Mortgage Rate Rises

lewism said:
I could - and did - that's not my point. The fact a broker exists as a profession means that the majority of people either can't or don't understand.
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My advisor actually advised we fix for as long as possible. Fixed for 5 years but actually ended up moving before end of term.
 
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I’ve never used a broker before but on moving to this house, I tried one and they found a better deal than I could directly anywhere.

On top of that when some issues occurred due to the lender messing paperwork, they did all the chasing and hassle that I didn’t need during a house move.

I’d recommend at least speaking to one that 1) gets their money from the other side 2) has good ratings that you know will do the legwork and at pace if any issues.

Of course always do your own research and choose the most appropriate term.
 
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
 
kitkat9933 said:
I’ve never used a broker before but on moving to this house, I tried one and they found a better deal than I could directly anywhere.

On top of that when some issues occurred due to the lender messing paperwork, they did all the chasing and hassle that I didn’t need during a house move.

I’d recommend at least speaking to one that 1) gets their money from the other side 2) has good ratings that you know will do the legwork and at pace if any issues.

Of course always do your own research and choose the most appropriate term.
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My broker has been nothing but incredibly helpful. I've used him several times now and wouldn't apply for a mortgage without him. Particularly considering he's not paid by me, but by the bank!

PS. happy to recommend him/them if anyone needs it.
 
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willhub said:
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
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Yeah it's never an easy choice if you're currently happy. There are pros and cons to both for sure. The unfortunate situation you will have looming is your landlord could sell up. Renting would be the preferable option for many if the prices never reached a joke. Just do your homework with regards to building maintenance, a lot of it you can learn as time goes on, provided you avoid any initial bad purchases.

I think if you start/have a family, buying is a no brainer.
 
willhub said:
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
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Its about independence I guess?
I've never rented as I don't like the idea of paying for a landlords mortgage and having nothing to show for it. Just saved and saved while living at my parents for a deposit. But there are many people who are perpetual renters due to the way the property ladder is and find it difficult to squirrel away cash.

Then again I don't believe in the whole 5%,10% deposit mortgage noncense either and having 100-200k in debt. My mortgage is the only debt I have and it was 38k when I took it out last Feb, now it's just under 29k. Still pains me to think I have a debt and interest to pay for.

Knowing your bills would likely be higher is a concern but with renting its never yours and the landlord can kick you out anytime they like (within reason)

Long term renting isn't a good idea in my opinion.

The buying process is long winded as you have loads of others looking to buy the same property. But couldn't hurt doing some looking around now and again?
 
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willhub said:
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
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One day, as you reach retirement age, you’ll either own your own house or need to find rental money. You‘ll either be secure in your own home or you’ll wonder what you’ll do or where you’ll end up if you can’t afford the rent or the landlord sells up.

If someone swoops in with a better offer you find the next house, when looking you’re first time buyers, you’ll always be able to offer less than asking price.

All the fees, there are few on your first home. No stamp duty under £250k the seller pays the estate agent, you just pay the solicitor and his associated fees, probably no more than £1k but as a first time buyer, if you find a house listed for £210k you offer under £200k and work your way up depending on how much you like it.

10 years from now, your £200k house could easily be worth £300k or more
 
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willhub said:
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
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This is the exact thought process many renters have and from what I've heard, very similar in Europe. Many people never own and just rent. For me though, there's no way I'd rent because once the house is paid off, your rent is then gone. That £875 is in your bank every month and is a big chunk of change.

Agreed, things can go wrong with the house and that's where some people differ. I'd do as much of the work myself as I can do whereas others would pay someone. (stuff I can legally do anyway!)

Renting is uncertainty to me, the landlord can wack the rent up, sell the house, force you to leave, not fix things when they break and you just have more structure with a mortgage.

For me, renting should be half of what a mortgage costs, maybe more, but prices are crazy and landlords use renters to buy them a retirement income!
 
Nemiyen said:
This is the exact thought process many renters have and from what I've heard, very similar in Europe. Many people never own and just rent. For me though, there's no way I'd rent because once the house is paid off, your rent is then gone. That £875 is in your bank every month and is a big chunk of change.

Agreed, things can go wrong with the house and that's where some people differ. I'd do as much of the work myself as I can do whereas others would pay someone. (stuff I can legally do anyway!)

Renting is uncertainty to me, the landlord can wack the rent up, sell the house, force you to leave, not fix things when they break and you just have more structure with a mortgage.

For me, renting should be half of what a mortgage costs, maybe more, but prices are crazy and landlords use renters to buy them a retirement income!
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Yep agree

When we had lots of council housing renting was less than half. So it was a genuine option.
 
I see my house as a savings account that I can't tap into. As someone else said, I may need that money one day. If I get to old age and need to pay for care, downsizing would immediately give me a huge wad of cash. Renting just doesn't give you that opportunity. Also, being beholden to a landlord really doesn't appeal to me. With my own house, I can do whatever I want to it. If I want to paint over all the window latches, I have the choice. If I want to fix something that's broken, I can just get on with it. It may cost me, but no one else is making that decision.
 
Yep agree with others, if you can affordably buy a house, it's worth getting one, because otherwise you are simply paying the mortgage for someone else, and having nothing to show for it at the end of many years of doing so.
 
willhub said:
Well me and the GF have a 20k deposit now, one would assume the time to buy, but I don't really feel the hassle is worth it, just seems all hassle for getting bent over.

I literally can't get my head around a mortgage been worth it, we pay £875 in rent, £114 a month gas/leccy, £40 for water, contents insurance about £15 a month. Anything goes wrong with the house is fixed, I feel like if we got our own house the monthly mortgage would be higher, realistically looking at between 175-220k for a house, then all the other bills potentially higher as well as having to pay for any maintenance of the house etc..

Then the attempt t buy the house, all the fees, what if someone else swoops in with a better offer, just seems impossible for me to get my head around.
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You could be kicked out with a few months notice? Come retirement the shackle of renting will loom over you.
 
Any sign of Barclays following suit with the other lenders yet? My renewal is coming up and I’ve been offered 1.44% above base for a 2yr tracker.

Will we find out 1 Feb whether the BOE will change the base rate? I presume it would be unprecedented for them to drop it by more than 0.5% in one go?
 
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MoRT489 said:
Any sign of Barclays following suit with the other lenders yet? My renewal is coming up and I’ve been offered 1.44% above base for a 2yr tracker.

Will we find out 1 Feb whether the BOE will change the base rate? I presume it would be unprecedented for them to drop it by more than 0.5% in one go?
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If it's the tracker it'll drop anyway, and if there are no ERCs you can re-agree?
 
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