Soldato
The HPC lot will be creaming themselves just now.
To 10 year fix (mortgage)?
- Thread starter DanTheMan
- Start date
Well. Glad I managed to get my mortgage sorted last week. Lloyd's rate has now jumped from 1.93 to. 2.33
0.4pc
That would be 50ppm*60months on my 5 year fix.
3k.
Considering my ERC was 2k. Already happy I fixed now.
To avoid the ERC I'd have had to wait until September. I'm sure it will be higher by then
0.4pc
That would be 50ppm*60months on my 5 year fix.
3k.
Considering my ERC was 2k. Already happy I fixed now.
To avoid the ERC I'd have had to wait until September. I'm sure it will be higher by then
Also very glad I got the ball rolling before the rate increase. It would have cost and extra ~£2700 in interest over the 10 years.
Interesting that some of the comparison sites don't seem to have updated with the new rates, as they are still showing 1.83% for Lloyds.
I've also just opened a club Lloyds account as the £750 cash back offer is still showing on the website. I don't know what steps need to be done to get the cash back, however we're not moving the mortgage until 2nd April, so hopefully we will get it.
The mortgage advisor at lloyds said as long as the club Lloyd's account is linked it's all OK.
Never down remortgage before so I'm anxious about everything going through etc. 750 is not insignificant!
So yeah make sure that account is linked to the mortgage offer.
Soldato
Just done my remortgage now. Cannot recommend Trussle highly enough. Only applied last Tuesday and already had the confirmation through. Was expecting it to drag on for a few weeks! Plus there's a £150 Amazon voucher deal through MSE. I figured it made more sense than the £250 TCB with Mojo as you can never rely on that tracking.
My ERC expires on the 18th July so like @413x anxious about it all going through, similarly it's the first time i've remortgaged with another lender, previously i've always just stuck with First Direct, but their tracker rates are appalling this time around at 2.84% vs 1.5% with Coventry (Base Rate + 0.75%).
Also absolute madness, that it worked out cheaper going with a £999 product fee. We're looking to relocate towards the end of 2023/early 2024 and so wanted flexibility rather than fixing on a 2yr deal and so had assumed a non fee version would be better rather than amortising the £999 over such a short period. Our mortgage isn't huge either at ~220k
My ERC expires on the 18th July so like @413x anxious about it all going through, similarly it's the first time i've remortgaged with another lender, previously i've always just stuck with First Direct, but their tracker rates are appalling this time around at 2.84% vs 1.5% with Coventry (Base Rate + 0.75%).
Also absolute madness, that it worked out cheaper going with a £999 product fee. We're looking to relocate towards the end of 2023/early 2024 and so wanted flexibility rather than fixing on a 2yr deal and so had assumed a non fee version would be better rather than amortising the £999 over such a short period. Our mortgage isn't huge either at ~220k
Soldato
Yea most will lose there house
Got the full mortgage offer through from Lloyds. Fixing at 1.93% for 10 years. I'm over the moon, I really thought we wouldn't get it. There's nothing even close to that on the market at the moment, and Lloyds themselves now are only offering 2.29% at 75% LTV now.
Soldato
Soldato
Only 3 years left on our fixed deal now. Been making the max overpayments so that at the end of the term, the increase shouldn't hit us too hard. Will probably just leave it on the standard rate afterwards and just focus on paying off the remainder. LTV is down to 15% now, so moving in the right direction 
Too late now but I'm really it sure if it was a mistake or not to go for 5 vs 10.
Its just because its a joint mortgage and relationships do break down
And
If did want to emigrate it would likely be in the 5 percent erc charge
And
I hope in 5 years bank rate isn't at 10 percent!
If things were looking **** in 5 years I could have the LTV down to from 210k today to 100k if I really really wanted to.
By that I mean converting all other holdings (shares etc) into cash then into mortgage.
I've looked at the figures and if rates were at 5 percent (I don't think they would be) I don't think it would be too bad at 100k.
Ideally I obviously wouldn't do that. But that's the contingency
Last edited:
Remortgage went through today. Fixed for 10 years with Lloyds at 1.93%.
Lush.
All paperwork is done for mine
It's valid until August 31. So I've said completion for mid August as current rate is cheaper.
Also brings the ERC down.
As it stands today
My ERC is 2100
Best rate available is now 2.3
My rate is 1.93 too (5 years)
So it's already cheaper over the 5 years by 300gbp or so.
To avoid erc I'd be having to wait until November ish time. Who knows what rates will be then.
Associate
So, with the Fed rate rise, and BoE prob going to follow, I'm guessing now and today would be a good time to fix a new rate? My current fixed rate ends in October, and I have a £700ish early repayment fee I've just looked at today, and current best rate from current provider of HSBC of 2.94% for a 5 year fix. V tempted to pull the trigger and go for it just for some certainty right now. Any suggestions or advice?
Soldato
If you was to pull the trigger today, would you be able to lock down that rate?
The reason I ask is because today is when the rates most likely go up.
I'm rushing to nail down my first mortgage myself but I don't think I can make it before the rates go up!
Associate
Well its an online rate switch for an existing mortgage just using adjusted house valuations so no surveyor to come out etc so just a paperwork exercise, so there shouldn't be any delays to it.
10 years at that LTV not worth it. In 5 you'd hope to be in the next LTV bracket.
Your broker should very quickly be able to reserve the product for you
And the BoE rate could be 5%. Unfortunately there’s no crystal ball and we all have to make educated guesses.
Main thing for 10 is..
Is this a joint mortgage? Relationships end. The penalty to leave within the first 5 years will likely be 5 percent.
Do you plan to move in the first 8 years? Makes it difficult
I'd agree with the rate bit. The next LTV bracket in my case isn't worth worrying about vs rate rises falls.
Fyi. If I was single or sole party on mortgage I'd have gone with 10 year.
Is this a joint mortgage? Relationships end. The penalty to leave within the first 5 years will likely be 5 percent.
Do you plan to move in the first 8 years? Makes it difficult
I'd agree with the rate bit. The next LTV bracket in my case isn't worth worrying about vs rate rises falls.
Fyi. If I was single or sole party on mortgage I'd have gone with 10 year.