Mortgage Rate Rises

200sols · 14 Oct 2022 at 09:49

413x said:
Surprised not been more take over talk of UK businesses. Must be real concerns around mid term value.

Companies are cheap in pound terms, and especially dollar terms.

Its offset by our unstable governments and poor business environment.

neocon · 14 Oct 2022 at 10:37

Chris Wilson said:
One example is if the tenant did enough damage or had an accident like a fire that demanded an insurance claim.

But assuming you have the correct insurance policy, you'd still be able to claim.

I guess it's a big gamble, not worth it.

HACO · 14 Oct 2022 at 10:55

413x said:
Surprised not been more take over talk of UK businesses. Must be real concerns around mid term value.

Companies are cheap in pound terms, and especially dollar terms.

Not if they're expecting £ to drop much further in future years.

Chris Wilson · 14 Oct 2022 at 12:01

neocon said:
But assuming you have the correct insurance policy, you'd still be able to claim.

I guess it's a big gamble, not worth it.

It's often the mortgage company who has the cover, or so I believed, in order to be sure protection of their remaining assets is definitely in place, and so would be privy to any claim. Is that in fact the case these days, the lender instigates cover on their assets? I am wondering now...

Chrisc · 14 Oct 2022 at 12:50

TheOracle said:
That £130k debt will be gone in six months

Not with the state of them trotters

Nitefly · 14 Oct 2022 at 15:44

Nitefly said:
HSBC 5 year fixed at 60% LTV is DOWN this morning from 4.94% to 4.79%.

Now up to 5.29%

McBain · 14 Oct 2022 at 19:30

Lizz must’ve opened her mouth again.

BUDFORCE · 15 Oct 2022 at 08:13

Chris Wilson said:
It's often the mortgage company who has the cover, or so I believed, in order to be sure protection of their remaining assets is definitely in place, and so would be privy to any claim. Is that in fact the case these days, the lender instigates cover on their assets? I am wondering now...

Most.... Mortgage lenders it's in the terms of the mortgage you must have adequate buildings insurance cover up to the reinstatement (cost of rebuilding) the house.

The lender I work for do checks, and if cover isn't in place we will arrange it on their behalf and charge them for it, which is also part of the T&C's.

I imagine this is pretty standard across the board.

kona786 · 15 Oct 2022 at 08:55

BUDFORCE said:
Most.... Mortgage lenders it's in the terms of the mortgage you must have adequate buildings insurance cover up to the reinstatement (cost of rebuilding) the house.

The lender I work for do checks, and if cover isn't in place we will arrange it on their behalf and charge them for it, which is also part of the T&C's.

I imagine this is pretty standard across the board.

My mates not had buildings insurance for years. Just renewed recently too. I keep telling him to get it but falls on deaf ears.

ZeroG · 15 Oct 2022 at 10:29

kona786 said:
My mates not had buildings insurance for years. Just renewed recently too. I keep telling him to get it but falls on deaf ears.

I thought this was a requirement of having a mortgage?

kona786 · 15 Oct 2022 at 10:30

ZeroG said:
I thought this was a requirement of having a mortgage?

Possibly they don't check thoroughly.

ZeroG · 15 Oct 2022 at 10:31

I know when I got my mortgage they made sure I had adequate cover, but that might just have been because it was my first mortgage.

They maybe aren't as thorough for renewals.

_Jimlad_ · 15 Oct 2022 at 16:51

ZeroG said:
I know when I got my mortgage they made sure I had adequate cover, but that might just have been because it was my first mortgage.

They maybe aren't as thorough for renewals.

when i was looking natwest asked me to send proof, i ended up renewing with Nationwide and they did not ask me

Troop · 15 Oct 2022 at 17:34

They will go up a fair bit more yet, we're looking at a probable 1% rate increase on November 3rd

neocon · 15 Oct 2022 at 17:42

ZeroG said:
I know when I got my mortgage they made sure I had adequate cover, but that might just have been because it was my first mortgage.

They maybe aren't as thorough for renewals.

I bought a new house recently and they didn't check.

kona786 · 15 Oct 2022 at 17:49

Troop said:
They will go up a fair bit more yet, we're looking at a probable 1% rate increase on November 3rd

I reckon most of that is already priced in.

Mortgage rates did shoot up at a disproportionate rate recently.

Haggisman · 15 Oct 2022 at 18:34

_Jimlad_ said:
when i was looking natwest asked me to send proof, i ended up renewing with Nationwide and they did not ask me

Just remortgaged to Natwest and they didn't check (yet, not due to complete till December, so I guess there's still time)

kona786 · 15 Oct 2022 at 19:06

Haggisman said:
Just remortgaged to Natwest and they didn't check (yet, not due to complete till December, so I guess there's still time)

Just show how inconsistent, lax and lazy they can be.

Jonny ///M · 15 Oct 2022 at 22:08

I didn't have to prove buildings insurance or any sort of life insurance cover with Nationwide.

Maybe at higher loan values it becomes a thing?

throwaway4372 · 15 Oct 2022 at 22:16

Jonny ///M said:
I didn't have to prove buildings insurance or any sort of life insurance cover with Nationwide.

Maybe at higher loan values it becomes a thing?

100% it's required, it'll be in the legalese