Mortgage Rate Rises

200sols · 19 Apr 2023 at 09:38

delta0 said:
Andrew Sentance says that BoE were too slow compared to other countries to raise rates at the start so they are paying for it now.

Compared to which countries? BoE starter before the ECB and fed, have raised higher then ECB and slipped a bit on the fed. Overall they didn't start late compared to others.

delta0 · 19 Apr 2023 at 09:47

200sols said:
Compared to which countries? BoE starter before the ECB and fed, have raised higher then ECB and slipped a bit on the fed. Overall they didn't start late compared to others.

His words but clearly what they did hasn’t worked as well as they hoped. More aggressive at the start like the US did would have helped greatly.

413x · 19 Apr 2023 at 10:25

flea.rider said:
imports are fine it's the home grown stuff thats taking a beating ..half the green house growers have closed up shop or are waiting for the weather they can't afford to run them .and eggs a case of 360 has gone from £19 to 58 ..
meat prices are levelling out except chicken . a chicken supreme used to be £1.05 they are now £1.95-2.20

Maybe it's time people consumed less meat. That's about the one good thing to come of these rising meat prices.

Its well known that meat production is very wasteful of plant material.

I'm not saying everyone go vegan, but it's about time people stopped expecting that you can have meat with every meal.

We import everything in the UK really. Broiler sheds need to be heated all the time. And cost of chicken feed (as with all food) has gone up massively. So although it's home grown we still import energy and much animal feed.

Putting trade barriers up just makes this problem worse.

flea.rider · 19 Apr 2023 at 11:38

413x said:
Maybe it's time people consumed less meat. That's about the one good thing to come of these rising meat prices.

Its well known that meat production is very wasteful of plant material.

I'm not saying everyone go vegan, but it's about time people stopped expecting that you can have meat with every meal.

We import everything in the UK really. Broiler sheds need to be heated all the time. And cost of chicken feed (as with all food) has gone up massively. So although it's home grown we still import energy and much animal feed.

Putting trade barriers up just makes this problem worse.

all i eat is meat ?? and salad .. no carbs ..???
so them eating the grass instead of you is wasteful ???
refer to answer 1
we import some things like any other country.. sheds need to be heated 1/4 of the yr ..less than some places more than others chicken feed we make here ... as we do a lot of other stuff

UK trade data | AHDB

Trade information is a key indicator for the domestic market. Import and export data for all raw cereals and oilseeds is produced by HMRC.

ahdb.org.uk

neocon · 19 Apr 2023 at 12:28

Oh dear, sounds like we're going higher before the peak

Liefrich · 19 Apr 2023 at 12:56

Part of my mortgage is up for renewal on 30.6.23 (124k worth). We've been offered 2 years fixed at 4.26 or 2 years on a tracker at 4.48.

We have also been offered 5 years at 3.91, but I think interest rates will decrease within that time so I'd rather not fix it for that long.

Until today I was going to go with the tracker, but it may take another 12 months for any reduction in rate so I'm now more tempted with the 2-year fixed.

flea.rider · 19 Apr 2023 at 13:17

Liefrich said:
Part of my mortgage is up for renewal on 30.6.23 (124k worth). We've been offered 2 years fixed at 4.26 or 2 years on a tracker at 4.48.

We have also been offered 5 years at 3.91, but I think interest rates will decrease within that time so I'd rather not fix it for that long.

Until today I was going to go with the tracker, but it may take another 12 months for any reduction in rate so I'm now more tempted with the 2-year fixed.

take the 5 ... it's only gonna keep going up .. unless they do a .5% jump ..

squerble · 19 Apr 2023 at 13:25

I was feeling smug about the 5 year fix @ 2% we got last year but even I'm bothered about where we'll land after this

neocon · 19 Apr 2023 at 13:41

squerble said:
I was feeling smug about the 5 year fix @ 2% we got last year but even I'm bothered about where we'll land after this

You reckon it won't have come down?

squerble · 19 Apr 2023 at 13:58

neocon said:
You reckon it won't have come down?

Can't imagine it'll be back down to 2. I'm expecting at least 3%, even in 2027.

Gypo · 19 Apr 2023 at 18:03

Just tied in for 2 years with Santander @ 4.38% and no product fee, takes our monthly payments up by £130 but cannot run the risk of waiting.

uncle_rufus · 19 Apr 2023 at 18:34

1.14% here out to 2026 which is great but really wanting to move - seems we can port the mortgage which is obviously the way to go and hoping to fix the non-ported part for about 3 years so that they more or less sync up at renewal time, hopefully rates have fallen a little bit by then (definitely not back to the silly lows of before but maybe ~3% would be achievable)

Freakbro · 20 Apr 2023 at 06:23

Business news saying that on those inflation figures yesterday the markets are now pricing in 3 more rises this year to get to 5%

Though for a counterpoint the analyst they had on thought the drop in energy costs would feed through "soon" (tm) and we'd maybe only see 1 or 2 rises.

neocon · 20 Apr 2023 at 11:01

Freakbro said:
Business news saying that on those inflation figures yesterday the markets are now pricing in 3 more rises this year to get to 5%

Though for a counterpoint the analyst they had on thought the drop in energy costs would feed through "soon" (tm) and we'd maybe only see 1 or 2 rises.

This is going to kill the housing market more so.

dl8860 · 20 Apr 2023 at 12:19

neocon said:
This is going to kill the housing market more so.

Housing market seems alive and kicking in my area (south west midlands), that is unless the reams of houses still coming onto the market at ever increasing prices are not being bought up at all...

413x · 20 Apr 2023 at 12:41

If I were looking to remortgage in next 4-6 months I'd be locking in one of these sub 4pc rates now

I still see 5 year rates under 2 year. But no harm in locking in

neocon · 20 Apr 2023 at 13:56

dl8860 said:
Housing market seems alive and kicking in my area (south west midlands), that is unless the reams of houses still coming onto the market at ever increasing prices are not being bought up at all...

You can see on right move by looking for STC as to whether they are actually selling

flea.rider · 20 Apr 2023 at 14:27

neocon said:
This is going to kill the housing market more so.

must be a thousand + houses being built round here selling like hot cakes ..people are moving in before the estate is finished .. blackpool ...

neocon · 20 Apr 2023 at 14:51

flea.rider said:
must be a thousand + houses being built round here selling like hot cakes ..people are moving in before the estate is finished .. blackpool ...

I see, they seem reasonable. Detached houses for 300k. That would be more like 700k here.

Rai200 · 20 Apr 2023 at 14:57

neocon said:
I see, they seem reasonable. Detached houses for 300k. That would be more like 700k here.

I live in an ex-council 3 bed terrace, valued at £600,000 lmao.