Mortgage Rate Rises

Yeah I think you're right. I also forgot there is a £999 arrangement fee each time, so I would need to be saving £3.4k just to wash my face/come out evens. I also have another kid arriving mid-Sept so not worth the risk of any disasters (WW3 etc).

Thanks chaps
 
I'm hoping for ~3.5 in 3.5 years time when mine is up for renewl again.. I think at the time I was renewing most mystic meg estate agents pages was predicting 3.5% in 5 years time.

I was looking at my financial plan today and if I continue the way I am at the moment, I will have enough in stocks and shares to pay off all my mortage in 3 years time. If the rates are higher that my current rate of 4.01% at the time of renewing, then I may take this option and get this monkey of my back.
 
Mercenary Keyboard Warrior said:
I would lean to 5 myself.
Lock in, forget about it for 4 years.
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This is my thinking. No point thinking about it anymore after that, it’s a gamble either way.

MikeTheNative said:
While rates may go down a bit. There's no way they are going to be sub 2% again in the next few years.
So I agree that 4.45 isn't too bad.
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I think our best offer is 4.3% at the moment (without a fee). In comparison to a few weeks ago the current offer doesn’t see us paying much more than we are now. Most projections see it levelling off at 3-3.5% at best over the next few years. Beyond that, who knows.
 
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dlockers said:
Crystal ball please folks -
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5 year swaps are way down to 3.64% right now, may see cheaper mortgage rates if it holds but that is a very big IF. Rates are very volatile right now. May have already crept back up as that data is old I think, probably not worth the risk of holding out in my eyes.
 
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200sols said:
5 year swaps are way down to 3.64% right now, may see cheaper mortgage rates if it holds but that is a very big IF. Rates are very volatile right now. May have already crept back up as that data is old I think, probably not worth the risk of holding out in my eyes.
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Barclays offers as low as 3.83% 5 year mortgage. Is there room for it to go lower assuming the swap rate stays at 3.64% or is the rest their profit margin?

Like could we see a 3.69% deal soon?
 
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TNA said:
Barclays offers as low as 3.83% 5 year mortgage. Is there room for it to go lower assuming the swap rate stays at 3.64% or is the rest their profit margin?

Like could we see a 3.69% deal soon?
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That’s what I’m pondering. Lock in today or wait until October. The market is volatile and I’m worried it could go the other way again.
 
CaptainRAVE said:
That’s what I’m pondering. Lock in today or wait until October. The market is volatile and I’m worried it could go the other way again.
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I would lock in. Not worth the risk the small difference. If buying a house or moving you at least have the option of applying for a rate change.
 
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TNA said:
Barclays offers as low as 3.83% 5 year mortgage. Is there room for it to go lower assuming the swap rate stays at 3.64% or is the rest their profit margin?

Like could we see a 3.69% deal soon?
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Its possible but as odd as it sounds its going to depend on inflation figures in the US as that will determine the pace of rate cuts.
 
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I've got 230 days before my fixed rate ends (31st March).

My current mortgage is with Barclays, but there is no option on my App to apply for new deals just yet. I think it will be available when I have less than 6 months left.

I'm not seeing anything as low as 3.83 yet, the best I can see is 4.01 through moneysavingexpert comparison, again with Barclays.
 
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Crizzy said:
I've got 230 days before my fixed rate ends (31st March).

My current mortgage is with Barclays, but there is no option on my App to apply for new deals just yet. I think it will be available when I have less than 6 months left.

I'm not seeing anything as low as 3.83 yet, the best I can see is 4.01 through moneysavingexpert comparison, again with Barclays.
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What LTV?
 
Maccy said:
If you can get an offer now, then take it - you don't have to commit in case something better comes along. Are you using a broker?
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Not this time, it’s a remortgage due to our fix expiring and we’re just sticking with the same provider. We could have course switch, but there aren’t many better deals and I can’t face all the paperwork.

Crizzy said:
I've got 230 days before my fixed rate ends (31st March).

My current mortgage is with Barclays, but there is no option on my App to apply for new deals just yet. I think it will be available when I have less than 6 months left.

I'm not seeing anything as low as 3.83 yet, the best I can see is 4.01 through moneysavingexpert comparison, again with Barclays.
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Some of the best deals seem to be for new mortgages I think.
 
CaptainRAVE said:
Not this time, it’s a remortgage due to our fix expiring and we’re just sticking with the same provider. We could have course switch, but there aren’t many better deals and I can’t face all the paperwork.



Some of the best deals seem to be for new mortgages I think.
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Of course.

I can see 3.83 now if I put it down as a new mortgage, rather than a remortgage.
 
CaptainRAVE said:
Not this time, it’s a remortgage due to our fix expiring and we’re just sticking with the same provider. We could have course switch, but there aren’t many better deals and I can’t face all the paperwork.
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Keep an eye on their rates then I guess, if a better one appears then no harm in calling up and re-applying?
 
I've got 6 months till my deal ends so just had a nose at what our current provider (Natwest) would offer us.
Surprised at how poor the deals were to be honest. We have 47% LTV, although lowest threshold they were offering was 60%, all the fixed deals were over 5% apart from the 5 year fix which was 4.75% with a fee as well!
 
dirtychinchilla said:
I think you can change up until the day the mortgage actually kicks in, so I locked in a few for mine and just jumped a better (or less worse) one when they became available.
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There are some practicalities that mean it isn't quite the day without headache. Nationwide it's something like 5 days SLA to cancel a reserved product, X days to start a new one - so they quite clearly explain not to "mess around" too close to the day itself as the computer will say no, you'll need to be booked in, that'll be paced by availability etc...

I am t-minus 15 days and it felt close.
 
Completed on a purchase last week and booked 4.25% back in February, porting across a small amount too at 1.22% brings the average to about 3.98% for the next 2 years.
 
Locked in 4.5% and had 4.74% previously. Luckily each time I've gone to renew the rates have "tumbled" compared to where they were (or at least what Nationwide had offered).

That's 4.6% average which is 2.21% more than what I had before (2.39% average) or roughly double what I was paying in interest vs. before.

It is about £750/mo more which is annoying AF. I'd just whacked the term out to keep monthlies the same, tho...
 
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