Manchester33
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- 12 Sep 2012
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- 6,937
That's great. Looks like November will be a good month. I wonder which PM we'll have in December and what they'll decide to do.
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Mortgage deal ending
- Thread starter bobmcfc
- Start date
abu13
Well-Known Member
Wel done, it surprising the difference it makes being mortgage free, nit just the extra cash each month but just mentally knowing you own yoyr own home.Managed to pay my mortgage off yesterday and what a relief going off the shit show that’s going on, there’s going to be a lot losing their homes :(
Fixed rates have gone up in the last 2 weeks, using the same data for a 5 years fixed the cheapest has gone from 5.19% to 5.34%, and will stay high as the gilt rate remains about 4%. There was a 2 point drop at the start of play today, but they are climbing again, so no real change expected, could be different in another 2 weeks.Interest rate forecasts - which had scaled 6% after the disastrous mini-budget - have lowered once again upon expectations Rishi Sunak is about to enter Number 10.
The former chancellor is seen as fiscally conservative after a summer debating low-tax, high borrowing rival Liz Truss.
His emergence as favourite has led Bloomberg to forecast peak rates of 4.95% next May - down from 6.24% after the mini-budget and 5.15% after the mini-budget U-turn.
BlueHammer85
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- 13 Oct 2010
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Fixed rates have gone up in the last 2 weeks, using the same data for a 5 years fixed the cheapest has gone from 5.19% to 5.34%, and will stay high as the gilt rate remains about 4%. There was a 2 point drop at the start of play today, but they are climbing again, so no real change expected, could be different in another 2 weeks.
what would be your wild guess for next November ?
I would not have predicted where we are now last year, we knew it would get worse but not this bad so quickly.what would be your wild guess for next November ?
Guessing rates in a year's time is impossible for me, I do expect a new Equity Loan product to come in at a higher percentage to artificially prop up new build prices, like Homebuy Direct, First Buy and Help to Buy, the last 2 were 20% but Homebuy was 30%, I can see the new product being 30/35% but a higher fee after five years, not 1.75% as we have had for over a decade.
There is still a big housing shortage so the Government will do something to keep supply going, and due to rising costs all sites will stall as they are not going to sell them at cost price.
Peak in May 2023. Great.Interest rate forecasts - which had scaled 6% after the disastrous mini-budget - have lowered once again upon expectations Rishi Sunak is about to enter Number 10.
The former chancellor is seen as fiscally conservative after a summer debating low-tax, high borrowing rival Liz Truss.
His emergence as favourite has led Bloomberg to forecast peak rates of 4.95% next May - down from 6.24% after the mini-budget and 5.15% after the mini-budget U-turn.
Guess when my fixed rate is due to end.
Scouse Blue
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- 18 Sep 2005
- Messages
- 993
I am really surprised this thread is so far down on the “off topic” section.
I don’t know whether we are not being heavily exposed to individual circumstances, but surely this is just going to completely implode for tens of thousands of people over the coming months.
I made the decision over 25 years ago to come out of my private pension and invest in property. I am now 60 and own outright a bungalow that I live in, worth around 285K and a 4 bedroom detached house that I rent out, worth around 383K.
I would describe myself as a mid to high earner, and still have a moderate mortgage on the house. Interest increases this year have seen my monthly mortgage increase to 4% of my annual take home pay. The standard payments were 33%, and now with another 4%, 37%, with more interest raises imminent.
How on earth are people managing, whereby they are moderate earners, and say mortgage repayment was already around 40%-50%, with perhaps now another 15% on top.
It does not bear thinking about, and my heart goes out to them.
I don’t know whether we are not being heavily exposed to individual circumstances, but surely this is just going to completely implode for tens of thousands of people over the coming months.
I made the decision over 25 years ago to come out of my private pension and invest in property. I am now 60 and own outright a bungalow that I live in, worth around 285K and a 4 bedroom detached house that I rent out, worth around 383K.
I would describe myself as a mid to high earner, and still have a moderate mortgage on the house. Interest increases this year have seen my monthly mortgage increase to 4% of my annual take home pay. The standard payments were 33%, and now with another 4%, 37%, with more interest raises imminent.
How on earth are people managing, whereby they are moderate earners, and say mortgage repayment was already around 40%-50%, with perhaps now another 15% on top.
It does not bear thinking about, and my heart goes out to them.
BlueHammer85
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- 13 Oct 2010
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- 37,125
I'm paying £1200 mortgage
my renewal is up next November
I've already resigned myself to be paying an extra £300-400 (2-5 year fix) - which I can do because of pay rise but still depressing
my renewal is up next November
I've already resigned myself to be paying an extra £300-400 (2-5 year fix) - which I can do because of pay rise but still depressing
I'm paying £1200 mortgage
my renewal is up next November
I've already resigned myself to be paying an extra £300-400 (2-5 year fix) - which I can do because of pay rise but still depressing
Im similar but paying a bit less at the moment. Will be able to afford an increase as they are now but rumours of redundancies at work for me and the wife will fuck things up in the new year