Mortgage Rate Rises

glenimp617 · 12 Dec 2022 at 11:17

Santanders fixed dropped by around 1%

glenimp617 · 12 Dec 2022 at 11:41

Kill_Phil said:
Thought they had been around 5% for couple weeks now? Anyway arent BoE likely to raise base rate by further 0.5%?

Ah, I've not checked in a couple of weeks. Last time I did, they were just under 6%. Think they were 5.89% if memory serves.

glenimp617 · 12 Dec 2022 at 11:56

MatsyLR said:
They where over 6% on 5 year fixes when I checked a few weeks ago.

Ouch!

glenimp617 · 9 Jan 2023 at 09:36

The education system (like the NHS) is not fit for purpose. It's not really changed in decades.

They absolutely should teach the basics of household finances. Not to the extent they go through all the mortgage options, but an understanding of interest rates, ERCs, fixed, variable, repayment, interest-only etc etc with the pros and cons would be invaluable. The rest can be found through a mortgage broker.

I'd add on loans, credit cards, car finance such as leases and pcp, ccjs, bankruptcy risks

glenimp617 · 9 Jan 2023 at 09:41

dLockers said:
Reminds me when we were learning GCSE Maths and all the kids would protest they'd never need this knowledge. I imagine talking about house buying will trigger an even more vocal response lol!

That's a good point. The way things are going, kids won't need to know about mortgages because they'll never afford one.

glenimp617 · 9 Jan 2023 at 10:37

SpeedFreak said:
You don't need a spreadsheet to live financially sensibly.

I literally live in my excel spreadsheet. I've mapped out the entire years finances already to plan for a garden renovation, holiday and the dreaded mortgage renewal in July

glenimp617 · 9 Jan 2023 at 10:45

My local plumber has just bought himself a bright orange lambo. It's an older one, but still, it's a bloody lambo.

I can see why, after recently getting some quotes for garden work. You don't get much for 10 grand these days :eek:

The moneys in Trades, especially if you are half decent, can tell the time, and can answer a phone.

glenimp617 · 9 Jan 2023 at 11:12

bigmike20vt said:
i chatted with the builder who did our front 2 story extension in....... 2017 i think it was. i paid him close enough £20,000 for it (I got the plans written up for it myself and planning etc to keep prices down). He said now he would have to charge over double for the same job - but the majority of that was materials increases more than labour

Tell me about it. We were having a garage extension done a few years ago. Didn't, then got a requote last year. Price had doubled

glenimp617 · 18 Jan 2023 at 08:22

all of the new build houses within 15 miles of me have gone up. There is one style of house listed for £375,000 last year. It's now £400,000.

If they can sell them, of course they'll keep putting the prices up.

My neighbours dad bought her a new house, and rented her old one out. That's worth £300k.

glenimp617 · 2 Feb 2023 at 12:14

neocon said:
Public sector workers going to need to strike for even higher wages now

and they should, well certain ones should. My sector has only had 1% payrises over the last 10 years.....and not every year I might add. Workers are getting sick of being paid peanuts because it all goes on tax (which is then wasted).

I wouldn't mind if public services were good, but when you pay hundreds and hundreds of pounds each month and get crap service back in return somethings got to give. You can blame the war in ukraine, but someone decided to import energy from abroad. If energy is so risky, why spend billions on HS2 and not more nuclear plants at home? Can of worms that one :cry:

but you get my point.

glenimp617 · 2 Feb 2023 at 12:22

int TheOraclesWorkrate = 100%

Do Until Retirement (
TheOraclesWorkrate = TheOraclesWorkrate ++ (Payrise - Inflation)
)

If TheOraclesWorkrate > 100% {
chrome.exe -forums.overclockers.co.uk} else {chrome.exe -forums.overclockers.co.uk}

:cool:

glenimp617 · 2 Feb 2023 at 13:10

neocon said:
I can see people in my area listing houses they bought in 2021 for 550k say that they bought for 500k. We're talking mid terrace with one bathroom. Not sure why they think it's worth 50k more.

because someone will buy it

glenimp617 · 3 Feb 2023 at 15:19

Well it won't be long for me now, decisions, decisions

glenimp617 · 3 Feb 2023 at 15:55

dLockers said:
On the flip size increases are hardly going to cripple you either.

and with a tracker no ERC or limits on overpayments. I'm tempted with the tracker, but we desperately need a new kitchen and bathroom so can't see me overpaying much for the next couple of years anyway

glenimp617 · 3 Feb 2023 at 19:50

argh, there is another thing to consider when chosing between a 2yr tracker or 5yr fixed. That's the £999 product fee.

Once the 2yr tracker is up I'll need to find a new deal and spend another £999. That £20 a month saving might not be worth it.

I'm starting to think I need a new username. I mean, can anyone see rates falling by a decent amount between now and the next 5yrs, or will they settle around the high 3s? This year is out of the question, I can't see them dropping until very late '23 or early '24.

Now thinking 5yr fixed. If I do a 5yr fixed, gonna be great for all you lot as I guarantee rates are gonna drop through the floor the day after I sign!

glenimp617 · 3 Feb 2023 at 20:28

Derek W said:
I take it you're not being offered any deals without the product fee? I've only been with nationwide but they normally have similar deals with or without a product fee.

Edit

Or are you able to get a 3yr deal and split the difference?

Unfortunately not, but I was 5 years ago when I renewed last time. This time, nope. The rates are a little bit lower than the website though, but still with £999 fee. I think there was one without a fee but it was a silly rate of over 5%. IIRC, they did a 3yr fixed but that was a high rate as well. I've still got a bit of time to mull it over.

glenimp617 · 8 Feb 2023 at 20:21

delta0 said:
Why would you choose to go onto an SVR? This is always a silly rate.

Nobody who has a choice. The only thing I can think of is someone who has a large amount of money coming through and wants to pay it off, so maybe stay on SVR for a month or two. Can't think of any other reason. Now....if you don't have a choice of course.

glenimp617 · 11 Feb 2023 at 08:56

Santanders 5yr fixed came down this week, it's now less than their 2yr tracker

glenimp617 · 11 Feb 2023 at 09:04

dLockers said:
Dude we are arguing poverty and food banks now, take your on topic post in your own thread and back off!

glenimp617 · 11 Feb 2023 at 11:42

413x said:
It's really obvious that 4pc today isn't the same pain as 4pc 15 years ago.

You can point to all the benefits now but those buying houses aren't really using those.

We are talking about home owners. If you don't want to look at numbers. Because you don't trust them. Just think what 10pc would do now. It would be ruinous. The country would fall apart. The older lot always point to surviving 15pc or whatever number. Its obvious to anyone even half that would be devastating today.

You can't really argue this.

The government would argue that people in the 1980s didn't have netflix subscriptions. Just think what kind of a house you could buy with that £15.99 a month saving.