Mortgage Rate Rises

My remortgage is coming up June ‘25

Would you say I should start shopping around December ‘24?

Current is 1.99 but I’m just hoping to get a 4% or so if it drops a bit more..
 
Armageus said:
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?
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Remember any expected rate cuts are already priced in to the rates banks quote you.
 
grudas said:
My remortgage is coming up June ‘25

Would you say I should start shopping around December ‘24?

Current is 1.99 but I’m just hoping to get a 4% or so if it drops a bit more..
Click to expand...
Yes, locking in a rate 6 months before renewal is no regret. You can always change it closer to the time if rates go down.
 
Armageus said:
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?
Click to expand...
All we can be sure is the rate drops will be slow.
 
The news (well commentary by journalists) is always so stupid. A lot of reactions seem to make out that this is somehow going to make a massive difference in mortgages and borrowing costs etc... talking about how people will be "relieved" etc..

No doubt a slight drop has been priced in for a while. I imagine everything is largely going to stay the same for a while yet, especially as it was a narrow vote and indications are that any more drops will be slow to come.
 
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Armageus said:
Just wondering what everyone's thinking is: 2 year fix and hope for further drops?
Click to expand...

I don't know, so throwing this out to everyone, but wouldn't some form of tracker be best in a falling rate market?

Especially if, as everyone is saying, with fixed rates they have already priced in potential future changes.
 
Armageus said:
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?
Click to expand...

I’m leaning toward 5, but it’s a tough decision. Coming from about 1% currently.
 
Freakbro said:
I don't know, so throwing this out to everyone, but wouldn't some form of tracker be best in a falling rate market?

Especially if, as everyone is saying, with fixed rates they have already priced in potential future changes.
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Depends how much of a premium that tracker mortgage comes at.

There used to be discount tracker mortgages, which were presented like x-0.5% or something. Do those not exist any more?
 
Freakbro said:
I don't know, so throwing this out to everyone, but wouldn't some form of tracker be best in a falling rate market?

Especially if, as everyone is saying, with fixed rates they have already priced in potential future changes.
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You'd probably be fine but not without risk. Always a chance inflation could spike again. Then again 2 years isn't much security either.
 
grudas said:
My remortgage is coming up June ‘25

Would you say I should start shopping around December ‘24?

Current is 1.99 but I’m just hoping to get a 4% or so if it drops a bit more..
Click to expand...

Same as me. I'll probably lock in a rate nice and early as well, just to protect from any major world event or anything that causes rates to rise. But it will probably be a slow downward trend between now and next summer.
 
Based on Reddit threads, this looks like a situation where I'm meant to say "Congrats! And **** you" :D

Seriously though, amazing news! <3
 
dav3evans said:
I've thought about doing something like this as our mortgage is up next June, but unless I can magic £30k out of nowhere though I can't get it even close to our current payment :(
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With HSBC (who my mortgage is with) you can do it once a year for up to 10% of the property value I believe.

danswan said:
Paid mine off today!
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Congratulations! Time to properly put your feet up and relax now. :D
 
danswan said:
Paid mine off today!
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well done mate

other than a new bathroom, my money is going into savings to get mine off......think with a bit of discipline I'll be mortgage free at 50 which is 4 years away.....will be a weight off the mind which is the main thing for me. Maybe it will stretch out to 5 years with holidays and unexpected bills.
Not that long away really. Just in time for a midlife crisis :D
 
I looked at my mortgage the other day one account has 173 payments left, the other has 238.

However, we’ve been overpaying the second account, currently paying 2.37 times that accounts normal monthly payment as it has a slightly higher rate.

Next year we will start hitting the fee free over payment limit at the current rate so I’ll need to spread them across the 2 accounts a bit.

In total we’re paying 1.7x more than we need to so it will get chopped down very quickly. I’m not sure how quickly, I need to do a spreadsheet as the online calculators don’t really work if you have multiple accounts running to different timescales.
 
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