I could afford it sure. But doesn't mean I want to pay higher rates..I also don't like the way banks try and bully you in to locking in at higher rates for longer.. moving house is hard enough as it is . With higher rates I would be less likely to move as I am on my own
Mortgage Rate Rises
- Thread starter glenimp617
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I could afford it sure. But doesn't mean I want to pay higher rates..I also don't like the way banks try and bully you in to locking in at higher rates for longer.. moving house is hard enough as it is . With higher rates I would be less likely to move as I am on my own
I am looking at almost £4k a month when I come to renew, which is making me think I should have done an interim step before moving into this place. However a 5% gain in house prices would have priced me out of this place 'forever'.
Caporegime
We're thinking about moving in the next few years but the sort of houses we want will either be around £3k/month mortgage or £3.5k+ which goes from affordable to probably a bad idea.
Issue is that if house prices come back up, we will be priced out of those houses. Its a difficult call. Need to rob a bank.
I'm similar but on a smaller scale than yourself. We moved into our 4 bed detached in a nice area in 2019, I think our payments could end up around 1400-1800 depending on how it goes when we remortgage in 12 months time. We can afford it but I'm shifting off debt this year so mortgage will be the only thing we owe. Not ideal but our house is worth about 500k now which would probably be permanently out of our reach in the climate as it is now.
Reason I fixed was the rates I expected to see would have been live changing. Not to the point of having to move, but certainly writing of a significant amount of free cash.
One fortunate thing is next place I want to move is probably (unless abroad) going to be a cheaper area. And I only want a 4 bed detached, rather than 3 bed have now. (2 dedicated offices, spare room and main bed room) As we both work at home. So that means probably a small increase in size of mortgage or none of prices line up. I certainly do not want to have to pay any more on mortgage than we do now (1k a month)
But yeah lucky don't want a huge house and not, not in an expensive area
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That's basically how I am planning things. Mortgage will go up approx. £500 but my car debt will be cleared at £564 a month. It is depressing but coming out washing my face is better than taking a ding.
It is the classic "as soon as you think you've "made it", someone puts you back in your place!"
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It is the classic "as soon as you think you've "made it", someone puts you back in your place!"
I know that feeling!
Yup. You haven't made it until you're where you wanna be and debt free.
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Middle of nowhere in a nice little cottage?
Not sure as I don't think I'll ever get there...
I'm sure there's many people on here, myself included, who could put you in touch with a decent broker.
That's basically how I am planning things. Mortgage will go up approx. £500 but my car debt will be cleared at £564 a month. It is depressing but coming out washing my face is better than taking a ding.
It is the classic "as soon as you think you've "made it", someone puts you back in your place!"
Me: Finally I'm on the property ladder.
World: hold my beer..
For me this. Though I'm reevaluating if this is sensible. These places are usually an insulation nightmare. And I've heard utilities have become expensive?
But yeah a small 3 or 4 bed house in country would be my ideal. Just needs reliable Internet for work. And be able to be insulatable to a decent degree.
Soldato
It's not just the bad internet, it's the having to drive everywhere that get's a bit tiresome
I have to do this anyway!
Beach, hills, lakes, rivers. Its mostly 30-1hr away at least.
If I lived more rural it would cut driving right down,
Soldato
But at least you can drive places. Living in London, it's often not really an option to drive places. Well, you can, but it can be expensive, time-consuming and a pain in the bum.
It's funny, 5 years ago, a small house in the countryside would have been my idea of hell, but now I cycle, I'm thinking it would be great. I'm also wondering how easy (or how hard more like) it might be to move to the Spanish countryside...
Mortgage renewal due in June and im crapping myself.
Got around 105k left to pay, house is worth 300k~.
I can't decide what to do, i've got a call with a mortgage advisor next week so I will see what they suggest.
No idea if I should just fix on the lowest for 2 years and hope for the best?
Got around 105k left to pay, house is worth 300k~.
I can't decide what to do, i've got a call with a mortgage advisor next week so I will see what they suggest.
No idea if I should just fix on the lowest for 2 years and hope for the best?
Soldato
£100K isn't going to swing your costs crazy either way, no one really wants higher interest rates when they have mortgages, but I'd quite like a £100K mortgage, by the time my amazing 1% 5y fix ends, even if I overpay £500/per month from today, my mortgage will not be as low as £100K
Soldato
ha.. yes same here.
glad we locked in till '25 and now overpay but with mortgage at £2k/mont it is a little scary lol, the goal is to overpay as much as we can(2k is with overpayment) and come renewal we hopefully have OK offers.
Soldato
Glad I will be mortgage free within 2 months.
So glad that in 2017 only 18 months after taking my mortgage out I got jittery about work, caused me to work out a way to be mortgage free by end of 22.
I would have been but used some funds for solar instead late in 22. So it caused a 4 month delay in having enough free cashflow without messing with investments reduction etc, to pay the last bit off.
Deffo will be popping a cork end of April.
So glad that in 2017 only 18 months after taking my mortgage out I got jittery about work, caused me to work out a way to be mortgage free by end of 22.
I would have been but used some funds for solar instead late in 22. So it caused a 4 month delay in having enough free cashflow without messing with investments reduction etc, to pay the last bit off.
Deffo will be popping a cork end of April.