Mortgage Rate Rises

Captain said:
Do most on here sort their own mortgage out or go through a broker?

Mine is due in April and I’m probably going to sort my own out this time.
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Did mine myself.

Went on comparison website.

Found lloyds was cheapest.

Went direct

Got 750 cashback. Which helped a lot offset the ERC!

Had a couple of meetings with their own advisor.



Was easy and much better value than a broker for me
 
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Zefan said:
That's BOE base rate though right? That would mean 5.5% mortgages at pretty much any LTV wouldn't it?
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There is no rule saying mortgage rates have to be above BoE back when we bought our first house base rate discount trackers were common as muck they just disappeared when rates went down below 1% it will be very interesting to see what sort of products hit the market if things settle down a little!

I’ve always used a broker, doesn’t cost me anything (never pay a mortgage broker when taking out a decent sized loan) and saves the hastle of forms etc!
 
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adam cool dude said:
We had a broker do ours initially and was some dodgy cowboy type lender and with everything going on in the financial sector at the time we gave it a miss. Barclays gave almost the same so went with them and never looked back. Have been renewing with them for the past 12 years. Easy to do on the app, zero fees and always ended up the cheapest for us every time we fixed. I guess when you have a very good LTV you are not much of a risk.
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I might look at them in 2026, it seems odd to me that usually when you renew you get one of the worst rate offers on the market.
 
Captain said:
Do most on here sort their own mortgage out or go through a broker?

Mine is due in April and I’m probably going to sort my own out this time.
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We did our own with Natwest last month, just like @413x, checked comparison site, clicked through to Natwest, submitted application, had a couple of video calls, and that was it, sorted out the last of the paperwork with the solicitors yesterday, so now just waiting for completion in December
 
Nitefly said:
I never would have thought to fix for more than 5 years. Who knows what might happen in that time - could move location due to new job, unexpected change in relationship status…. or even just want to move house!
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I knew someone with a 15 year fixed mortgage. They fixed just before the GFC and were stuck paying multiples more interest than they would've done if they were able to remortgage. Crazy.

scottomus0 said:
Am I mad about considering just staying on a tracker and dealing with the increases? Rather than commiting to that extra moneys from now? What’s the likelihood it’s gona surpass 7-8% ?
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You're not mad at all. Trackers aren't evil, you can get decent rates on them and they can provide flexibility to change your mind without charges (check the small print...).

People overlook the arrangement fees when planning to take 2-year fixes one after the other. I built them into my calculation of how much I'd pay over the next 10 years (assuming interest rates stayed the same) and took a tracker with a worse interest rate because once I included the arrangement fees into the equation it worked out cheaper.
 
Bald-Eagle22 said:
HSBC , just offers me 5.74% for a remortgage 2 year fix rate , up from 1.49 %.

Good job it’s only 25k of I’d be in poop street .
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Did you not think, when taking out a mortgage at probably the lowest rates in history, that the next renewal would be higher? When I took mine out at 2% I was given a quote for 6% asking if I could afford it. When I've taken my renewal out now for 3.2, I was quoted 9% for affordability...
 
Goksly said:
Did you not think, when taking out a mortgage at probably the lowest rates in history, that the next renewal would be higher? When I took mine out at 2% I was given a quote for 6% asking if I could afford it. When I've taken my renewal out now for 3.2, I was quoted 9% for affordability...
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I most certainly wasn’t asked this
 
Goksly said:
Did you not think, when taking out a mortgage at probably the lowest rates in history, that the next renewal would be higher? When I took mine out at 2% I was given a quote for 6% asking if I could afford it. When I've taken my renewal out now for 3.2, I was quoted 9% for affordability...
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Captain hindsight emerging from the woods after 14 years of low interest rates lol.
 
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Tbh I think if your mortgage is sub-£100k with a reasonable income then I would be less worried - it’s going to be far easier to manage these rates increases than if you’re mortgage was much higher.

Doubling the mortgage sum doubles the financial impact, if the interest rates are the same.

But all depends on how it’s affecting the monthly payments, I guess, and personal circumstances etc.

My clumsy point being that I’d be less worried on getting the absolute best deal/strategy if this is going to impact you £100 or so on monthly payments, rather then hundreds.
 
Aren't the banks now rubbing their hands with glee, they loaned a ridiculous amount of money on inflated mortgages because of cheap credit in the last decade, now the interest rates are rising they have everyone by the balls so to speak and can reap a load more profit.

It's almost as though this sort of thing is intentional.
 
norm said:
Aren't the banks now rubbing their hands with glee, they loaned a ridiculous amount of money on inflated mortgages because of cheap credit in the last decade, now the interest rates are rising they have everyone by the balls so to speak and can reap a load more profit.

It's almost as though this sort of thing is intentional.
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They have to be careful, got to have low enough interest rates to be competitive but don't want to be caught handing out a load of money too cheaply.
 
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