Who has the cheapest mortgage (rate)?
- Thread starter Jez
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Soldato
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6% fixed until Feb 
Edit - My parents have a miracle mortgage at the minute, £345 p/m for £200k
Edit - My parents have a miracle mortgage at the minute, £345 p/m for £200k
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Soldato
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Off topic slightly but does anyone have any advice as to what type of mortgage i should change to when my fixed term ends in Feb? Im not very clued in with the different types or the current market or where its headed. i would be happy to fix it again at a slightly lower rate if i could, just as long as it gets reduced as its a bit much to handle at the minute
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Associate
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Base rate + 0.5% for the life of the mortgage. Kept my repayments the same despite the rate drop so paying it off at a rate of knots at the moment.
Difficult to say since no-one can accurately predict what will happen in future. Personally I just re-mortgaged on a 5-year fixed rate at 4.79% (thought I was doing quite well until I read this thread
). It's not that I think interest rates will rise any time soon, but it's just that if they do rise, and rise by quite a lot then I could struggle so at least I won't have that problem for the next 5 years.
Soldato
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8bps above base. Expires end of Jan 10 though but will stick to the variable thats 3.99%
Thats quite a nice fix, when was that taken?
Realistically, how can they rise by a huge amount? The market would end up in turmoil with repossessions everywhere. This is not the early 90's any more, it wouldn't be allowed to happen. (I hope!).
Well in theory interests rates will rise to control inflation, which is increasing rapidly (back up to 1.9% last month, target is 2%), so I have a slight concern about that. I wonder what the mortgage companies will do when BoE interest rates start to increase - will they have like for like increases on the way up? We could have BoE interest rates of 2.5% and mortgage SVRs of over 6%. Who knows what will happen for sure? but interest rate rises are a possibility in my opinion, though I agree that massive interest rate rises aren't likely.
Soldato
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B of E +0.17% for term of mortgage.
118k means a monthly repayment of £431.
I used to always do fixed rate and change it every couple of years with a local independent financial advisor, they advised me to do the same again but I was getting peed off with paying fees so told them I wanted to do a lifetime tracker. They said I was making a big mistake, which they obviously would as they get a nice commission every two years when I change.
118k means a monthly repayment of £431.
I used to always do fixed rate and change it every couple of years with a local independent financial advisor, they advised me to do the same again but I was getting peed off with paying fees so told them I wanted to do a lifetime tracker. They said I was making a big mistake, which they obviously would as they get a nice commission every two years when I change.
About 3-4 months ago we came off a 6% fixed and they offered us that aswell as something stupid like 3.5% for 2 years but we took the 5 in the hope that it shot up, like I say it's a gamble but I couldn't realistically see them tumble so we took it.
Well, i am on a base rate tracker, so that guesswork is at least removed. As said above its all a huge gamble
Very nice indeed, might as well forget the standard repayment and hammer it for a while
Soldato
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Very nice indeed, might as well forget the standard repayment and hammer it for a while
I can't as I'm building an extension which is hammering my savings and anything left over at the end of the month.
Oh yeah and a new central heating system and underfloor heating.
I had the same, i broke out paying the ERC. Do the sums it may be worth it if you can get accepted for a good product
I can't as I'm building an extension which is hammering my savings and anything left over at the end of the month.
Oh yeah and a new central heating system and underfloor heating.
Oh very nice