Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Soldato
The home office is regulated to a degree but its more a space in a room rather than a room itself. The new SAP10 standards benefit PVs with battery storage as the energy is reused in the home rather than just PVs either selling back to the grid or wasted as the facilities within the dwelling (typically fridge / freezer / items on standby) don't make full use of the energy. Diverters can also change the PVs to heat the hot water as well.
The regs are due to change either next year or the year after providing no delays and new housing will lean more towards the near passihaus standards which will ultimately gear towards everything being dealt with on site rather than relying on mains supply (certainly up my neck of the woods at least). I can see the number of large scale development projects being hit on the head because the value of the houses once built may not justify the build cost. There is a finite value in square meterage of a home and the average person / estate agent won't give a crap that the house is filled with a high level of insulation in the walls, additional PIR insulation to reduce cold bridging and have an air tightness barrier to reduce draughts around juctions and openings and have a service void and plasterboard finish so that the external wall makeup isn't penetrated.
Soldato
The good thing is once it’s in the regs and being done the cost will inevitably fall as what we’re niche ideas and low volume become mainstream.
Nationwide reporting annual house price fall over over 3%, bigger than any fall in the current or prior decade: https://www.bbc.co.uk/news/business-65135405
That's the headline, of course another way of looking at it is house prices are very near record highs, still 25% higher than December 2019 so a long way to go before we see a major correction.
That's the headline, of course another way of looking at it is house prices are very near record highs, still 25% higher than December 2019 so a long way to go before we see a major correction.
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Soldato
It had to happen eventually. Unfortunately with interest increases there's probably more people who still can't afford even with a drop.
With all the newspaper reports about the impending exodus of BTL landlords from the market, the data seems to show
www.property118.com
Large unexpected rise in buy-to-let mortgages
While the mortgage market might be declining, buy to let investors and those remortgaging have delivered the largest uptick in activity, research reveals. However, Octane Capital says that home movers…
www.property118.com
Soldato
extra red tape, increased interest rates, houses prices seemingly at there peak.
Makes sense to offload that asset.
Makes sense to offload that asset.
That was the thought, but the data shows a 12% rise in BTL mortgages
Soldato
rents are so high now, surely BTL is as appealing as ever?
What reason would someone not BTL? I'm making a kind of "annexe" in my house to rent out. i was thinking we'd get £750 or so per month. had a look on spare room and people are there with adverts £800+ just for a double bedroom in a house share, let alone their own kitchen/bathroom etc. We could possibly get £1000 per month, and that'll only go up.
i appreciate that BTL is different than renting rooms within your own house, but still, the extra costs for BTL landlords that they didn't have 3/4 years ago, surely is offset by the increase in rent.
I dont know, It just seems at odds with all the headlines that have been going on since the mortgage rates have been rising over the last year.
Bad policy is causing a landlord exodus
Punitive measures are limiting the supply of homes available to tenants, pricing out young workers who lack the deposits to buy outright
www.telegraph.co.uk
The exodus of the private landlord
Ben Beadle, the chief executive of the National Residential Landlords Association, wrote an excellent piece in the Telegraph at the beginning of this year which illustrates the crisis in the buy-to…
www.property118.com
Why are buy-to-let landlords rushing for the exit?
The Government has given buy-to-let landlords two compelling reason to sell-up, and fast: first is the overhaul of the rental rules coming next year, with indefinite tenancies and the end of section 21 evictions, and second comes the eroding of capital gains tax, tax free allowances. <p
www.landlordzone.co.uk
Soldato
Perhaps the 12% rise is total funds not number of loans?
Actually reading that link it seems that the number of available products has risen not necessarily loans.
Actually reading that link it seems that the number of available products has risen not necessarily loans.
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Don
Looks like the average 2year mortgage deal is now settled out at a little over 5%, with the rates no longer edging downwards.
Soldato
Been looking at the numbers and the difference for us between 4% and 5% is only £70
When our deal ends we want to cut another 5 years of the term time and seems like we can still afford it which is good.
When our deal ends we want to cut another 5 years of the term time and seems like we can still afford it which is good.
Soldato
(I think) It's £100 roughly per month per £100K balance mortgaged or something for every 1% increase, so people with smaller mortgages this isn't a huge deal.
Is lol though if your mortgage is like £500K!
Soldato
yeah we are lucky in that our mortgage is quite reasonable and have been over paying past few years as it is. Still got just under 2 years left on 1.59, so no point worrying about it, expecting to pay about 4% at the end.
Caporegime
What am I missing here? I did a check earlier and if we remortgaged now with a £200k loan on a ~£550k house we would be looking at about 6% on a 2 year and a bit over 5% on a 5 year...
Are people just looking at the headline rate and not the product fee?
Are people just looking at the headline rate and not the product fee?
Soldato
Headline rate is typically more important than the product fee, and product fees haven't really changed behaviour this whole time, so yes, I suspect most people are just looking at headline rates.
It's all BS. They want you to fix for aslong as possible on these rubbish rates. It's not coming down anytime soon ..
Waiting for my remortgage to start beginning of June , 4.15% fixed for 5 long years. Extra £120 a month for a single person
Thing is they corner you in to a deal with the hope it could drop but no , that's the deal you got son, you ain't having any other fixed rate, no other lender. Sign it now
Waiting for my remortgage to start beginning of June , 4.15% fixed for 5 long years. Extra £120 a month for a single person
Thing is they corner you in to a deal with the hope it could drop but no , that's the deal you got son, you ain't having any other fixed rate, no other lender. Sign it now
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Dunno what you guys are looking at, but as a first time buyer I am looking at 8%APR, and the average 2 bed house here in Bath is around £300k. So yeah that is waaaaay outside my price bracket.
It feels like you'd need to earn £100k just to be able to afford a mortgage around here for an average house. Not even a nice one!
It's literally £800+ per month more expensive to buy a place than to rent it. So effectively you need to have that kind of disposable income available to free up
It feels like you'd need to earn £100k just to be able to afford a mortgage around here for an average house. Not even a nice one!
It's literally £800+ per month more expensive to buy a place than to rent it. So effectively you need to have that kind of disposable income available to free up
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95% LTV?
Bath is pretty expensive normally though...royal town and all that jazz