If you don’t already, follow Martin Lewis on Twitter. Pretty sure I saw something from him today about inflation dropping next year? I think it’s expected to drop but who knows at the minute.
comment by BATTYWACK (U2254)
posted 6 minutes ago
If you don’t already, follow Martin Lewis on Twitter. Pretty sure I saw something from him today about inflation dropping next year? I think it’s expected to drop but who knows at the minute.
----------------------------------------------------------------------
He was on 5 Live at 1pm talking about exactly this during a phone in.
It is likely to be higher in March, before coming down very slowly. So the basic answer is 4.79% could well be the best you can get for over a year.
Early November will likely see a relatively big increase, so you may need to take an offer before then.
But I am no expert so best to find some proper advice.
Yes I realise the economy is pretty catastrophic already and I think we all hope this is the very worst it will get and Martin Lewis must be one of the most popular, respected and trusted people in the UK so if he is saying what he is then I think I will hold fire for the moment.
Also, how long is the offer for? Would guess it is only a couple of years?
comment by D'Jeezus Mackaroni (U1137)
posted 1 minute ago
It is likely to be higher in March, before coming down very slowly. So the basic answer is 4.79% could well be the best you can get for over a year.
Early November will likely see a relatively big increase, so you may need to take an offer before then.
But I am no expert so best to find some proper advice.
----------------------------------------------------------------------
Either way stick or twist I'm just going to take the minimum 2 year fixed rate deal so as to take the least hit possible before hopefully there is an upturn in the economy.
Guess you have to look at what 4.79% looks like in comparison to 2.1%.
Is it worth a gamble to wait, or is 4.79% okay for 2 years?
Considering it could jump in 3 weeks, and be higher in March 4.79% may be worth the 2 year hit.
Yes I think 4.79% looks to be as low as I will get before 31/03/23 unfortunately when my current deal expires so although it's not ideal I can just about cope with that for a couple of years.
Contact a fee-free broker such as One77 Mortgages. You can easily google their number. They'll get you something better than 4.79% as they have access to deals unavailable to people who don't go through brokers. I've used them 4 times before and they are absolute pros. They'll also fill in the paperwork for you.
comment by Firkin (U19526)
posted 13 minutes ago
Contact a fee-free broker such as One77 Mortgages. You can easily google their number. They'll get you something better than 4.79% as they have access to deals unavailable to people who don't go through brokers. I've used them 4 times before and they are absolute pros. They'll also fill in the paperwork for you.
----------------------------------------------------------------------
Cheers I will do 👍
Fack me I’m glad I’m locked in for 5 years at 2.01%
If you can afford to, take 2 years at 4.79% if you want certainty. With this current shower in charge (and doing the opposite to the BOE) the forecasts really don’t mean a lot
Yes I'm kicking myself 2 years ago I turned down a 3% fixed rate for 5 years which didn't look too appealing then but I wouldn't mind that now.
Was in the process of buying a house, had to withdraw my offer as my interest went from 3.1% to 5.3% in one week, by the time I would have secured a mortgage, would have easily hit over 6%. Increasing my monthly by at least £400. Fudge that.
comment by eRedIn (U4302)
posted 19 minutes ago
Was in the process of buying a house, had to withdraw my offer as my interest went from 3.1% to 5.3% in one week, by the time I would have secured a mortgage, would have easily hit over 6%. Increasing my monthly by at least £400. Fudge that.
----------------------------------------------------------------------
It's just a nightmare... I'm hearing more and more examples like this and still I see more and more new housing developments snapping up what was once green belt land and I keep wondering who has the money anymore to be able to afford these new houses???
High st banks are taking the pi$$ atm, putting their mortgage rates up to the max for borrowers but not doing the same for savers, or if they do it’s for a maximum of about 1-2k, they want it both ways
Nightmare for you younger lot.
My daughters in exactly same spot - both work for NHS too
Depends on what type of mortgage you have - if you’re on a repayment then consider swapping to an interest only one BUT overpay each month if you can - so you’ll hit the capital each month but not cripple yourselves
Anyone else who can over pay - even £50 a month - do it!! My youngest has reduced her 35yr mortgage to 25yrs by paying £80 extra a month or £20 a week
comment by Macca: Emily Bronte's lovechild (U8194)
posted 1 hour, 31 minutes ago
It's just a nightmare... I'm hearing more and more examples like this and still I see more and more new housing developments snapping up what was once green belt land and I keep wondering who has the money anymore to be able to afford these new houses???
----------------------------------------------------------------------
My guess would be people and companies that already own other properties and are investing in more brick and mortar.
People should be fixing for as long as possible, I’ve ignored the advice of every broker I’ve dealt with over the last 4 years and fixed for 15 years on all my mortgages at 2.25%-2.85%. Would have done longer if possible
If you can afford the 4.79% rate for two years, I would grab with it both hands. Some economic experts are predicting BoE rate could hit 10% next year if the shower in government continue on the demolition derby they have started with the nation's finances.
