Soldato
Please at least tell us you're 50 or something?
I turn 52 tomorrow if that makes you feel any better?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I turn 52 tomorrow if that makes you feel any better?
I turn 52 tomorrow if that makes you feel any better?
A little. I hope to pay off mine by about that age too.
Aim to pay off 1000-1200 a month until it's gone.
Soldato
CongratsProbably not going to win me any friends in this thread but we've just paid our mortgage off fully 38 months early.
It was cheaper to pay the early redemption charge of £300.00 rather than pay the £80.00 per month interest fee's they were charging over the course of the next 38 months.
Hoping to pay ours off in the next month too.
Man of Honour
Excellent. Ignore the envy and the naysayers. People can say what they like about overpayments vs investments etc etc etc but we need to remind ourselves (me, a lot, more than I do) not to let perfect get in the way of good.Probably not going to win me any friends in this thread but we've just paid our mortgage off fully 38 months early.
It was cheaper to pay the early redemption charge of £300.00 rather than pay the £80.00 per month interest fee's they were charging over the course of the next 38 months.
Soldato
- Joined
- 7 Dec 2015
- Posts
- 3,043
I'm not a big fan of investments over overpayments, especially if the investments are subject to taxes, which makes it extremely hard to defeat the mortgage rates. More importantly, mental health is valuable and should not be ignored.
Soldato
They are willing to take the risk for growth and proactively against signs of a slowdown. Let's see if our lot do the same tomorrow, unlikely.
They also project to cut it down to 4.5% by end of year and 3.5% by end of 2025
Last edited:
Soldato
Well done, always a good feeling although somehow you never notice the extra money as much as I think you should somehow. Still not worked that one out.Probably not going to win me any friends in this thread but we've just paid our mortgage off fully 38 months early.
It was cheaper to pay the early redemption charge of £300.00 rather than pay the £80.00 per month interest fee's they were charging over the course of the next 38 months.
We've paid off two off on two homes so far, we'll be getting another one soon enough when we find our next place
We all know they like to follow the fed.
Apparently it was looking like no change. But with fed doing a 0.5 drop.. Def some space for a 0.25 now.
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 46,097
We have until end of October to decide. I still can’t decide between 2 and 5, currently locked in for 5, but it can be changed. It’s not going to keep falling though surely?
Last edited:
I expect it to keep falling unless we get some more wars or something.
Hoping for sub 3pc by time I need to renew.
Last edited:
We're exactly the same - present rate runs out on 31st October. Still need to decide what to do. Obviously a tracker would be best but they charge a massive rate premium so what to do?
I'm in the same boat, my renewal is the 31st of October....
Never renewed a mortgage before but right now our family could just do with the peace of mind locking in for the next 5 years. However, I could do without getting stung if the rates drop decently over the next year or so. The rates can swing either way though.
Currently paying £599 a month at 2.29% but a 5 year fixed deal is coming in at £757 at 4.39%.
Never renewed a mortgage before but right now our family could just do with the peace of mind locking in for the next 5 years. However, I could do without getting stung if the rates drop decently over the next year or so. The rates can swing either way though.
Currently paying £599 a month at 2.29% but a 5 year fixed deal is coming in at £757 at 4.39%.
The thing is swaps and gov bond yields and therefore mortgage rates may actually creep back up a bit. 'The market' had priced in some pretty deep rate cuts that don't look feasible without recession. US yields actually went up after they cut yesterday. Will be interesting to see it play out.
Last edited:
Soldato
Sub 3pc baserate? Pretty unlikely unless your talking 2 or so years out, IMO
or Sub 3pc borrowing, highly unlikely
3 years out.
Yeah I'm optimistically hoping for sub 3pc as would only be a 1pc rise from current
Soldato
It's only going to happen if there's another recession/market crash... 3-4% apr is the normal rate, it's just that they forgot to raise it after the last one.