Mortgage Rate Rises

kevman · 11 Oct 2022 at 15:37

neocon said:
When's the mini budget getting rolled back?

Seemingly staying steadfast for now but pressure is building. IMF report is pretty damning though saying that inflation will hang around for longer as a result of mini-budget

413x · 11 Oct 2022 at 15:57

BoE pulling one way. Gov pulling other.

World trying to tell government to stop pulling.

throwaway4372 · 11 Oct 2022 at 15:58

BoE gonna pull super hard in Nov = my prediction

SpeedFreak · 11 Oct 2022 at 16:11

Similar to many. Current house was 85% LTV and mortgage about 3.5x joint income in 2012. Now it is about 25% LTV and outstanding mortgage is 0.6x joint after a recent payrise. 10 years with payrises along the way can make a dent whilst rates are stable.

Rifte · 11 Oct 2022 at 16:28

Currently locked in with Santander will late March, and I cant try to lock in anything till late November (4 months prior).

So whatever the BoE does with rates will impact my remortgage, I am just hoping to some degree that the lenders are already starting to price this in to their current rates......am I too optimistic?

We are at about 40% LTV

JamesH85 · 11 Oct 2022 at 16:37

The lenders priced in a significant amount predicting the next rise to be harsh, however that does not stop them rising even higher 7% plus for 5 year fixes.

Goodie · 11 Oct 2022 at 16:42

throwaway4372 said:
BoE gonna pull super hard in Nov = my prediction

via hiked interest rates? what other mechanism do they have?

413x · 11 Oct 2022 at 16:43

Goodie said:
via hiked interest rates? what other mechanism do they have?

They could burn truss at the stake for being a witch?

Goodie · 11 Oct 2022 at 16:44

Rifte said:
Currently locked in with Santander will late March, and I cant try to lock in anything till late November (4 months prior).

So whatever the BoE does with rates will impact my remortgage, I am just hoping to some degree that the lenders are already starting to price this in to their current rates......am I too optimistic?

We are at about 40% LTV

awful position to be in, feel for you on that one. The longer this goes on the more twitchy I'm going to get through next year when our turn comes up. it's an exceptionally harsh lottery of timing for people

Goodie · 11 Oct 2022 at 16:45

413x said:
They could burn truss at the stake for being a witch?

Now this I can buy into, I like your style.

413x · 11 Oct 2022 at 17:06

Goodie said:
Now this I can buy into, I like your style.

Start one of those parliament campaigns.

Truss is a witch. She's trying to take us back to the dark ages. This is sorcery. As is fitting for the time. I propose a witch hunt.

rG-tom · 11 Oct 2022 at 17:40

Rifte said:
Currently locked in with Santander will late March, and I cant try to lock in anything till late November (4 months prior).

So whatever the BoE does with rates will impact my remortgage, I am just hoping to some degree that the lenders are already starting to price this in to their current rates......am I too optimistic?

We are at about 40% LTV

you can get an offer from another bank 6 months out, no harm in locking one of those in and then dropping it if santander/anyone else have a better offer closer to March

Mercenary Keyboard Warrior · 11 Oct 2022 at 17:51

Remember you need to test drowning them first to check if they are a witch
Hold then under for something lik2 minutes and if they survive they are a witch

R.O.S.S.I · 11 Oct 2022 at 18:52

Are there any 5 year fixes out there for less than 5.39% @ 60% LTV?

Simon · 11 Oct 2022 at 19:02

Why would you fix so high for so long. Rather be on the SVR

R.O.S.S.I · 11 Oct 2022 at 19:09

Simon said:
Why would you fix so high for so long. Rather be on the SVR

Its complete crystal ball stuff atm though isnt it. You (and I) have no idea what the markets are going to be doing in 5 years time, it could be higher, could be lower. Who knows?

wildman · 11 Oct 2022 at 19:27

throwaway4372 said:
BoE gonna pull super hard in Nov = my prediction

this, especially with the commentary coming from the IMF today about how central bank intervention in Government bonds has thus far been unique to the UK due to having a moron in charge of the treasury and another moron in charge of the country.

glenimp617 · 11 Oct 2022 at 19:38

R.O.S.S.I said:
Its complete crystal ball stuff atm though isnt it. You (and I) have no idea what the markets are going to be doing in 5 years time, it could be higher, could be lower. Who knows?

I don't think mortgages will go higher than 7% will they? They are just under 6% now, and likely to gp up another 1% I reckon (who knows).....but one things for sure, 7% interest rates and we're gonna be in for one hell of a depression.

2023 is gonna be one hell of a year.

Raymond Lin · 11 Oct 2022 at 19:40

TheOracle said:
I don't think mortgages will go higher than 7% will they? They are just under 6% now, and likely to gp up another 1% I reckon (who knows).....but one things for sure, 7% interest rates and we're gonna be in for one hell of a depression.

2023 is gonna be one hell of a year.

If BoE raises interest rates again...it's very very much on the cards.

glenimp617 · 11 Oct 2022 at 19:43

Raymond Lin said:
If BoE raises interest rates again...it's very very much on the cards.

The highest rates I've ever paid was 6.4% for my very first house 22 years ago. Crazy times for sure!