Mortgage Rate Rises

[BUDFORCE]

Zoopla is total make belief so just ignore it entirely.

Correct.

As with most estate agent estimates.

 

[a1ex2001]

Correct.

As with most estate agent estimates.

All the estate agents under estimated out sale price when we sold 18 months ago, the one we went with even did himself out of money by saying if it went for what I thought it was worth he would take a reduced fee

 

[grudas]

Nationwide have a algo running in the background that constantly revalues houses based on assumptions. Just ignore it - it has no idea you've done work, nor any of the improvements of your local area. I found inconsistencies with the website vs. what they told me over the phone; it was just a timing thing of when the data was updated.

Zoopla is total make belief so just ignore it entirely.

good to know, thanks!

zoopla is interesting, some people on reddit who have dealt with nationwide have said they use zoopla for desktop valuations.. which is hilarious if true.

 

[ChroniC]

Does anyone consider random future possibilities, like the US Elections? On one hand, Trump could win. He imposes tariffs on the world which raises prices on all our exports to the US (I don't know if that's much but I assumed it was probably greater since leaving the EU), or on the other hand if Kamala wins, is there a chance of China attacking Taiwan or something kicking off over in Iran..

Does any of this factor into not picking a short term mortgage. For instance 2 years ago, if I had said, I can see Russia attacking Ukraine this is gona affect me, I might have fixed for 10 years or at least 5.

 

[radderfire]

Does any of this factor into not picking a short term mortgage. For instance 2 years ago, if I had said, I can see Russia attacking Ukraine this is gona affect me, I might have fixed for 10 years or at least 5.

If you've got the time to do it, you should be forming a view on where you see interest rates going. There are lots of factors that go into this. I would say that foreign wars have relatively little impact on UK mortgage rates compared to UK housing policies and UK economic policy. I don't think the fact that mortgage interest rates are now going up would be surprising to you if you had been closely researching the market for say the last 20 years.

 

[Hagar]

Watching Martin Lewis about the budget last night, the concensus on bank rates was that they may have fallen to 3.5% next year however now they are believed to stay around 4% in a year's time