Mortgage Rate Rises

[fez]

They can do what they want. As long as my mortgage renewal in 18 months is at 3.5% ish I will be happy.

 

[413x]

I'm going with them sticking.

Quite a bit decision this one.

 

[CaptainRAVE]

NatWest with a small drop just before we lock in again. Could be worse I guess. Still leaning toward a 5 year lock and extending the term.

 

[delta0]

It was cut by 0.25%

 

[CaptainRAVE]

Finally. Shame we’re locking in at the point where it starts falling.

 

[200sols]

They won't do it because US hasn't, who they simply copy.

You were saying?

 

[El Jimben]

Ok, I take back what I said about them bottling it! Let's cross our fingers for another one next month.

 

[tonys]

Ok, I take back what I said about them bottling it! Let's cross our fingers for another one next month.

I doubt they will drop it again until probably November, doing it too quick will just set it off again.

 

[bayo000]

We'll need to remortgage in 14 months, hope for few more cuts by then

 

[robfosters]

Will somebody please think of the savers!

 

[Pants]

I think it will be a slow grind back down, but for now it's about £48 back in my pocket every month!!

 

[BUDFORCE]

I'm really surprised. That being said might take a bit of the sharpness out of the rises recently, I honestly hope they don't drop it too much further we will end up in a mess again.

 

[smokedog]

Expecting bad news from my savings account

 

[ddoubleep]

Expecting bad news from my savings account

We all are! Just as was looking into locking a bit more away.

 

[Freakbro]

Will somebody please think of the savers!

Yea, why not, it's not like the current reasonable interest rate we're at now has even dented the housing market after it's temporary stalling of prices.

House prices back to rising as fast as ever and the tsunami of repossessions you were hand wringing about hasn't happened (yet)*

* Yes, latest data shows they haven risen by 25%, but that's Covid again distorting the statistics, as repossessions basically stopped entirely during Covid lockdowns, and even after the recent rises we're still far below pre-Covid repossession rates when interest rates were negligible.

 

[200sols]

Yea, why not, it's not like the current reasonable interest rate we're at now has even dented the housing market after it's temporary stalling of prices.

Some people just have a dislike of savers and people who are prudent with their cash.

Anyway sounds like the pace of rate cuts will be slow going forward.

 

[jaybee]

Expecting bad news from my savings account

I'm on the Santander one that was 5%ish and then it dropped around April this year to about 4.2%. Is it likely to go under 4 now do people think?

I would have been ok with one final keep it the same, then start slowly cutting. But to do it now is also fine. I think they will then have to manage this so it drops very, very slowly. Possibly not another cut until xmas perhaps.

 

[fez]

Will somebody please think of the savers!

Luckily I just threw all my savings at paying off a mortgage so I have no money!

 

[Armageus]

Apologies in advance for any stupid questions, but watching eagerly as my low (~2.8% iirc) 5 year fixed rate ends in January.

I'm with HSBC so watching to see when/if they drop their rates, and as far as I can gather, even if I commit to a new rate now, if it drops again e.g. November, I can still change to that as long as it's before my existing mortgage expires?

Just wondering what everyone's thinking is: 2 year fix and hope for further drops?

 

[danlightbulb]

You were saying?

Yep I stand corrected. Pressure from gov I wonder?