Caporegime
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Mortgage Rate Rises
- Thread starter glenimp617
- Start date
At least if you're 15 you know AI is a disruptive force and can focus on a trade or something.
Its the poor people at uni who went in studying something that seemed a no brainier a few years ago that is now a dead end.
Not sure it deserves it's own thread.
But does anyone (I know you guys will) know how easy it is to port a mortgage when you haven't worked for 6 months but are working now?
I don't think I will need to extend the mortgage. Do they do any of the "6 months pay slips" type stuff when porting?
But does anyone (I know you guys will) know how easy it is to port a mortgage when you haven't worked for 6 months but are working now?
I don't think I will need to extend the mortgage. Do they do any of the "6 months pay slips" type stuff when porting?
You say that but they have both finished uni although probably not in super AI vulnerable subjects.
The ‘trades’ are not all that anyway, you have to be happy to sign up to wrecking your body in 15 years time.
It was a 2 year fix and it was the June 2024 after the disastrous October budget.
It very much depends on the lender and if you are borrowing more, if you are not borrowing more they are less likely to ask.
It very much depends on the lender, unfortunately it's not possible for anyone to give you a definitive answer on here.
It's technically a new mortgage so you still go through the application process, they will need to value the house and will credit check you at a minimum.
I recently applied for a new mortgage with my wife who wasn't working but had a job lined up and there were quite a few lenders that would accept the offer letter as proof and quite a few more that only needed 1 months payslip. I don't think there were any that needed more than 3. So if you have just started working again and can show at least one months payslip you should be ok or delay the move until you have 3 months
Also considering the increases to things like state pension age, if you go into a trade you need to have a long term plan for what you're going to do until you retire.
If state pension is increased to 75+ in the next 10/20 years, then working from 18-75 is 57 years. Can you imagine having a 73 year old coming round to install your kitchen.
Don
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When I ported a couple of years ago with Santander to keep a good rate, they insisted i take extra on top at a higher rate to allow the port.
So effectively had to do a "mini application" for the extra iirc.
Great. It will be 3 months at least mot would be reckless for me to do this before I know in secure in job anyway
What? You didn't need extra but you had to take it?
Don
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- In a house
Yup. If I wanted to port (and keep the killer rate!), they insisted I took 15k (lowest they could do) at a higher percentage.
It worked out cheaper, but I have two values on there now, a what was the "new" 15k, and the outstanding of the original balance. They both end at a similar time, and I will roll them up together into a new rate in the future.
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That is so strange. I don't have much evidence (even anecdotal) of the actual process from anyone I know. How odd.
Not being defensive at all. I have bought, sold, rented and bought again in the same property market over the last twenty years as you have. If a decision is taken democratically to claw back more tax, I would comply. If house prices magically dropped ten per cent I would not be crying in my beer. If you want me to agree that it is harder to buy a house today, then I agree. I do not take your posting as a personal slight in any respect at all. I am too long in the tooth. End of.
Latest rumour from the government is that they might lower the 25% tax relief on lump sum withdrawals on private pensions.
That doesn't mean they won't tinker with stamp duty /property tax, but to me, the latter seems to be too problematic unless the changes are very small.
I'd just wait to see what's said in the autumn budget really.
That doesn't mean they won't tinker with stamp duty /property tax, but to me, the latter seems to be too problematic unless the changes are very small.
I'd just wait to see what's said in the autumn budget really.
So this is what I see in BBC news
The average five-year fixed rate hit 4.99% on Thursday, from 5% a day earlier, according to financial information service Moneyfacts.
Are rates really still this high for a 5 year fix? Not done a search. Just seen the news blasting about it
Edit Im seeing 3.8x% with product fees for a 5 year fix and starting from 4.00% with no fees
Are the BBC basing it on first time buyers
The average five-year fixed rate hit 4.99% on Thursday, from 5% a day earlier, according to financial information service Moneyfacts.
Are rates really still this high for a 5 year fix? Not done a search. Just seen the news blasting about it
Edit Im seeing 3.8x% with product fees for a 5 year fix and starting from 4.00% with no fees
Are the BBC basing it on first time buyers
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Soldato
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I guess I was wrong, but I took it toean that the average of all mortgages, not just renewed or new ones. So my mortgage part way through it take into account. Guess I didn't read the article enough
That would be massive.
That would really make me wonder what changes to pensions are coming and is paying more into a pension a good idea.
The 25 percent tax free withdrawal is a big one
I wouldn't place too much weight into it, it's just a rumour, and it would cause a huge economic shock...like anything, we might get a watered down version of that...
Don't forget there were rumours of the 20k ISA allowance being massivley reduced, and that idea died a very swift death.
I'm currently deciding wheter to pay into a SIPP, but if the 25% goes away, it all of a sudden seems not such a good idea... and if i'm thinking that, a lot of others will too, which means millions of people investing less into private pensions, which will cause a bottleneck in the economy.
Everything is so inter-linked, it's just not sensible to make sweeping changes.