Mortgage Rate Rises

413x said:
You guys (in home and garden section) suggested I don't get rid of the traditional tank system we have if I remember
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Yup - alongside the quality of live improvements now, getting rid of it makes the inevitable switch to a non gas source of heating much harder.

The only electric direct alternative to a combi boiler is a a straight electric boiler which will always be horrific to run.

You can get hot sand heat stores which charge overnight and make their heat available on demand. They are good but you need a location the size of a large washing machine where you can get both a big electrical connection and all your heating and hot water feeds. You also can’t cite them upstairs unless you have a concrete floors, if you can even get it up there first place with how heavy they are.

Edit: when we say ‘keep the traditional tanked set up’ we mean a modern un-vented pressurised cylinder which has near zero heat loss.
 
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b0rn2sk8 said:
The reason people keep mentioning ’in the real world’ is because achieving the high flow rates you cite on a combi boiler requires a big boiler, far bigger than you need for heating.

The heat demand for my property is less than 6kw at -5c. A 30kw boiler can’t modulate down low enough to achieve anything like its maximum efficiency most of the time because heat demand just isn’t high enough, that means the boiler starts cycling (on, off, on, off, on, off) and kills its efficiency. So it’s efficient on paper but not in practice.

If you had a hot water tank, you could fit a boiler with half the output and it would operate in it’s efficient range significantly more of the time.

Likewise since the move to condensing boilers, heating engineers have not been re-calibrating radiator sizes for the lower flow temperatures needed for boilers to run in their most efficient modes. So you may have a 94% efficient condensing boiler that never condenses.

Your boiler may be sized well but the vast majority are not, particularly for modern houses with lower heat demands.
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Worcester 8000 boiler 30kw can modulate down to 3KW when I look it up so that's a thing atleast, not sure what the efficiency it at that though, not sure it it maintains 93% or not.
 
It does but you need proper controls to enable it. To achieve it you need a weather compensation device which is correct calibrated for your specific property and correctly sized radiators for lower flow temperatures.

If you just stick it on a big standard thermostat or even a nest, it will just run at full tilt all the time. Likewise if your rads are not big enough, it will have to run at higher temperatures in order to get the heat out the system and into the house. Higher temps lower the efficiency.

There is quite a lot of things you need to get right to achieve that sorts of efficiencies. Part of the issue is that for your ‘£2k boiler swap’, it doesn’t consider any of the wider system or heat loss calculations to calibrate the weather compensation.
 
Hagar said:
Are we going to 5.25% this week? 5.5 seems unlikely now. Staying at 5.0% more likely?
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5.25% seems likely but the jobs losses are already being felt in the manufacturing sector https://uk.finance.yahoo.com/news/tuc-urges-bank-england-halt-230114476.html

This could suggest we are reaching the max sustainable rate now and may see an accelerated fall in inflation.

b0rn2sk8 said:
It does but you need proper controls to enable it. To achieve it you need a weather compensation device which is correct calibrated for your specific property and correctly sized radiators for lower flow temperatures.

If you just stick it on a big standard thermostat or even a nest, it will just run at full tilt all the time. Likewise if your rads are not big enough, it will have to run at higher temperatures in order to get the heat out the system and into the house. Higher temps lower the efficiency.

There is quite a lot of things you need to get right to achieve that sorts of efficiencies. Part of the issue is that for your ‘£2k boiler swap’, it doesn’t consider any of the wider system or heat loss calculations to calibrate the weather compensation.
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This must depend on the boiler. The Worcester Bosch does it by comparing the input and the output temperatures of the water. Is there another thread we can throw this over to?
 
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delta0 said:
5.25% seems likely but the jobs losses are already being felt in the manufacturing sector https://uk.finance.yahoo.com/news/tuc-urges-bank-england-halt-230114476.html

This could suggest we are reaching the max sustainable rate now and may see an accelerated fall in inflation.


This must depend on the boiler. The Worcester Bosch does it by comparing the input and the output temperatures of the water. Is there another thread we can throw this over to?
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Create one in home and garden IMO
 
Consensus seems to be 5.25.
I think 5 is enough. Starting to feel the effects as a country now. Some slight house price falls, inflation falling and potential for some job losses and fewer new openings.

Any more rises is going to do more harm than good (imo)
 
413x said:
Consensus seems to be 5.25.
I think 5 is enough. Starting to feel the effects as a country now. Some slight house price falls, inflation falling and potential for some job losses and fewer new openings.

Any more rises is going to do more harm than good (imo)
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Even in America with inflation starting to drop like a stone the FED is still piling the rises on, I expect nothing different here, with our much higher and stickier inflation.
 
I think that 5.0% will be enough looking at recent falls however I suspect that 5.25% will be pushed through albeit on a reduced majority vote. More dissent. Perhaps it will not stay there for very long, a month or two.
 
Uther said:
Even in America with inflation starting to drop like a stone the FED is still piling the rises on, I expect nothing different here, with our much higher and stickier inflation.
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Not really sure why the US is going further myself. Pushing up its debt bill.
I mean it's huge debt and it's weird debt negotiations has just got it's AAA rating downgraded.

And I agree with that. It's been used a political game rasing that ceiling or not at the last minute.
 
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Hagar said:
I think that 5.0% will be enough looking at recent falls however I suspect that 5.25% will be pushed through albeit on a reduced majority vote. More dissent. Perhaps it will not stay there for very long, a month or two.
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Think they will push through the increase especially as the fed raised rates and on paper they have already got a better handle on inflation than the UK.

On the news last night they did say there is a theory that a raise in rates takes a year to have a meaningful impact on the economy / inflation with concerns that you could go to far before you have even felt the impact of previous increases so I would be surprised if future jumps are now more than 0.25 at a time.
 
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delta0 said:
This must depend on the boiler. The Worcester Bosch does it by comparing the input and the output temperatures of the water. Is there another thread we can throw this over to?
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Probably. I’ll go back to mortgage rates!

I think they’ll raise rates here again, inflation is stubborn and rate rises are having a limited impact it seems.

When we fixed for 10 years in 2019 on a 25 year term, we expected rates to rise, but not by this much. Things were very much picking up in 2019 and we thought we’d be looking at mortgage rates ticking up a bit over 5 years and we didn’t expect to ‘break even’ on the 10 year fix until we’ll into the second part, perhaps not at all.

The plan was always to break the back of the mortgage over the 10 year period but the current rates really over emphasise the need to do so.
 
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