Get an agreement in principle now, which fixes the rate at todays rate. If interest rates go up you are protected. If they come down you don’t have to use it.Eligible to renew from 30/6, with current deal ending 31/12.
Logged on and there is a 2 year deal waiting for me, 6% with no fees. Puts my current mortgage up a ton extra per month.
Not looked into it properly but I’m guessing that would start immediately.
Is it likely that 6% will rise, or should I wait until closer to the time where this deal ends in December?
Just found another at 5.74% for 5 years. Increases current payments by £74. If I can snare that one I’ll be happy, albeit fucked off at the increase. This shit should be coming down at my age.Get an agreement in principle now, which fixes the rate at todays rate. If interest rates go up you are protected. If they come down you don’t have to use it.
My daughter did exactly that yesterday. By the way 6% for 2 years is cheaper than every deal I found yesterday.
5 year fixed were 1% at the same time, the BoE rate was 0.1% for most of 2020 and 2021 dur to COVID.Well done. I was reading an article saying that 2 years ago there were 10 year fixes for around 2%. If that is accurate anyone who didn't take one out at that rate needed their head feeling. The potential increases in rates from that level far outweighed the possible future savings due to rates falling further, they were already at 0.5% at the time anyway. Bank rates of less than 3% are a thing of the past now that QE has stopped. I'd still like to know how many people were tempted to borrow for other things against their house at the very low rates and are now faced with much higher costs for things like cars and other big ticket items.
We did ours early recently and the new rate didn’t kick in until the old mortgage came to the end of its term.Eligible to renew from 30/6, with current deal ending 31/12.
Logged on and there is a 2 year deal waiting for me, 6% with no fees. Puts my current mortgage up a ton extra per month.
Not looked into it properly but I’m guessing that would start immediately.
Is it likely that 6% will rise, or should I wait until closer to the time where this deal ends in December?
Interest rates are high because we stopped printing money…have to reap the whirlwind at some pointI enquired about a new rate for our mortgate which will go up about £100/month which isn't too bad but we've only a few years left to pay it off. I feel so, so, so sorry for those younger ones who''ve big mortgages to pay off.
I'm torn to be honest. I don't think interest rates are high because of "demand", it's the opposite. Demand isn't there and the interest rates are high because of inflation from Brexit and Ukraine. The inflation from Brexit is baked in now and the Ukraine inflation is going to be for a while as well. I do think the days of cheap mortgages are over and in any event, there NEEDS to be a house price correction.
I just wish we had a competent Chancellor and BoE Governor. Neither are.
So a base rate of 0.1% generated a 10 year fix of 2%. If that is correct there was really only 1 way for rates to go. Short of rates being either negative or zero, there was no further downside to be had on mortgage rates and so a 10 year fix at that time would have been a no-brainer. I get portability and conditions attached can be a limiting factor though.5 year fixed were 1% at the same time, the BoE rate was 0.1% for most of 2020 and 2021 dur to COVID.
People had a choice to make 5 years or 10 years at double the interest. The latter would not seem fantastic at the time.
Just had call back as wanted to know if they (RBS) did this. They do, and I can change it right up to end of November if needed. Nice one mate, would’ve have thought to do this.Get an agreement in principle now, which fixes the rate at todays rate. If interest rates go up you are protected. If they come down you don’t have to use it.
My daughter did exactly that yesterday. By the way 6% for 2 years is cheaper than every deal I found yesterday.