The alternative is to wait and see, but what if rates reach 6%, 7% or higher? would you be able to afford to keep your house? Not trying to be alarmist, but we all need to take a risk averse approach with the roof over our heads - especially if we've got families relying on us.
Locked mine in at 1.5% for 5 years in 2020.
6 months before your deal ends, get a mortgage in place and sealed at the best rate you can, now. If the rates go down before then, great, cancel the deal and take a different one
comment by For Fox Sake (U4263)
posted 49 minutes ago
If you can afford the 4.79% rate for two years, I would grab with it both hands. Some economic experts are predicting BoE rate could hit 10% next year if the shower in government continue on the demolition derby they have started with the nation's finances.
The alternative is to wait and see, but what if rates reach 6%, 7% or higher? would you be able to afford to keep your house? Not trying to be alarmist, but we all need to take a risk averse approach with the roof over our heads - especially if we've got families relying on us.
----------------------------------------------------------------------
Yes I think that is looking like my best option but I will check out a couple of other companies that have been suggested to me as well but all the signs seem to be pointing to even more dire economical times ahead especially with Truss and Kwasi at the wheel!
Asking JA606 users for financial advice is probably your first major error, OP.
comment by Wetherby White (U6810)
posted 1 hour, 36 minutes ago
Locked mine in at 1.5% for 5 years in 2020.
6 months before your deal ends, get a mortgage in place and sealed at the best rate you can, now. If the rates go down before then, great, cancel the deal and take a different one
----------------------------------------------------------------------
got mine on a 1.4% fixed rate for 5 years from 2021
hoping by 2026 when i come to re-mortgage again things have calmed down...although by that point I'll almost have the mortgage paid off
Boy am I glad I paid an early exit fee and jumped on to a 5 year fix @ 1.29% in Spring 2021.
I felt that there would be a massive financial fall out from the pandemic so just want to fix there and then and paid something like £2k to exit. My mortgage was set to renew this month if i had not.
Didnt foresee such events with Ukraine which has really made things spiral but did expect inflation to rise as supply chain issues and QE would have this effect and likely force up interest rates. Its off the chart compared to what i thought might happen
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posted on 12/10/22
If you don’t already, follow Martin Lewis on Twitter. Pretty sure I saw something from him today about inflation dropping next year? I think it’s expected to drop but who knows at the minute.
posted on 12/10/22
comment by BATTYWACK (U2254)
posted 6 minutes ago
If you don’t already, follow Martin Lewis on Twitter. Pretty sure I saw something from him today about inflation dropping next year? I think it’s expected to drop but who knows at the minute.
----------------------------------------------------------------------
He was on 5 Live at 1pm talking about exactly this during a phone in.
posted on 12/10/22
It is likely to be higher in March, before coming down very slowly. So the basic answer is 4.79% could well be the best you can get for over a year.
Early November will likely see a relatively big increase, so you may need to take an offer before then.
But I am no expert so best to find some proper advice.
posted on 12/10/22
Yes I realise the economy is pretty catastrophic already and I think we all hope this is the very worst it will get and Martin Lewis must be one of the most popular, respected and trusted people in the UK so if he is saying what he is then I think I will hold fire for the moment.
posted on 12/10/22
Also, how long is the offer for? Would guess it is only a couple of years?
posted on 12/10/22
comment by D'Jeezus Mackaroni (U1137)
posted 1 minute ago
It is likely to be higher in March, before coming down very slowly. So the basic answer is 4.79% could well be the best you can get for over a year.
Early November will likely see a relatively big increase, so you may need to take an offer before then.
But I am no expert so best to find some proper advice.
----------------------------------------------------------------------
Either way stick or twist I'm just going to take the minimum 2 year fixed rate deal so as to take the least hit possible before hopefully there is an upturn in the economy.
posted on 12/10/22
Guess you have to look at what 4.79% looks like in comparison to 2.1%.
Is it worth a gamble to wait, or is 4.79% okay for 2 years?
Considering it could jump in 3 weeks, and be higher in March 4.79% may be worth the 2 year hit.
posted on 12/10/22
Yes I think 4.79% looks to be as low as I will get before 31/03/23 unfortunately when my current deal expires so although it's not ideal I can just about cope with that for a couple of years.
posted on 12/10/22
Contact a fee-free broker such as One77 Mortgages. You can easily google their number. They'll get you something better than 4.79% as they have access to deals unavailable to people who don't go through brokers. I've used them 4 times before and they are absolute pros. They'll also fill in the paperwork for you.
posted on 12/10/22
comment by Firkin (U19526)
posted 13 minutes ago
Contact a fee-free broker such as One77 Mortgages. You can easily google their number. They'll get you something better than 4.79% as they have access to deals unavailable to people who don't go through brokers. I've used them 4 times before and they are absolute pros. They'll also fill in the paperwork for you.
