Still seems a hassle and our family life really doesn't need any added hassle. I had hoped remortgaging was as easy as it is when you stay with the same provider, I had no idea it's a similar process to the first application.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Depends if £500 over 2 years is worth the hassle to you or not, it is, after all, equivalent to an extra month of your mortgage payment, to put it into context
How much will remortgaging cost?
How much will it cost you to move to a new mortgage deal? This Money Saving Expert guide lists the costs you face - remortgage fees, solicitor costs & more
4. Conveyancing fee
Legal work is required to remove the original lender's interest from the property and register the new lender.The good news is that many remortgages include a free legal package. The only downside is that the lender will select the solicitor and chances are it is paying the bare minimum so don't expect a high-speed service.
And do remember when remortgaging:
- If you're adding/removing a partner to/from the mortgage, you need to tell your solicitor this. There's additional work involved and it won't be included in any free legal package, so you need to get a quote from the solicitor. If you don't tell them upfront, it could cause delays later if this doesn't come to light until you're completing.
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I can't find the video now but stumbled upon one reacting to the Rachel Reeves statement where some guy is saying basically labour are just going to cause interest rates to continue to rise over the next few years, or at best, keep them about where they are now.
It's pretty hard to predict tbh.
I can see the below deals available to me with my LTV of 67%:
4.06% 5 year with £999 fee
4.22% 2 year with £999 fee
Our balance is over 300K. I'm leaning towards 2 as the product fee is less of an impact due to our large balance plus we might get to below 60% LTV over 2 years with over payments. But then so what if rates go up to 5% anyway. Meh.
It's pretty hard to predict tbh.
I can see the below deals available to me with my LTV of 67%:
4.06% 5 year with £999 fee
4.22% 2 year with £999 fee
Our balance is over 300K. I'm leaning towards 2 as the product fee is less of an impact due to our large balance plus we might get to below 60% LTV over 2 years with over payments. But then so what if rates go up to 5% anyway. Meh.
So generally as your balance increases the fee based products become better.
I'm at 67k now and plan on overpaying by at least 5k this year and hopefully the max 10% next year.
Caporegime
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I think I'd take the 5 year fix personally. No expert but the current uncertainty and looming economic downturn in the US is likely to hit here too.
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that was my view too, new fix starting in July.
So NatWest says it pays for the valuation and legal fees.
So other than applying for the Mortgage in principle and then the full application, few documents to send off. So they take care of the legal stuff or do they just refund me and I have to sort it?
So other than applying for the Mortgage in principle and then the full application, few documents to send off. So they take care of the legal stuff or do they just refund me and I have to sort it?
I get the thinking and who knows how it'll go but the last downturns have lead to banks lowering rates to stimulate things right?
you might as well book an appointment and discuss this with them?
a mortgage appointment is free and will clear up any queries
Yeah. Surely any talk of things "getting worse" is likely to mean rate DROPS to stimulate the economy.
That depends on inflation. Unlike the more recent economic recessions this time stagflation looks more likely and large drops in the base rate seem unlikely in that scenario.
This time last year, you had people predicting we would be well into the 3% range by now, even the markets had bigger drops priced in to offers. I don't think anybody knows with any certainty where the market is heading over the next few years.
At what LTV?
No point people saying in here "such and such are doing x%" unless they also say the LTV.
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I don't know, we gone from pretty mental all year last year this year been quieter.
Our rates are awful at the moment.
There is a theory that a lot of people went into 5 year fixes during COVID who cannot afford to fix on a new rate, but I dunno.....
I'm also seeing cracks where a never used to, usually if you get portfolio landlords with say 10+ properties basically don't have to look at them, but recently I've seen a few of them looking like they are starting to struggle.
Yeah who would have been daft enough to do that. *side eye meme*