Mortgage Rate Rises

Tee Hee Johnson said:
Hey all, think brokers are worthwhile? We did use one from Slater Hogg a while ago as they seemed to get better rates than we could even find online.

I’d like to stay Halifax, but they just don’t seem competitive at the moment.
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Just don't pay them anything, they make their money from procuration fees.

I think most of them would rob their own grandmothers personally, but there are the odd good ones.
 
Another week, more talk of rates going down on websites and youtube but then you look and they haven't. Renewal end of June. BOE set to meet twice before then with probable cuts. Still hoping for some drops but it's getting tight now. Hmm.
 
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jaybee said:
Another week, more talk of rates going down on websites and youtube but then you look and they haven't. Renewal end of June. BOE set to meet twice before then with probable cuts. Still hoping for some drops but it's getting tight now. Hmm.
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most will be priced in already..
 
First time I've gone to "lock in" a new remortgage offer with a different lender than my current, and I completed the agreement in principle and got instantly accepted after filling out quite a bit of info. But then to actually get the offer I have to complete the full application. Is that normal yeah? Sorry, first timer. It just feels like the full application is quite formal and I'm concerned I will lock in somewhere where I can't then change my mind up until my renewal.
 
Locked in currently at 1.75% until June 2027. Already starting to plan finances for that point as I can't see it coming down to anywhere near that figure. even a 3.5% interest rate would effectively double our monthly payments.
 
jaybee said:
and I completed the agreement in principle and got instantly accepted after filling out quite a bit of info
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an AIP does not mean crap, your rates are not locked in until the mortgage paperwork is in your hands
you have up to 6 months to sign on the dotted line to finalise the mortgage
until you sign the paperwork, you are still free to keep looking around and applying for other mortgages
 
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Greg0986 said:
Locked in currently at 1.75% until June 2027. Already starting to plan finances for that point as I can't see it coming down to anywhere near that figure. even a 3.5% interest rate would effectively double our monthly payments.
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Interest only mortgage?
 
Greg0986 said:
Locked in currently at 1.75% until June 2027. Already starting to plan finances for that point as I can't see it coming down to anywhere near that figure. even a 3.5% interest rate would effectively double our monthly payments.
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Any chance you could overpay a reasonable amount by then to reduce your monthly payments?
 
jaybee said:
Another week, more talk of rates going down on websites and youtube but then you look and they haven't. Renewal end of June. BOE set to meet twice before then with probable cuts. Still hoping for some drops but it's getting tight now. Hmm.
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Same here I have until July 31st. Hoping for a drop from the current 4.8 or percent.
 
jaybee said:
First time I've gone to "lock in" a new remortgage offer with a different lender than my current, and I completed the agreement in principle and got instantly accepted after filling out quite a bit of info. But then to actually get the offer I have to complete the full application. Is that normal yeah? Sorry, first timer. It just feels like the full application is quite formal and I'm concerned I will lock in somewhere where I can't then change my mind up until my renewal.
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I never knew remortgaging was basically the same as a first time mortgage.
After our first 5 year ended I stayed where I was and just clicked a button for a new deal. I presumed changing company was much simpler and more like changing energy supplier or similar.
 
jaybee said:
First time I've gone to "lock in" a new remortgage offer with a different lender than my current, and I completed the agreement in principle and got instantly accepted after filling out quite a bit of info. But then to actually get the offer I have to complete the full application. Is that normal yeah? Sorry, first timer. It just feels like the full application is quite formal and I'm concerned I will lock in somewhere where I can't then change my mind up until my renewal.
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Normal
 
delta0 said:
Interest only mortgage?
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No, repayment type, just checked my calculations and they are a little off but still an extra £200+ a month extra if the interest rate is 3.75%
Armageus said:
Any chance you could overpay a reasonable amount by then to reduce your monthly payments?
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I've been pondering this and plan to speak to my financial advisor about what she thinks is best with what I can afford.
 
Greg0986 said:
No, repayment type, just checked my calculations and they are a little off but still an extra £200+ a month extra if the interest rate is 3.75%

I've been pondering this and plan to speak to my financial advisor about what she thinks is best with what I can afford.
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That’s what I was wondering as it would only be possible to double on interest only. Repayment would be a smaller increase as a proportion of the total.
 
delta0 said:
That’s what I was wondering as it would only be possible to double on interest only. Repayment would be a smaller increase as a proportion of the total.
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Our monthly more than doubled going from 1.28 to 4.4 on repayment. Proper kick in the nads.
 
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