----------------------------------------------------------------------
Cheers I will do 👍
posted on 12/10/22
Fack me I’m glad I’m locked in for 5 years at 2.01%
If you can afford to, take 2 years at 4.79% if you want certainty. With this current shower in charge (and doing the opposite to the BOE) the forecasts really don’t mean a lot
posted on 12/10/22
Yes I'm kicking myself 2 years ago I turned down a 3% fixed rate for 5 years which didn't look too appealing then but I wouldn't mind that now.
posted on 12/10/22
Was in the process of buying a house, had to withdraw my offer as my interest went from 3.1% to 5.3% in one week, by the time I would have secured a mortgage, would have easily hit over 6%. Increasing my monthly by at least £400. Fudge that.
posted on 12/10/22
comment by eRedIn (U4302)
posted 19 minutes ago
Was in the process of buying a house, had to withdraw my offer as my interest went from 3.1% to 5.3% in one week, by the time I would have secured a mortgage, would have easily hit over 6%. Increasing my monthly by at least £400. Fudge that.
----------------------------------------------------------------------
It's just a nightmare... I'm hearing more and more examples like this and still I see more and more new housing developments snapping up what was once green belt land and I keep wondering who has the money anymore to be able to afford these new houses???
posted on 12/10/22
High st banks are taking the pi$$ atm, putting their mortgage rates up to the max for borrowers but not doing the same for savers, or if they do it’s for a maximum of about 1-2k, they want it both ways
posted on 12/10/22
Nightmare for you younger lot.
My daughters in exactly same spot - both work for NHS too
Depends on what type of mortgage you have - if you’re on a repayment then consider swapping to an interest only one BUT overpay each month if you can - so you’ll hit the capital each month but not cripple yourselves
Anyone else who can over pay - even £50 a month - do it!! My youngest has reduced her 35yr mortgage to 25yrs by paying £80 extra a month or £20 a week
posted on 13/10/22
comment by Macca: Emily Bronte's lovechild (U8194)
posted 1 hour, 31 minutes ago
It's just a nightmare... I'm hearing more and more examples like this and still I see more and more new housing developments snapping up what was once green belt land and I keep wondering who has the money anymore to be able to afford these new houses???
----------------------------------------------------------------------
My guess would be people and companies that already own other properties and are investing in more brick and mortar.
posted on 13/10/22
People should be fixing for as long as possible, I’ve ignored the advice of every broker I’ve dealt with over the last 4 years and fixed for 15 years on all my mortgages at 2.25%-2.85%. Would have done longer if possible
posted on 13/10/22
If you can afford the 4.79% rate for two years, I would grab with it both hands. Some economic experts are predicting BoE rate could hit 10% next year if the shower in government continue on the demolition derby they have started with the nation's finances.
The alternative is to wait and see, but what if rates reach 6%, 7% or higher? would you be able to afford to keep your house? Not trying to be alarmist, but we all need to take a risk averse approach with the roof over our heads - especially if we've got families relying on us.
posted on 13/10/22
Locked mine in at 1.5% for 5 years in 2020.
6 months before your deal ends, get a mortgage in place and sealed at the best rate you can, now. If the rates go down before then, great, cancel the deal and take a different one
posted on 13/10/22
comment by For Fox Sake (U4263)
posted 49 minutes ago
If you can afford the 4.79% rate for two years, I would grab with it both hands. Some economic experts are predicting BoE rate could hit 10% next year if the shower in government continue on the demolition derby they have started with the nation's finances.
The alternative is to wait and see, but what if rates reach 6%, 7% or higher? would you be able to afford to keep your house? Not trying to be alarmist, but we all need to take a risk averse approach with the roof over our heads - especially if we've got families relying on us.
----------------------------------------------------------------------
Yes I think that is looking like my best option but I will check out a couple of other companies that have been suggested to me as well but all the signs seem to be pointing to even more dire economical times ahead especially with Truss and Kwasi at the wheel!
posted on 13/10/22
Asking JA606 users for financial advice is probably your first major error, OP.
posted on 13/10/22
comment by Wetherby White (U6810)
posted 1 hour, 36 minutes ago
Locked mine in at 1.5% for 5 years in 2020.
6 months before your deal ends, get a mortgage in place and sealed at the best rate you can, now. If the rates go down before then, great, cancel the deal and take a different one
----------------------------------------------------------------------
got mine on a 1.4% fixed rate for 5 years from 2021
hoping by 2026 when i come to re-mortgage again things have calmed down...although by that point I'll almost have the mortgage paid off
posted on 13/10/22
Boy am I glad I paid an early exit fee and jumped on to a 5 year fix @ 1.29% in Spring 2021.
I felt that there would be a massive financial fall out from the pandemic so just want to fix there and then and paid something like £2k to exit. My mortgage was set to renew this month if i had not.
Didnt foresee such events with Ukraine which has really made things spiral but did expect inflation to rise as supply chain issues and QE would have this effect and likely force up interest rates. Its off the chart compared to what i thought might happen
Page 1 of 1