Soldato
9k left on the mortgage, out the rat race soon. I doubt I'll be mortgage free forever though but will enjoy the next few years this way, I'm sure I'll eventually upsize.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Man of Honour
Ooof, going back must be hard to stomach though!
Soldato
I'm eyeing up moving to next town on in the future (hometown) which is a bit more pricey, that and if I meet someone and we need a bigger house for a family (mines a 3 bed semi) both situations would probably mean a small mortgage in the future, so yes although mortgage free soon, I doubt it's forever.
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Man of Honour
Ah 100% worth it for #lifegoals
Don
Definitely made the right call, HSBC's rates have just gone up
2 year fix 4.04%>4.12% (0.08% increase)
3 year fix 4.07% (no change)
5 year fix 3.74%>3.93% (0.19% increase)
10 year fix 4.69% (no change)
(Based on 60% LTV, and "Fixed Standard" products)
EDIT: Checked 13/11/2024 and have increased again
2 year fix 4.12%>4.22% (0.10% increase)
3 year fix 4.07%>4.17% (0.10% increase)
5 year fix 3.93%>4.03% (0.10% increase)
10 year fix 4.69%>4.79% (0.10% increase)
(Based on 60% LTV, and "Fixed Standard" products)
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Yes! I literally had to wait until my transfer was out of the window they asked for!
To clarify. By yes I mean you need to be able to have full traceability of trades, deposits, withdrawals etc. I did not have all this so I just waited until it slipped off the statement
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Soldato
Mine (first direct) didn't care about any of that, or hundreds of transactions between bookies and betting exchanges.
We were buying a house (2018) at the time not just remortgaging.
Nice, I only hopped on not long ago, I've still got 700k to go
I guess you won't be smashing your 4090 with a hammer then?
Soldato
Yea they do.
I don't really care that much scenario dependent, plus I'm not being funny but I would not recognise every transaction anyway, I think "coinbase" is quite a recognisable one, but I'm sure there are loads of them.
I don't specifically look for it, but the fraud team don't like it at all, we are not supposed to accept it as deposit funds for sure.
Financial institutions in general don't like it it because it's often linked to criminal activity/money laundering, and while I'm sure to a certain extent that may be true, the cynic in me thinks it's more because they don't really understand it, and more importantly don't have control of it.
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Caporegime
Nice, I only hopped on not long ago, I've still got 700k to go
I was due to finish my mortgage in two years and have taken out equity to go back to school.
I'm talking about re-mortgaging, not buying with a deposit. I understand lenders generally ask to see 3 or sometimes 6 months worth of bank statements. Surely you can just withdraw the crypto direct to paypal anyway if using coinbase, and then just withdraw from paypal to your bank if you really want to. Or use a different (not your main) bank account to withdraw crypto. I would have thought lenders mainly care about constant repeating income proof on the statements. Possibly gambling might flag some things.
Just had the nod that our mortgage has been approved by HSBC underwriters, both wife and I are directors of our company so not normal payslips.
Fortunately we applied a couple of weeks ago so locked in at 3.89% for 5 years, this is now 4.19%
Just need to get the solicitors all lined up, sell side via Yopa is a shambles. Talbots far better and more responsive.
Fortunately we applied a couple of weeks ago so locked in at 3.89% for 5 years, this is now 4.19%
Just need to get the solicitors all lined up, sell side via Yopa is a shambles. Talbots far better and more responsive.
My (1 year) fix ends in March. luckily I locked in a renewal at 3.8% with Barclays last month. Now the same deal is 4.28%!
I've been keeping an eye on renewal prices for the last few months, and this is about the best rate I could've got.
My mortgage advisor is going to do a price check in the new year, but it doesn't look like I'll be able to get a better deal now if rates are creeping up again.
I've been keeping an eye on renewal prices for the last few months, and this is about the best rate I could've got.
My mortgage advisor is going to do a price check in the new year, but it doesn't look like I'll be able to get a better deal now if rates are creeping up again.
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Associate
Rates have really jumped in the last couple of weeks. We are currently almost a year into a 5 year fix at 4.64% and were looking to jump in January as we could get a similar fix at 3.79% which meant a saving of around £3k over the term even with the 2% early repayment penalty. The same fix now is 4.2%, so we'll have to stay on our current fix as its no longer a saving.
I get the impression these rates of 4.2%+ are here to stay for a while now.
I get the impression these rates of 4.2%+ are here to stay for a while now.
I was a bit bored so made a spreadsheet to compare the savings of either (A) paying a monthly top up to the mortgage or (B) putting the exact same amount in to a cash ISA. As interest is calculated daily the payments were entered on the same day and the duration is the same at 24 months.
The mortgage rate is 4.19% and the cash ISA rate is 5.17% so not vastly different.
The amount of monthly overpayment was a calculated amount to always bring the mortgage balance to the nearest thousand once deposited, so the overpayment ranged from £233 to £337.
The difference:
(A) Overpaying the mortgage saved £248 in mortgage interest over the 2 years.
However:
(B) Putting the overpayment in to the cash ISA instead generated £721 in interest over the same period.
I'm quite surprised at the difference, over £473 better off going the cash ISA route. Going by the interest rate alone the cash ISA was always going to be better but I wanted to know by how much.
The mortgage rate is 4.19% and the cash ISA rate is 5.17% so not vastly different.
The amount of monthly overpayment was a calculated amount to always bring the mortgage balance to the nearest thousand once deposited, so the overpayment ranged from £233 to £337.
The difference:
(A) Overpaying the mortgage saved £248 in mortgage interest over the 2 years.
However:
(B) Putting the overpayment in to the cash ISA instead generated £721 in interest over the same period.
I'm quite surprised at the difference, over £473 better off going the cash ISA route. Going by the interest rate alone the cash ISA was always going to be better but I wanted to know by how much.
I am doing exactly this. However, with the cash in the ISA I am now Rolex shopping because yolo