Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I hear rates are being held
I doubt the rates (inc savings rates) will change for a while
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Down probably over the mid term as the economy sees zero growth.
The incoming tax changes may have an impact too if people stop spending.
If tax goes up and rates go down it might not make much difference to many people with mortgages overall
The incoming tax changes may have an impact too if people stop spending.
If tax goes up and rates go down it might not make much difference to many people with mortgages overall
Market pricing implies a fall to 3.5% by early 2027. However with the UK economy in the toilet and unemployment picking up things could easily move faster.
Just hang onto your job is the advice to everyone at the moment. A 0.5% rate drop will make not much difference in the short term.
It wont make any bit of difference, they are not dropping it by enough to warrent
Anyway, i think i have still another year and a half i think on my fix, ill log in and check today
I had my monthly repayment calculation the other day come through after i overpaid a bit
gone from £721 to £699
ill do another 4-6k overpayment sometime after xmas
EDIT: i still have another 2 years 7 months on my fix
my last re-mortgage was on 3rd July 2023 - When the best rates that i could get was 3.95% which is what i fixed on for 5 years. before it shot up to 4.5 - 5 and even 6%, I had a 5 year fix,
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Pay the full mortgage off with my savings? no as i would have nothing left to fall back on, its also not greater than my mortgage probably just abit less although no far off. I would prefer to have something to fall back on
I am opting for a backup fund , as due to changes going on in the company i work for, the role may not be available in a year or two, i would have to see.
and i may have to find another job.
I am starting to overpay the mortgage in some cases now I have built up adequate savings.
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Fine but with respect I recall you're paying about £700 on your mortgage and saving about £3k.
You're looking for drama. You don't have any. Rates could double and you'd barely notice.
Depends on how much overtime and on call that month would depend how much i dump in to savings
throughout the last couple of years iv been been paying anything ranging from 3k to 3.5k to 4k in to savings per month
Entirely depends how much O/T earned money have made during that month and if i have any big payments i need to make that month on other things
I have managed to keep a good thing of "paying myself first", paying what ever else i need to after. which has helped me build up a good base layer of savings.
Not having a relationship, no kids, no loans (other than mortgage), no credit cards, no car finance, means that i can focus on savings
my mortgage was £612 before the rates went up, over the last couple of years its £721 per month, its now £699 per month and will be dropping when i over pay some
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Exactly. Why are you bothering to ask questions about it, it's completely irrelevant to you.
I have no idea why people over pay on fixed rates.
You can pay anything you like off at the end of the term.
There's no need to lock away cash into it by overpaying unless savings rates are lower than your mortgage AND you'd be putting cash into savings (rather than S&S) as the only other place to allocate excess cash.
You can pay anything you like off at the end of the term.
There's no need to lock away cash into it by overpaying unless savings rates are lower than your mortgage AND you'd be putting cash into savings (rather than S&S) as the only other place to allocate excess cash.
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For me it's 1.79.until 2027
Would love sub 3pc when renew. And I think it has a good chance
Dude is saving 3-5k a month and is worrying about his £700 mortgage going up £50 a month. I dont think its deliberate though, he genuinely does worry about it.
Am i ? i wasnt worrying about the monthly payment at all, i was commenting on the total balance i have left to pay
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"Whatever happens it will still hurt me" is a bit dramatic no?