Mortgage Rate Rises

djjuk · 5 Jan 2023 at 10:27

I did our remortgage this morning @ 4.4 with no fees on a 5-year fixed with HSBC and got until the end of May to change this if rates come down, but it seemed sensible to at least get something locked in. Luckily it is 'only' £70 extra a month, so we will be ok, but will keep an eye on the next few month's rates.

happy_2008 · 5 Jan 2023 at 10:34

Rates seem to be around 4.3% to 4.7% for me with LTV around 55%

dlockers · 5 Jan 2023 at 10:42

I need to review half of my mortgage in March 2024, so will start looking around June/July I guess.

Currently it looks like I will be going from 2.39% to 4.69%, so the mortgage will go from £3118 to £4116 (5 year fix). Or, alternatively, £4233 over a 2 year fix @ 4.99%.

I'm tempted to go variable on the basis "it can't go up again!!!" which is £3662 @ 3.49%.

I'm not that far off of an 80% LTV (~82%) at the moment, which sees some minor decreases (£1200/year on the variable).

Buffman · 5 Jan 2023 at 10:44

dLockers said:
I need to review half of my mortgage in March 2024, so will start looking around June/July I guess.

Currently it looks like I will be going from 2.39% to 4.69%, so the mortgage will go from £3118 to £4116 (5 year fix). Or, alternatively, £4233 over a 2 year fix @ 4.99%.

I'm tempted to go variable on the basis "it can't go up again!!!" which is £3662 @ 3.49%.

I'm not that far off of an 80% LTV (~82%) at the moment, which sees some minor decreases (£1200/year on the variable).

Holy bejebus I thought my mortgage was a whopper and it sounds like about half yours

dlockers · 5 Jan 2023 at 10:48

Buffman said:
Holy bejebus I thought my mortgage was a whopper and it sounds like about half yours

I'm a migrant so went big on the house with a view to relocating and cashing out ~50s/60s.

Edit: big as in value not size, lols (RIP <100sqm)

413x · 5 Jan 2023 at 10:58

dLockers said:
I need to review half of my mortgage in March 2024, so will start looking around June/July I guess.

Currently it looks like I will be going from 2.39% to 4.69%, so the mortgage will go from £3118 to £4116 (5 year fix). Or, alternatively, £4233 over a 2 year fix @ 4.99%.

I'm tempted to go variable on the basis "it can't go up again!!!" which is £3662 @ 3.49%.

I'm not that far off of an 80% LTV (~82%) at the moment, which sees some minor decreases (£1200/year on the variable).

Are those.. Monthly figures?

That's what a lot of peoples yearly figure is!

BDEE · 5 Jan 2023 at 11:00

Swaps are looking better at the moment - Expect to see significant decreases to rates in the coming days, in particular on 5 year fixes..... Already seeing some re-pricing today with big drops

jon86 · 5 Jan 2023 at 11:04

dLockers said:
I'm a migrant so went big on the house with a view to relocating and cashing out ~50s/60s.

Edit: big as in value not size, lols (RIP <100sqm)

I was about to say that your butler (for your massive estate) could deal with this, but I'm guessing now that you have a studio flat in London instead.

413x · 5 Jan 2023 at 11:05

BDEE said:
Swaps are looking better at the moment - Expect to see significant decreases to rates in the coming days, in particular on 5 year fixes..... Already seeing some re-pricing today with big drops

Been seeming this way for a while. The peak seems to be in.
Not expecting a return to sub 2pc in a long time but for a couple of months it trackers have seemed the way to go.

I certainly wouldn't want to be locking in 5 year deals at near 5pc.

If this is the peak we've gotten away lightly.

413x · 5 Jan 2023 at 11:05

dLockers said:
I'm a migrant so went big on the house with a view to relocating and cashing out ~50s/60s.

Edit: big as in value not size, lols (RIP <100sqm)

Your house is same size as mine! I mean obviously I know this is a thing. But still. Omg.

MikeTheNative · 5 Jan 2023 at 11:11

dlocker's wealth confirmed.

dlockers · 5 Jan 2023 at 11:12

MikeTheNative said:
dlocker's wealth confirmed.

"-£694,192.07"

:cry:

I figure being a lad who grew up on free school meals has no problem going back to living on super noodles, and a number that big is surely more of the banks problem than my problem :cry:

ci_newman · 5 Jan 2023 at 11:15

dLockers said:
"-£694,192.07"

I figure being a lad who grew up on free school meals has no problem going back to living on super noodles, and a number that big is surely more of the banks problem than my problem

I'd get cracking with that OF page if I were you..

413x · 5 Jan 2023 at 11:16

ci_newman said:
I'd get cracking with that OF page if I were you..

Be paid off in a year!

kai · 5 Jan 2023 at 11:35

I have a 1.09% Mortgage that ends in November. As of today I have 3 Years 10 Months left on the remaining term.

I am only allowed a 10% over-payment allowance. Not sure what i should do; should i look at saving the full term left and paying off the mortgage in 10 months or look at changing to a new deal. As the outstanding based on today's follow on rate is 6.25%

mattyprice4004 · 5 Jan 2023 at 11:38

kai said:
I have a 1.09% Mortgage that ends in November. As of today I 3 Years 10 Months left on the remaining term.

I am only allowed a 10% over-payment allowance. Not sure what i should do; should i look at saving the full term left and paying off the mortgage in 10 months or look at changing to a new deal. As the outstanding based on today's follow on rate is 6.25%

If you can box off a large lump, personally I'd do it.
I did the same a few years ago, and even though I could have invested the money elsewhere for better returns (my rate was 0.84% at the time) I still chose to pay off the mortgage.
The mental load 'relief' from it was immense, just knowing that I could piddle all my money away and I'd still have my 4 walls!

uksoldierboy · 5 Jan 2023 at 11:39

Currently in the process of buying, just got our MIP through, it's tough reading

Hoping rates come down before we go ahead.

IvanDobskey · 5 Jan 2023 at 11:52

dLockers said:
"-£694,192.07"

I figure being a lad who grew up on free school meals has no problem going back to living on super noodles, and a number that big is surely more of the banks problem than my problem

That sure puts my 54k mortgage in the shade :eek:

Uther · 5 Jan 2023 at 11:57

dLockers said:
"-£694,192.07"

I figure being a lad who grew up on free school meals has no problem going back to living on super noodles, and a number that big is surely more of the banks problem than my problem

I think it it gets to a point that it doesn't even matter anymore.

unwashed potato! · 5 Jan 2023 at 13:03

djjuk said:
I did our remortgage this morning @ 4.4 with no fees on a 5-year fixed with HSBC and got until the end of May to change this if rates come down, but it seemed sensible to at least get something locked in. Luckily it is 'only' £70 extra a month, so we will be ok, but will keep an eye on the next few month's rates.

Good to hear its only £70 higher than currently paying, but I would say the better figure to compare to is what you should have been paying at this renewal, as I assume the idea is that after each x year period, you'd expect that renewing with less debt means reduced monthly payments. Maybe it should have been £100 less, so its actually £170 worse off