Mortgage Rate Rises

[adam cool dude]

what term can you realistically get? I'm 33 so I'm sorta hoping to extend it to as far as I can so my monthly commitment is low and just over-pay what I can.

we're due to for renewal mid'25..

We are potentially looking to release equity to go back to school and from the brief convo I had with Barclays they will go up to 70 with ease. I am 38 and our mortgage is currently due to be paid off by 42.

 

[morguk]

Anyone on variable or tracker right now, or has everyone locked in?

 

[lookitsjonno]

Begrudgingly taken the 1y existing customer deal with Barclays @ 4.89, hoping by this time next year I'll be in a good position for a long term fix

 

[morguk]

Begrudgingly taken the 1y existing customer deal with Barclays @ 4.89, hoping by this time next year I'll be in a good position for a long term fix

Didn't even know you could get one year locks. Is this commonplace?

 

[lookitsjonno]

Didn't even know you could get one year locks. Is this commonplace?

Neither did I! Looks to be existing customers only, not on any price comparison sites etc

 

[ShadowMan]

Anyone on variable or tracker right now, or has everyone locked in?

Sat on tracker at 5.99% (dropping to 5.74% 1st September.)

Waiting on a change of borrow application to complete to put house in my solo name and will then look to lock in. Probably be around October/November so hoping for another rate drop but I don’t see it yet.

 

[jaybee]

Inflation has risen to 2.2%, the first rise this year. Perhaps they won't cut interest rates at all for the remainder of the year now...

 

[dlockers]

Inflation has risen to 2.2%, the first rise this year. Perhaps they won't cut interest rates at all for the remainder of the year now...

Hopefully (now I've locked in I am in team raise them even higher so I can personally benefit).

 

[TNA]

Hopefully (now I've locked in I am in team raise them even higher so I can personally benefit).

I always thought you was a lovely chap

 

[dlockers]

I always thought you was a lovely chap

We all sometimes have poor judgement

 

[jaybee]

I suppose the inflation minor rise may be due to more disposable income at this time of year. Energy bills are low compared to winter and a lot of the population tend to spend more over summer during holiday season. I guess when the cold October hits, spending may go down again. I guess more house moves take place in summer as well, and then slow down the closer to December we get as people don't like to move over xmas.
I still hold hope for slow mortgage rate drops into next spring/summer possibly down to 3.0 - 3.5% but it depends on...well... the WORLD [clarkson voice].

 

[200sols]

I suppose the inflation minor rise may be due to more disposable income at this time of year. Energy bills are low compared to winter and a lot of the population tend to spend more over summer during holiday season. I guess when the cold October hits, spending may go down again. I guess more house moves take place in summer as well, and then slow down the closer to December we get as people don't like to move over xmas.
I still hold hope for slow mortgage rate drops into next spring/summer possibly down to 3.0 - 3.5% but it depends on...well... the WORLD [clarkson voice].

BoE forecast inflation rising to 2.75% by year end before falling next year. The large increases in energy are falling out of the calculations now which were flattering the numbers so the true level of inflation in the economy is starting to be seen. Hence why people were more focused on core/services inflation rather than the headline figure. So expect inflation to rise modestly, if it rises more than that figure around 2.7% expect fewer cuts.

 

[Armageus]

Yep that's changed in the last couple of days, as I took a screenshot on 01/08/24 and 5 year fix was 4.08%.

2 year fix has gone from 4.54% > 4.41% (0.13% decrease)
3 year fix has gone from 4.44% > 4.32% (0.12% decrease)
5 year fix has gone from 4.08% > 3.95% (0.13% decrease)
10 year fix has remained at 4.88%

Just checked and HSBC's rates have moved again

2 year fix 4.41%>4.24% (0.17% decrease)
3 year fix 4.32%>4.14% (0.18% decrease)
5 year fix 3.95%>3.84% (0.11% decrease)
10 year fix 4.88%

 

[413x]

While rates my 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.

It wasn't long ago people would say "rates are never going to 5 percent in the next few years"

You really just never know!

 

[El Jimben]

Just checked and HSBC's rates have moved again

HSBC, Nationwide, TSB & Nationwide have all made reductions again this week

 

[dlockers]

Damn, it is bank holiday on Monday. Need to get to Nationwide ASAP