Mortgage Rate Rises

RobDogDog · 14 Apr 2023 at 09:31

We're on 1.69% until next October. We definitely got in at a good time!

IvanDobskey · 14 Apr 2023 at 09:51

Still on 1.82% for another two years. Keeping fingers crossed they will have dropped again by then...

matt100 · 14 Apr 2023 at 10:51

Similar, I think we're on 2.1% or something for just over 2 years. I was moaning last June because a delay with paperwork cost us something like 0.1% then about 8 weeks after we finished the remortgage dumb and dumber crashed the economy.

Building Candy · 14 Apr 2023 at 11:11

Mrwong said:
Rates will drop soon, very hard.

Vote name change to Mrwrong

dl8860 · 14 Apr 2023 at 11:14

Building Candy said:
Vote name change to Mrwrong

Don't think you are the first to suggest that.

EvilRob · 14 Apr 2023 at 11:19

Still confuses me why so many people were taking 2 year fixes when the base rate was 0.1%. Just not thinking or did you maybe have some kind of overpayment strategy to get down to a lower LTV in 2 yrs and try and save a couple of points?

grudas · 14 Apr 2023 at 11:23

EvilRob said:
Still confuses me why so many people were taking 2 year fixes when the base rate was 0.1%. Just not thinking or did you maybe have some kind of overpayment strategy to get down to a lower LTV in 2 yrs and try and save a couple of points?

usually just not thinking.

we took a 3 year fix and wish we did longer but FTB etc and didn't expect things to change so quickly.

we still got till mid '25 so hoping it goes to around 3%

Richie · 14 Apr 2023 at 11:33

Mrwong said:
Rates will drop soon, very hard.

When and to what rate?

you can't say "soon" and "drop hard" without stating what tangible times and rates you mean.

Time to put up or shut up methinks.

alexakasloth · 14 Apr 2023 at 11:46

Sounds like the information that was spouted by the IMF, who are rarely correct in their predictions as they too do not possess a crystal ball.

413x · 14 Apr 2023 at 11:52

Richie said:
When and to what rate?

you can't say "soon" and "drop hard" without stating what tangible times and rates you mean.

Time to put up or shut up methinks.

I've been paying close attention to my crystal balls...

I'm thinking the best rates start next year around 3.5pc and maybe even into the high 2s year after.

Richie · 14 Apr 2023 at 12:02

413x said:
I've been paying close attention to my crystal balls...

Must...resist....too....easy.... :eek:

glenimp617 · 14 Apr 2023 at 12:27

News changes every couple of weeks. Basically nobody has a clue.

Goodie · 14 Apr 2023 at 12:46

Mrwong said:
Rates will drop soon, very hard.

MrWrong has spoken, lock in for as long as you’re able to get.

Mrwong · 14 Apr 2023 at 12:55

Richie said:
When and to what rate?

you can't say "soon" and "drop hard" without stating what tangible times and rates you mean.

Time to put up or shut up methinks.

Most likely around the summer months this year. Unless their is a banking crisis or war with China.

Richie · 14 Apr 2023 at 12:57

Mrwong said:
Most likely around the summer months this year.

And to what rates? We can't have a small dip be heralded as a victory that you were right.

What is the "hard drop" going to be?

Mrwong · 14 Apr 2023 at 12:58

Richie said:
And to what rates? We can't have a small dip be heralded as a victory that you were right.

What is the "hard drop" going to be

I reckon, 1 % drop in mortgage rates, i think by the mid to early of part end of the year they will hover around 3.5 %.

Mrwong · 14 Apr 2023 at 13:14

Goodie said:
MrWrong has spoken, lock in for as long as you’re able to get.

2/3 year fix rate will drop down to that level of 3.5 %.

SoundsGood · 14 Apr 2023 at 13:16

EvilRob said:
Still confuses me why so many people were taking 2 year fixes when the base rate was 0.1%. Just not thinking or did you maybe have some kind of overpayment strategy to get down to a lower LTV in 2 yrs and try and save a couple of points?

To avoid a potential ERC if you decide to move house.

CuriousTomCat · 14 Apr 2023 at 13:56

I'm on about 2% fixed until October. I can easily afford to pay a much higher percentage than todays rates. I had the sense to know that mortgage rates are unpredictable so I didn't borrow too much.

Anyone struggling at the moment borrowed far too much and didn't think it through.

Richie · 14 Apr 2023 at 14:13

CuriousTomCat said:
I'm on about 2% fixed until October. I can easily afford to pay a much higher percentage than todays rates. I had the sense to know that mortgage rates are unpredictable so I didn't borrow too much.

Anyone struggling at the moment borrowed far too much and didn't think it through.

Yes that's what happened. They borrowed too much is the only explanation as to why they are struggling

gg :cry: