Mortgage Rate Rises

We fixed our mortgage rate back in april. At the time, it seemed like a bit of a risk as the rates I was getting weren't great. In the end we chose to fix at 4.5% for 5 years

I was worried i'd ****** up at the time, as i know some people had managed to fix for less than that when they fixed earlier. But as the rates keep on rising and I'm starting to think I didn't **** it up after all
 
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Fr0dders said:
We fixed our mortgage rate back in april. At the time, it seemed like a bit of a risk as the rates I was getting weren't great. In the end we chose to fix at 4.5% for 5 years

I was worried i'd ****** up at the time, as i know some people had managed to fix for less than that when they fixed earlier. But as the rates keep on rising and I'm starting to think I didn't **** it up after all
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I think that you did the right thing. You have five years peace of mind even if is more expensive but over the 25 years or so term, it will be fairly negligible.
 
Fr0dders said:
We fixed our mortgage rate back in april. At the time, it seemed like a bit of a risk as the rates I was getting weren't great. In the end we chose to fix at 4.5% for 5 years

I was worried i'd ****** up at the time, as i know some people had managed to fix for less than that when they fixed earlier. But as the rates keep on rising and I'm starting to think I didn't **** it up after all
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I manged to fix last August I think it was. Our previous fix came to an end the day before the BoE were meeting and we were convinced rates were going to rise so just managed to get it fixed again with one day to spare. Like you we did wonder if it was the right decision, but it turns out to have been the right one.
 
Hades said:
I manged to fix last August I think it was. Our previous fix came to an end the day before the BoE were meeting and we were convinced rates were going to rise so just managed to get it fixed again with one day to spare. Like you we did wonder if it was the right decision, but it turns out to have been the right one.
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How many years did you go for
 
Fr0dders said:
We fixed our mortgage rate back in april. At the time, it seemed like a bit of a risk as the rates I was getting weren't great. In the end we chose to fix at 4.5% for 5 years

I was worried i'd ****** up at the time, as i know some people had managed to fix for less than that when they fixed earlier. But as the rates keep on rising and I'm starting to think I didn't **** it up after all
Click to expand...

We moved house in May and ported ours at 1.99%, however that runs out at the end of August. Wanted to borrow a bit more for some house renovation with the new rate but bank wouldn't let us do so until the land registry had been changed over. Some how managed to luck out and requested an expidite which got changed within 12 hours! Thankfully secured 4% for 5 years just before they all jumped up.
 
Hades said:
I manged to fix last August I think it was. Our previous fix came to an end the day before the BoE were meeting and we were convinced rates were going to rise so just managed to get it fixed again with one day to spare. Like you we did wonder if it was the right decision, but it turns out to have been the right one.
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More or less the same timing as me.

I'm Mr cautious, and would rather have a known outgoing. Was rather worried they'd fall, but who knows?
 
CapitalOne said:
To everyone stressing, Sunak throws you a liferaft....

"I am totally 100% on it, it is going to be OK and we are going to get through this"

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Huge relief Sunak is on top of this, for a moment I thought he'd gotten lost in a helicopter.

Though it's all abut unclear, can anyone help me with what he's actually doing to help?
 
Fr0dders said:
We fixed our mortgage rate back in april. At the time, it seemed like a bit of a risk as the rates I was getting weren't great. In the end we chose to fix at 4.5% for 5 years

I was worried i'd ****** up at the time, as i know some people had managed to fix for less than that when they fixed earlier. But as the rates keep on rising and I'm starting to think I didn't **** it up after all
Click to expand...

You live and learn. When the energy rates went up last year I could have fixed at £220 a month for two years. At the time it was a staggering compared to the £160 I was paying so I just ignored it. A week later it got pulled and everything has been around £300 for the past 18 months!
 
TheOracle said:
People have been saying that for years though, yet all new developments continue to sell off plan. I think things need to get MUCH worse before people calm down. Far too many people happy to take on £200k/£300k/£400k debt just because "that's how much houses are these days"

That said, as I've gotten older my appetite for risk has declined so maybe I'm just an old git lol
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What are people who want a better home supposed to do as an alternative for buying a better home?
 
413x said:
Last guesstimate I saw was 3-4pc by 2027. That's assuming things go "to plan"
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The days of 2% are surely long gone! Mate just got out of a 1.69% deal and into a 4.39% 2 Year which he fixed before the last few rounds of rises. He is wishful at 3% in 2025 hence didn't lock in 5 Years but even then 5 would have made sense but each to their own personal circumstances.
 
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