I got a mental image of little Rishi bouncing off Baileys big belly and yelling “drop the rate, drop the rate” like a toddler.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Soldato
depending on the rates when it comes to me looking for a new mortage package in 4 years time and if the new lease hold laws, I may look at buying out or extending the lease hold on my place and adding the cost on to the mortage.
is this possible and has anyone done it?
or I might just crush the remaining 50k on left on the mortage by that time and buy/renew the lease hold later.... I think I have another 10 years left before the lease hold doubles from £200 per year to £400 per year.
I'll be long gone by the time the lease hold fee as at something stupid but I rather deal with it now than later on in life or passing the issue to a family member.
is this possible and has anyone done it?
or I might just crush the remaining 50k on left on the mortage by that time and buy/renew the lease hold later.... I think I have another 10 years left before the lease hold doubles from £200 per year to £400 per year.
I'll be long gone by the time the lease hold fee as at something stupid but I rather deal with it now than later on in life or passing the issue to a family member.
What's the appeal of no further credit checks when re-mortgaging though? Surely when you re-mortgage you are happy to undergo additional checks to get the best deal? Are you talking about limiting yourself to your current lender as well?
Maybe I am not following, but I would have thought when re-mortgaging you would be happy to jump through various hopes to get the lowest rate no?
Yeah fair comment - I have two parts to my mortgage so I can't go competitive/to market. Avoiding the check was because it was increasing by a grand a month and I didn't want the potential headache of being rejected and creating further problems.
and it cannot be consolidated?
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 45,256
No, just sticking with the current lender in our case.
Last edited:
No, I'm planning on moving out in a few years maybe 2-5 so when I sell it will be easier to find someone to buy 35% rather than if I buy more as when you sell it it has to be for the same % as you have or more.
Not without the end dates aligning (i.e. fully variable), or me paying an ERC to force the end dates to align. It is a real issue in the industry. I am basically in handcuffs with Nationwide (who fortunately are the best rate available).
I’d have thought the opposite would be the case, in that it would be easier to sell 100% than someone buying into a shared ownership. Thats on the assumption that the size of the market looking for a ‘whole property’ would be much larger than those looking for shard ownership.
Happy to be corrected one that one though.
When they buy it a buyer can buy more so they give me 35% and then buy a percentage off the housing association. They can't buy a smaller percentage than you already own.
With current interest rates it will be cheaper for a buyer as the rent is calculated at 1% PA of the equity that you don't own.
With current interest rates it will be cheaper for a buyer as the rent is calculated at 1% PA of the equity that you don't own.
Last edited:
Once again replying to myself with about 3 months of hindsight. 4 times running now. Thank God I didn't do this. Everything marching up relentlessly.
Caporegime
BBC News - Mortgage rates cut but borrowing pressures remain
I wonder how much? Probably 0.25 or less.
Mortgage rate cuts but borrowing pressure persists
More homeowners are facing the first stage of the repossession process, new figures indicate.
www.bbc.com
I wonder how much? Probably 0.25 or less.
BBC News - Mortgage rates cut but borrowing pressures remain
Mortgage rate cuts but borrowing pressure persists
More homeowners are facing the first stage of the repossession process, new figures indicate.www.bbc.com
I wonder how much? Probably 0.25 or less.
Several lenders are reducing their interest rates on new fixed mortgages on Friday, offering a glimmer of hope to hard-pressed borrowers.
Barclays, HSBC and TSB will cut rates slightly on new deals, but applicants still face much higher costs than many have become accustomed to.
How do places like the beeb find this info out ahead of it happening? I can't imagine mr HSBC person wakes up one morning and thinks, "yeah must phone the BBC and warn them".
Elsewhere its reported as 'HSBC have announced' etc so presume some sort of media release.
If memory serves, mortgage arrears jumped by more than 50% last year, so it's not really surprising sadly.
Yes I went through the 80's and 90's so know about it but thankfully didn't happen to us.
Caporegime
When we was looking in 2010 lots of repo's going for mental prices.
Detached 4 bedroom houses going for 120k at auction although garden was a little small for us and on a newish build estate so tiny roads and too close together. That house today is easily worth 300-350k though.
Yes, repossessed properties going for peanuts which left the evicted still in debt. We didn't have the help that is in place now, it was pay up or you're out virtually. After that the government at the time told the mortgage lenders to put more help in place and only use repossession as a last resort not the first.
You’re right on some levels I think, but without that “help”, things would be absolutely catastrophic today given how many more multiples of the average salary house prices are today compared to back then.
Personally I would prefer a more natural and better functioning market. One without much in the way of intervention. Things need to be allowed to correct in line with affordability.
Last edited: