.

 

[Mercenary Keyboard Warrior]

yeah and 5 months ago we agreed a deal with hsbc to replace it.

it's this inbetween period i don't understand.

What to understand

You have currently a mortgage with Santander, you have no deal with Santander, in those circumstances they charge SVR

 

[unwashed potato!]

What to understand

You have currently a mortgage with Santander, you have no deal with Santander, in those circumstances they charge SVR

but i do have a deal with HSBC, what makes no sense is why these things are insta swapped the day you agree them for. it was for 01/12 santander ends and HSBC takes over, however payments may still be made to Santander.

how do I understand that?

 

[EvilRob]

but i do have a deal with HSBC, what makes no sense is why these things are insta swapped the day you agree them for. it was for 01/12 santander ends and HSBC takes over, however payments may still be made to Santander.

how do I understand that?

What's the end date of your fixed rate with Santander?
What's the completion date for your HSBC mortgage?

If they are not the same date, you will pay Santander SVR for the interim. If they are the same date and you double/over pay, you will get automatically refunded after completion.

Even if you have agreed your new mortgage long ago, it can be like pulling teeth to get the free ****** conveyancers they use to line it up properly. I've had to make complaints and get compensation before when I had clearly asked to complete on x date and chased for any actions needed and it still didn't happen.

 

[unwashed potato!]

What's the end date of your fixed rate with Santander?
What's the completion date for your HSBC mortgage?

01/12 both