Mortgage Rate Rises

Surveyor said:
From a quick search 3.76% with Barclays at 80% LTV (£1,034 fee) then it's all above 4%. A higher LTV and you're up to 4.94% with Nationwide.
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Barclays are offering me 60% LTV 3.46% region for 3 years fixed which I think I will take. Zero fee. 7 year is 3.30%! Like you I am already with Barclays.

My payments have gone up from £460 a month to £512 which is pretty much bang on what we were paying 12 years ago as it was around 3% then.
 
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adam cool dude said:
Barclays are offering me 60% LTV 3.46% region for 3 years fixed which I think I will take. Zero fee. 7 year is 3.30%! Like you I am already with Barclays.

My payments have gone up from £460 a month to £512 which is pretty much bang on what we were paying 12 years ago as it was around 3% then.
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I'm not with Barclays, just looking on comparison sites. They do seem to pop up quite regularly with the lowest rates so it's possible the deals may not be around for too long.

The rate they're offering you seems to be for existing customers only. The lowest rate I can find on searches for a 60% LTV 3 year fix is with Bank of China at 3.83% with a fee of £1,594. The next lowest is Nationwide at 5.59% and a £999 fee or 5.84% with no fee.
 
I'm currently sitting on a remortgage offer with a new lender (Barclays) at a good rate, but its not due to complete until 1st December when my existing fixed term ends.

Could Barclays pull the offer?

All the solicitors paperwork is done - they are just waiting to request the redemption statement from my current lender.
 
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adam cool dude said:
Barclays are offering me 60% LTV 3.46% region for 3 years fixed which I think I will take. Zero fee. 7 year is 3.30%! Like you I am already with Barclays.

My payments have gone up from £460 a month to £512 which is pretty much bang on what we were paying 12 years ago as it was around 3% then.
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That's good. Barclays 7yr fixed for me is 3.49% with £999 fee. Need £70k on a £325k house.
 
caff said:
I'm currently sitting on a remortgage offer with a new lender (Barclays) at a good rate, but its not due to complete until 1st December when my existing fixed term ends.

Could Barclays pull the offer?

All the solicitors paperwork is done - they are just waiting to request the redemption statement from my current lender.
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If your mortgage offer is valid until 1 December, or beyond, it's unlikely to be pulled before then and only if there's a significant change in circumstances (such as you losing your job).
 
Looking at rates, we can end our 1.4% deal which is due to expire February 24. But the ERC is £10k/2%.

We can re-fix at 3.7% for 5 years with LTV of around 68%. Payment goes from £1750 to £2200.

We would struggle with a 6-7% mortgage given the size of our mortgage.

Is it worth paying the ERC and jumping ship to a new lender given the size of the ERC?
 
Chris344 said:
Looking at rates, we can end our 1.4% deal which is due to expire February 24. But the ERC is £10k/2%.

We can re-fix at 3.7% for 5 years with LTV of around 68%. Payment goes from £1750 to £2200.

We would struggle with a 6-7% mortgage given the size of our mortgage.

Is it worth paying the ERC and jumping ship to a new lender given the size of the ERC?
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I understand you can get mortgage offers valid for up to 6 months (depending on the lender), maybe you can get an offer agreed now which will still be valid on 24 February.
 
Surveyor said:
I'm not with Barclays, just looking on comparison sites. They do seem to pop up quite regularly with the lowest rates so it's possible the deals may not be around for too long.

The rate they're offering you seems to be for existing customers only. The lowest rate I can find on searches for a 60% LTV 3 year fix is with Bank of China at 3.83% with a fee of £1,594. The next lowest is Nationwide at 5.59% and a £999 fee or 5.84% with no fee.
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I just hope it pulls through. Normally Barclays let you renew through the banking app but I had to do it through an email direct to their website as they only recently changed the rate switch from 90 days to 150 days and the apps haven't been updated yet. It will take us to Jan 2026. Hopefully by then things might be a little better.
 
Chris344 said:
Looking at rates, we can end our 1.4% deal which is due to expire February 24. But the ERC is £10k/2%.

We can re-fix at 3.7% for 5 years with LTV of around 68%. Payment goes from £1750 to £2200.

We would struggle with a 6-7% mortgage given the size of our mortgage.

Is it worth paying the ERC and jumping ship to a new lender given the size of the ERC?
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Wow that is a big jump!
 
caff said:
I'm currently sitting on a remortgage offer with a new lender (Barclays) at a good rate, but its not due to complete until 1st December when my existing fixed term ends.

Could Barclays pull the offer?

All the solicitors paperwork is done - they are just waiting to request the redemption statement from my current lender.
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Exactly the same position as us :S
 
This is really a too big to fail scenario. Can the government somehow prop up the mortgages of homeowners so they don't have to pay high interest rates?

Compared to the energy crisis it seems many times worse.
 
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