I wouldn't lock in for 5 now.
Surely it can't go much higher?
I mean.. It can.. But all predictions are a slow fall. Could be really slow mind.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Surely it can't go much higher?
I mean.. It can.. But all predictions are a slow fall. Could be really slow mind.
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I think it'll peak at 6 towards the end of the years inflation at 5 and both will stay the same for a bit
Soldato
If five is affordable and you are worried about the possibility of further rises then locking in now is a good idea, riding a variable rate now for two years will almost certainly cost you as much if not more than any saving in lower rates as the current variables are significantly above a 5 year fix.
Caporegime
I locked it in when Truss was PM, when BoE Interest rates started with 2. I probably could have got a cheaper one by shopping around and took my time asking around but I made an appointment and just took what the bank offered at 3.5% and signed at the meeting. If I had posted that info at the time, I am sure some of you would have questioned my judgment and at least said to just go on a tracker and see what happens. I was on 2.2% to 3.5% and the rise went up £100 a month, it was affordable so I just went for it.
6 days later the Mini Budget came out.
You can imagine my relief lol
6 days later the Mini Budget came out.
You can imagine my relief lol
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Soldato
I'm glad i locked in at 3.09% at the beginning of the year as rates are double that now.
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Caporegime
Was worth our meeting, negotiated 1% off the list price and didnt have to threaten to leave 
still currently 4.3% rolling every 3 months.
I'm sure it will go up... but yes its relatively such a small mortgage to lock it longer than a year is really unattractive. It could rise, it could not.
Its ten years minimum length and this is our second year and we already paid off 33% so we really overpaying hard.
I'm more amazed i sat there and discussed this in a foreign language and i actually understood 99% of it all.
still currently 4.3% rolling every 3 months.
I'm sure it will go up... but yes its relatively such a small mortgage to lock it longer than a year is really unattractive. It could rise, it could not.
Its ten years minimum length and this is our second year and we already paid off 33% so we really overpaying hard.
I'm more amazed i sat there and discussed this in a foreign language and i actually understood 99% of it all.
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Fixed in October for £100 more / month than we were paying before that. 5 year term. Would be another £100+ at current offers so not unhappy about that. Haven't been overpaying yet as been doing lots of pricey works. Hope to be able to do so from start of next year if we can stop spending money for a bit.
Difficult to advise on Swedish loans as don't know what the system is there and there are different economic factors than in the UK. In the UK I'd most likely take a long term fix.
Soldato
Two years left at 1.82%
But by the end of that, should only have about 38k left to pay. So shouldn't be a huge jump in monthly payments.
But by the end of that, should only have about 38k left to pay. So shouldn't be a huge jump in monthly payments.
1.19% here. Wish it was locked in for 10yrs.
Anything under 50 I wouldn't be bothered if it was 2pc or 6pc. Not even 100 a month difference at that level over 5 years
Caporegime
That’s my boss, he basically did it at the bottom.
Smart person.
Is a 10yr usually transferable to the next property as that would have made it super useful for me.
Caporegime
Yeah most will allow you to port over.
Cool. If Nationwide had a 10yr fix on their site at the time I would have gone for it . Do NW even do 10yr fixes.
Caporegime
Lenders have been pulling 10 year deals recently because of all the uncertainty.
Caporegime
Nothing to worry about. We have basically the same left and we went from 1.XX % to 3.48% and only went up £40 a month. Easily manageable.
Soldato
They did, my 10 year fix was with NW.
Well technically still is until I get round to ringing up and paying it off
Soldato
true, but the price could have instead been £60 cheaper, so that'd be a £100 swing.
‘May was the calm before the storm’: House prices tumble and rents rise with interest rates
Buyer enquiries and agreed sales had their least negative readings in 12 months, but further Bank of England interest rate rises could stifle the sector, RICS warned.
Report consistent with estate agents take on my recent evaluation (last 2 years of growth wiped off).