Anyone got a spare £600k I could use to pay mine off?
Looked down the back of the sofa?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Looked down the back of the sofa?
We were fortunate enough to be in a position to move earlier this year and become mortgage free. We are in our late 50s and were on a fixed and paying £650 a month.
The £650 a month saving isn’t life changing, but as you approach 60 unloading the stress of mortgage rates, fixed or not and the rest that comes with it certainly is
The £650 a month saving isn’t life changing, but as you approach 60 unloading the stress of mortgage rates, fixed or not and the rest that comes with it certainly is
Hoping the rate drop means what I have locked in goes down a bit. I am paying 4.74% over 5 years for half, and 2.44 on the other half. IIRC I have locked in 4.84% for the 2nd half.
The website is currently offering me 4.64% at 80% LTV but it seems to have no bearing on the actual Mortgage Manager app...
I can also see my house price has dropped from 860 to 830 according to their calculator, so I am still playing a balancing game with the LTV ratio (currently at like 80.24%)!
I guess I'll have to endure the call center and see if I can get the 4.64% rate, and I'll probably have to top up the mortgage by £2k to get through the LTV test based on their revaluation of the house.
Soldato
What's a mortgage ? Best regards, Moon Man (Boomer)
Seriously though my daughter is getting close to completing in London so hoping she gets a lower rate best part of a mill but have proceeds from their flat (also London)
Seriously though my daughter is getting close to completing in London so hoping she gets a lower rate best part of a mill but have proceeds from their flat (also London)
Soldato
2 year swaps are down around 4.3% and 5 year down to 3.8%. This is quite a drop and should start to filter through with lower fixed mortgage rates.
House prices are still dictated by supply and demand. Especially when house builders aren't building as fast
You still have enough people who can buy. Just many others can't.
Same. Never getting a bigger one.
You still have enough people who can buy. Just many others can't.
I don't feel quite so bad when I look at my current balance now
Same. Never getting a bigger one.
Ratios innit..I feel your pain.
In context it's not mad at all it's just hard not to feel a bit of jealousy over paying it off but when it cost me £1m to start off with (or will, I've got £400k outstanding now but we're trading up next year) it gets vaguely more acceptable.
Indeed.
I think perhaps coming from a relatively modest background, seeing large numbers being owed makes me hugely twitchy even if it’s very reasonable versus income.
Why? It isn't his money he owes.
Soldato
when did you take your mortage out to get a rate of 3.77%? most rates was sub 3% over 5 years ago...
Maybe 5 years?
Ouch man, and I thought my 29.78% LTV (7 years remaining) was stretching in these current times.
Hoping the rate drop means what I have locked in goes down a bit. I am paying 4.74% over 5 years for half, and 2.44 on the other half. IIRC I have locked in 4.84% for the 2nd half.
The website is currently offering me 4.64% at 80% LTV but it seems to have no bearing on the actual Mortgage Manager app...
I can also see my house price has dropped from 860 to 830 according to their calculator, so I am still playing a balancing game with the LTV ratio (currently at like 80.24%)!
I guess I'll have to endure the call center and see if I can get the 4.64% rate, and I'll probably have to top up the mortgage by £2k to get through the LTV test based on their revaluation of the house.
Do you have a lifetime mortgage or something?!
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Soldato
Hoping the rate drop means what I have locked in goes down a bit. I am paying 4.74% over 5 years for half, and 2.44 on the other half. IIRC I have locked in 4.84% for the 2nd half.
The website is currently offering me 4.64% at 80% LTV but it seems to have no bearing on the actual Mortgage Manager app...
I can also see my house price has dropped from 860 to 830 according to their calculator, so I am still playing a balancing game with the LTV ratio (currently at like 80.24%)!
I guess I'll have to endure the call center and see if I can get the 4.64% rate, and I'll probably have to top up the mortgage by £2k to get through the LTV test based on their revaluation of the house.
You've done a lot of work to your house so get it valued properly instead of via their calculator.
Balls to the London and Surrey lot with their mortgages. Houses are silly down here/there.
Hoping the rate drop means what I have locked in goes down a bit. I am paying 4.74% over 5 years for half, and 2.44 on the other half. IIRC I have locked in 4.84% for the 2nd half.
The website is currently offering me 4.64% at 80% LTV but it seems to have no bearing on the actual Mortgage Manager app...
I can also see my house price has dropped from 860 to 830 according to their calculator, so I am still playing a balancing game with the LTV ratio (currently at like 80.24%)!
I guess I'll have to endure the call center and see if I can get the 4.64% rate, and I'll probably have to top up the mortgage by £2k to get through the LTV test based on their revaluation of the house.
I'm with you on the re-mortgage and re-evaluation fun. Our valuation gone up on Zoopla but the RPI is down. Just need to finish our renovations this year and get a full valuation done to drop the LTV right down (just moved to a tracker with incumbent provider). Then we'll have some options.
Never moving from here, until I'm pulled out in a box.
I don't think I've done anything material for the valuation tho? Like to them it's just decorated. There is a risk it could be valued down, too.
Soldato
A £15K+ garden room?