Mortgage Rate Rises

lookitsjonno said:
My remortgage is due end of July. With Barclays I can get a 1y no fee fix for 4.89, wondering if it's worth taking that and reviewing in a year. It's either that or I jump on a tracker at 5.74 with no fee and pin my hopes on a rate drop later this year
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Quite a big difference.
The base rate would have to fall 1pc right now to break even.

If the base rate falls slowly... It'd need to fall even more than 1pc to break even.

1 year fix?? I've never seen that
 
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413x said:
Quite a big difference.
The base rate would have to fall 1pc right now to break even.

If the base rate falls slowly... It'd need to fall even more than 1pc to break even.

1 year fix?? I've never seen that
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It feels to me like the banks are pretty sure the rates are coming down real soon (perhaps next BoE announcement) and want to fix anyone for any length of time.
 
lookitsjonno said:
My remortgage is due end of July. With Barclays I can get a 1y no fee fix for 4.89, wondering if it's worth taking that and reviewing in a year. It's either that or I jump on a tracker at 5.74 with no fee and pin my hopes on a rate drop later this year
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A 1 year fix with no fee and a tracker with no fee?

Where from?
 
EvilRob said:
How much does an MD in China make compared to an MD here, roughly?
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Quite a bit less interestingly -- however their disposable was enormous, and their desire to invest was almost always "outside of China". London presented itself as a useful solid investment with little barriers to entry, loads of Chinese speaking real estate agents.

dl8860 said:
London, 7th priciest city in the world, relatively cheap to foreign buyers. Just because the UK has depressed wage growth compared to a lot of countries recently does not mean that buying in London is relatively cheap in any sense. 7th most expensive city to buy in in the whole world.
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lol OK but between position 1 and 7 is a 100% increase.
 
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5 year fixed ending at the end of June, best rate we could find was 4.68% on a 2 year fix, not seen any 1 year fixed rates. Thought that rates might have dropped a bit more by now, but don't see a benefit in a 5 year fix at the moment.

Although, I passed on a 10year fix back in 2019, not the best choice with hindsight:cry::cry:
 
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Me.three, I remember the conversation well with my wife that we wanted to keep our options open incase we wanted to move after 5 years etc. We were that close to going for the 10y, would have saved an absolute fortune :(
 
Jono8 said:
Well, yeh that's the whole point isn't it? You can only gauge how expensive a house is, by how much you can earn to afford it. If the average income was £100k a year, an average house price of £280k would be wonderful.

As you point out, wages are utter dog **** in this country on average which is what makes the housing so expensive.

Edit: just looked it up and New Zealand is considered as having one of the most expensive housing markets in the world, so no wonder you don't think the UK is too bad when just comparing prices.
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Yep, it's very pricey here, even if you're on high incomes.

It’s probably not too terrible where I am out in the Selwyn countryside (20min outside Christchurch), but definitely not worth the money you pay these days. NZ is also a low-income country with regards to western standards, which is why 10%+o of the country jumped across the ditch to Australia.

But regarding the wages in the UK, it is a problem. I would be expecting at minimum a 100k, even with a nod towards my lack of recent UK experience, but the salaries in my field appears to hang around the 60-70k, or a bit higher if you want to be self-employed. This is money I was on 10 years ago in the UK.

Nevertheless, we shall see what happens.
 
lookitsjonno said:
Me.three, I remember the conversation well with my wife that we wanted to keep our options open incase we wanted to move after 5 years etc. We were that close to going for the 10y, would have saved an absolute fortune :(
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Same. We opted for a two year fix of 1.4% - though we have sold and are moving, it has taken longer than we thought and we are now on a 5.48% tracker. We should have opted for the 5 year 1.5% and ported. However, we've had a few changes so porting it could have been an issue.
 
I wonder if I'm on the highest rate around here at 7.24% SVR :p

Due to circumstances I cba with the hassle of getting a new mortgage product and tbh, since there's less than 10K left, it's only risen by £20pm from the start of all this. Which I think also goes to put in perspective when 'the older generation' go on about the high rates of the 80's, but don't take into account it was on much lower amounts and how much more sensitive mortgages are now to interest rate rises.
 
Freakbro said:
I wonder if I'm on the highest rate around here at 7.24% SVR :p

Due to circumstances I cba with the hassle of getting a new mortgage product and tbh, since there's less than 10K left, it's only risen by £20pm from the start of all this. Which I think also goes to put in perspective when 'the older generation' go on about the high rates of the 80's, but don't take into account it was on much lower amounts and how much more sensitive mortgages are now to interest rate rises.
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I'm on about that. Looking to move so let the old rate expire and got moved onto variable. Topped out at over 8% but then they took it down a little so around 7.5 atm.
Interest only so the jump didn't stretch me but I got real got a sense of the impact it could have had to people with more overheads. Quite a frightening thought for someone with a young family to have to magic up an extra 1000 in a cost of living crisis.
 
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