Just be thankful you do have the help, it wasn't very pleasant for millions? at the time
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Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I’m lucky enough not to need it; but I suspect it’s going to be just as bad for millions more over the next 12 months or so. Even with the “help”.
I suppose there’s one difference this time, in that those at the bottom end of the market have been so priced out that they probably don’t have houses to lose in the first place.
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Now you know why I am building the garden room
Depending on how it's handled the could just be the start of a cascade.
For the in laws?
YOU CAN TAKE MY HOUSE...........BUT YOULL NEVER TAKE..............THE GARDEN ROOM.
House for life yo, just need to update my deeds.
Indeed. Given the lag in how these things have tended to effect economies historically, it’s only around now that I would have expected repos to start ramping up anyway.
I’m not too hopeful of the kind of soft landing in real terms that some people are.
It’s exactly what I’m doing, and who can blame anyone able to for doing so? But it definitely leaves a sour taste in your mouth knowing that you’re likely going to end up profiting while families out there will be suffering.
Yes you will need to save as your house value will go down aswell unfortunately.
yeah, as always, the cash buyer will always win, no need to contend with cray cray % mortgage rates, and with rental prices increasing as well...
Soldato
We've been putting our rates up for the last few weeks, so not sure what that report is in about.
The headline rate isn't always the complete picture either, for example, one of the mortgage offers I looked at the other day, was a loan I want to say about 600k, but the product fee on the offer was £65k.
I can't remember if it was a 2 or 5 years rate, but in either case, the cost of that mortgage was £65k PLUS whatever interest was charged on top, crazy.
Edit: don't forget, that's exclusive of the application fee, valuation fee, solicitors fee, broker fee, so add on all those lol.
Redemption fee, and the cheeky £35 TT fee.
The headline rate isn't always the complete picture either, for example, one of the mortgage offers I looked at the other day, was a loan I want to say about 600k, but the product fee on the offer was £65k.
I can't remember if it was a 2 or 5 years rate, but in either case, the cost of that mortgage was £65k PLUS whatever interest was charged on top, crazy.
Edit: don't forget, that's exclusive of the application fee, valuation fee, solicitors fee, broker fee, so add on all those lol.
Redemption fee, and the cheeky £35 TT fee.
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my home value is immaterial unless i need/want to move
for the forseeable future i have no wish to, and my mortgage is fixed @ 2.35% until july 2032
wtf 65k product fee on a 600k loan!?
Soldato
It's designed to cheat affordability. Because it all has to be stressed against the rate, well you have a slightly lower rate and make it up in the product fee, the overall cost, or profit to lender is the same, but it becomes more affordable.
Yup.........
Obviously it's only if you sell.
How so? Inflation is barely above the 2% target - that would suggest to me that a rate cut is very likely, and would make good headlines as we head into a General Election later this year.
Because headline inflation was always going to fall, underlying inflation e.g services which the BoE are looking at is actually climbing.
Just a quick take from bloomberg.
As always though, the next data and it can all swing back
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Caporegime
Especially as minimum wage went up in April by 10%. Most people only just getting their pay rises too.