Mortgage Rate Rises

robfosters said:
If property prices drop 10% next year, I’d love to know how long till they recover. Unfortunately my crystal balls broken.
Click to expand...

I bought my last house in 2007.

Then the crash...but I was living there so no problem.

When my daughter was born in 2010 i was still in negative equity and I don't think it recovered until a few years later as I wanted to sell but had to let it out until I could afford to sell it...finally sold it this year for 19% above what I paid.
 
Last edited:
wesimmo said:
I bought my last house in 2007.

Then the crash...but I was living there so no problem.

When my daughter was born in 2010 i was still in negative equity and I don't think it recovered until a few years later as I wanted to sell but had to let it out until I could afford to sell it...finally sold it this year for 19% above what I paid.
Click to expand...
What area/city?
 
wesimmo said:
I bought my last house in 2007.

Then the crash...but I was living there so no problem.

When my daughter was born in 2010 i was still in negative equity and I don't think it recovered until a few years later as I wanted to sell but had to let it out until I could afford to sell it...finally sold it this year for 19% above what I paid.
Click to expand...

Damn.
So really it didn't recover until 2020??

(considering prices went up 20pc since covid)
 
jonneymendoza said:
What area/city?
Click to expand...

Nottingham NG7, so pretty central.

That included a tramline being put in with a stop really near which I thought would give the price a boost.

413x said:
Damn.
So really it didn't recover until 2020??

(considering prices went up 20pc since covid)
Click to expand...

Not sure exactly when TBF. I had the same tenants in from when I moved out until they gave notice so I sold rather than fix 10 years worth of wear and tear and re-let.

Glad I did now. As it made me enough to pay off the mortgage on my house when my fix ends.
 
413x said:
Damn.
So really it didn't recover until 2020??

(considering prices went up 20pc since covid)
Click to expand...

My dad's house sold in 2007 (Peak Price) and sold for 14,000 more in 2020 (Pre-Covid) so God knows how long that was in negative equity.

Small village near King's Lynn.
 
Last edited:
OUCH!!!!!!

I've not checked rates for a few days. WTF!!!!

28th September

TheOracle said:
That's good. Barclays 7yr fixed for me is 3.49% with £999 fee. Need £70k on a £325k house.
Click to expand...

6th October (8 days later)

Barclays now 5.3% up from 3.49%
Santander 5.74% up from 4.24%

This country really is one big joke. I'm not going to be able to make overpayments, or reduce my term at this rate :mad:
 
Last edited:
Wow. Remortgaging today would cost nearly 4k a year more than in March on a 200k mortgage !

People will be losing thier homes. Prices will fall. It's inevitable.
 
TheOracle said:
OUCH!!!!!!

I've not checked rates for a few days. WTF!!!!

28th September



6th October (8 days later)

Barclays now 5.3% up from 3.49%
Santander 5.74% up from 4.24%

This country really is one big joke. I'm not going to be able to make overpayments, or reduce my term at this rate :mad:
Click to expand...

At least you will keep your house though.
 
413x said:
Wow. Remortgaging today would cost nearly 4k a year more than in March on a 200k mortgage !

People will be losing thier homes. Prices will fall. It's inevitable.
Click to expand...

Very angry about it all, but what can you do. We've been sleep walking into it for years.
I'm no expert in economic affairs, but since we bailed the banks out, and owned a chunk in Barclays, I've no idea why we sold it back so quickly. I'm sure Osbourne said the taxpayer would get their money back once the banks started making profits again....isn't that the time you want to keep hold of it? sod getting our money back, where's our profits....at least get a decent return.

This country is nothing but sell to the highest foreign bidder.
 
Nitefly said:
HSBC 5 year fixed at 60% LTV is DOWN this morning from 4.94% to 4.79%.
Click to expand...

TheOracle said:
:eek: what reality am I in this morning

are you sure you've not got those numbers back to front?
Click to expand...

They may come down a tiny bit. After the mini-budget I think the banks were expecting a possible emergency interest rate rise by the Bank Of England (knee jerk reaction?). They didn't want to get caught out (hence pulling of mortgage deals).

Also I think an interest rate forecast was cut from 6% to 5.5%. The response by the BOE was 'we are watching it'. More likely that they will rise rates on 3rd November (at next meeting). Unless of course things change again in the coming weeks.
 
Last edited:
Electronic Dave said:
They may come down a tiny bit, as after the mini-budget, I think the banks were expecting a possible emergency interest rate rise by the Bank Of England (knee jerk reaction?). They didn't want to get caught out (hence pulling of mortgage deals).

Also I think an interest rate forecast was cut from 6% to 5.5%. The response by the BOE was 'we are watching it'. More likely that they will rise rates on 3rd November (at next meeting). Unless of course things change again in the coming weeks.
Click to expand...

They went up after the mini budget, a week later they were a good 1% higher, but now another week on they've gone up loads more. Granted it's hard to keep track as things are moving so quickly.

I'm shocked. I didn't realise they were getting close to 6% now. I only checked them a few days ago.
 
Last edited:
You must log in or register to reply here.
Back
Top Bottom