Mortgage Rate Rises

[BurningHorizons]

Borrowers' pain eased as lenders cut mortgage rates

After the UK's biggest lender reduces rates on new fixed deals, other providers are expected to follow suit.

www.bbc.co.uk

Looking forward to HSBC's rate cut tomorrow! I could do with a sub 4.5% 2 yr fix.

Indeed. Also First Direct will offer 3.94% 5yr at 60% LTV according to Sky News.

 

[413x]

You need a slap man. You earn a bunch of money and have super low outgoings. You can do both quite easily.

Not complaining. That's for sure. It's a luxury that most don't have. I guess with 2023 trauma and new higher salary coming at same time it's blown my previous mindset to bits.

I do need a slap!

 

[Deleted User 298457]

Not complaining. That's for sure. It's a luxury that most don't have. I guess with 2023 trauma and new higher salary coming at same time it's blown my previous mindset to bits.

I do need a slap!

Well I would help but I won't because I just logged in and they've devalued my house to 850

I need 40k to get into the next bracket! I could sell my car and my arse..........hmm.

 

[TNA]

I do need a slap!

 

[reef]

Indeed. Also First Direct will offer 3.94% 5yr at 60% LTV according to Sky News.

Well that's a kick in the teeth. We just completed our remortgage with them yesterday at 4.64% for 5 years.

That would have been £69/month less. Missed it by a few weeks. Fabulous.

 

[413x]

Well I would help but I won't because I just logged in and they've devalued my house to 850

I need 40k to get into the next bracket! I could sell my car and my arse..........hmm.

On what site? Not sure if I want to look!

 

[Deleted User 298457]

On what site? Not sure if I want to look!

Nationwides Mortgage Manager.

Zoopla obviously there to give you false hope - high confidence at £890k lol.

 

[BurningHorizons]

Well that's a kick in the teeth. We just completed our remortgage with them yesterday at 4.64% for 5 years.

That would have been £69/month less. Missed it by a few weeks. Fabulous.

That sucks bigtime. The fixed rate market has become the norm over recent years, and FD have a particularly high SVR to encourage you to fix. Not good when rates are flat or falling.

 

[smokedog]

The Institute of Directors is urging the Bank of England to cut rates to prop up the flagging UK economy after confidence sank to a four month low.

 

[Foghorn Leghorn]

I'm not so sure.

In a deep dark place in my mind I'm concerned long term that once I can't do my hobbies (ie getting older) I'll stop caring at all About stuff (depression/mental health cripples my family).

And if I end up like my mum is now it doesn't matter how much/little I'd have then. I'd basically just be existing.

Right now I'm keen to go on holidays, explore, want to emigrate etc. But it's always a battle mentally.



Only really thought about it in last 6 months. Sure to salary increases of recent it's only just become a thing to think of. Before it was just saving for a house. Then building up savings. Now it's more of a "future vs present" question.


Anecdotal evidence is never great but my Parents and my partners dad (get mum passed suddenly this year) were both very well off but neither are happy. I heard the "of only we had done more" from her dad after.

Its blown a hole in my previous "save, save, save" mantra. And I guess i'm just navigating this mentally.

You need a slap man. You earn a bunch of money and have super low outgoings. You can do both quite easily.

He's right you know

From reading some of your previous posts we're on a similar wage. We're a single income family, wife, 2 kids and a dog, although the eldest has now left home and earns well so no longer needs financial support. House almost paid for, a pension pot that whilst isn't earth shattering will mean at current projections I could retire at 60 and be no worse off than I am now. I've also spent the last 7 years racing in supersport 600 and that makes a serious coke habit look cheap

Keep an eye on the future, but if it's within your means then do the things you want to whilst you can, you might never get the chance again.

 

[stuie]

My fixed is coming to an end with Nationwide end of the month, really hoping they will drop their rates a bunch in the next few days, theyve been quiet so far

 

[Nemiyen]

Well that's a kick in the teeth. We just completed our remortgage with them yesterday at 4.64% for 5 years.

That would have been £69/month less. Missed it by a few weeks. Fabulous.

Tell me about it, we mortgaged in for 2 years at 5.89% with HSBC in October and then it's gone down ever since! Currently at 4.89 and could drop even more! Our mortgage is quite low but that's still about £60 per month saved if we'd waited.

 

[413x]

He's right you know

From reading some of your previous posts we're on a similar wage. We're a single income family, wife, 2 kids and a dog, although the eldest has now left home and earns well so no longer needs financial support. House almost paid for, a pension pot that whilst isn't earth shattering will mean at current projections I could retire at 60 and be no worse off than I am now. I've also spent the last 7 years racing in supersport 600 and that makes a serious coke habit look cheap

Keep an eye on the future, but if it's within your means then do the things you want to whilst you can, you might never get the chance again.

Looks up "super sport 600".

Looks awesome!

 

[slinxy]

I'm not so sure.

In a deep dark place in my mind I'm concerned long term that once I can't do my hobbies (ie getting older) I'll stop caring at all About stuff (depression/mental health cripples my family).

Personally I save so I can look after myself financially when old.. and if I need medical care later in life, I should be able to afford it and not put a strain on my family to pay for it.

One thing about a pension is that it’s tax free for your next of kin to inherit it. I already spoke to my brother about adopting my niece so she can inherit what’s left of my estate tax free.

 

[smokedog]

Tell me about it, we mortgaged in for 2 years at 5.89% with HSBC in October and then it's gone down ever since! Currently at 4.89 and could drop even more! Our mortgage is quite low but that's still about £60 per month saved if we'd waited.

At least you didn't do 5 years

 

[gazref]

Silly? No, sensible. Too many people massively burying their heads in the sand about how much they will need to fund retirement at a similar lifestyle. Mortgage costs will likely be gone but you also have a lot more time available to spend. Even in today's money, 1.8m is £72k a year/36k per couple before tax at a 4% drawdown rate.

1.8m is far too small. Make it 4m to be sensibly comfortable imo.

 

[Chihuahua7126]

Indeed. Also First Direct will offer 3.94% 5yr at 60% LTV according to Sky News.

Was the rate for First Direct confirmed on the Sky News channel, as the website only states that they will announce the rates on Friday?

HSBC latest lender to cut mortgage rates as experts predict 'others bound to follow suit'

The UK's average two-year mortgage rate fell to 5.92% on Wednesday, according to Moneyfacts. Both Halifax and Leeds Building Society slashed deals earlier this week.

news.sky.com

 

[413x]

Personally I save so I can look after myself financially when old.. and if I need medical care later in life, I should be able to afford it and not put a strain on my family to pay for it.

One thing about a pension is that it’s tax free for your next of kin to inherit it. I already spoke to my brother about adopting my niece so she can inherit what’s left of my estate tax free.

Its much more complicated when you have no kids. If I was having kids it would be different. But I'll probably leave to charity.. But Id rather use most on me!

 

[Hagar]

Its much more complicated when you have no kids. If I was having kids it would be different. But I'll probably leave to charity.. But Id rather use most on me!

Charity begins at home.

 

[fez]

Literally just locked in a new rate of 4.94% at the end of december. Only 2 years but still. Bit of a kick in the teeth. Managed to come out of our deal at one of the worst times and don't even have the vague satisfaction that would be gained by all you buggers paying the same silly rates!