Mortgages

[IanF]

Ugh! They’re really ruining my car purchasing!.. After 6 weeks of a Polestar 2 and several other weeks of other elec vehicles I’ve decided to buy another petrol car. At the same time, I’m looking to purchase an apartment in Richmond/Teddington and that’s become a whole lot more expensive than it would’ve been last year.

As it would happen, a brand new 992 GTS became available.. initial chat came up with £10k down, just under 2K pcm for 48 months. 10.4% I looked at other options and managed to save £100 pcm but that was it. Agent agreed it was stupid as 1yo cars were selling for damn near the same price..

So yeah, mortgage rates are having a real effect now! I’m even looking at elec cars again !

As an aside, there are brand new 911s and M3T available right now, a sure sign this sh1t is going to get a lot worse than we think it is!

[Mito Man]

Caterham new car waiting lists went from 24 months to 6.
Ariel similar. And that was a few months ago!
Dealers are still being greedy and keeping prices artificially high to a silly degree - arse will drop out of the market soon enough but who knows when!

[GG.]

As it would happen, a brand new 992 GTS became available.. initial chat came up with £10k down, just under 2K pcm for 48 months. 10.4% I looked at other options and managed to save £100 pcm but that was it. Agent agreed it was stupid as 1yo cars were selling for damn near the same price..

How much balloon out of interest? I'd have taken a guess at c.70k from those numbers but that's based on a guess of the purchase price.

[Broccers]

I'd definitely not be fixing at the current fixed rates. Interest rates aren't predicted to shoot up much higher than the are, and they are expected to go back down a bit in time.

My insights are a bit more on the money.

Good to see you admitting you're totally incorrect

It’s not like you to state you’ve won when the game has barely started, Broccers

I passed on predictions and I’d point out that 5% base rate is still a fair bit lower than it was when I bought my first house (6.75% I think) and my mortgage rate was 3.95%. Let things settle rather than panicking. If you fixed at 5% for 5 years you might think you’ve done well, but come 2024/25 maybe not.

Tragic

I'll be right eventually?

[Broccers]

Is it revsrus who bought a McLaren on his mortgage. Fair play tho.

[Jobbo]

My insights are a bit more on the money.

Good to see you admitting you're totally incorrect

It’s not like you to state you’ve won when the game has barely started, Broccers

I passed on predictions and I’d point out that 5% base rate is still a fair bit lower than it was when I bought my first house (6.75% I think) and my mortgage rate was 3.95%. Let things settle rather than panicking. If you fixed at 5% for 5 years you might think you’ve done well, but come 2024/25 maybe not.

Tragic

I'll be right eventually?

Up late to reply? I have an excuse, I’m 5 hours behind BST

Nothing I’ve said has proven wrong in the few months since I posted it. I said interest rates would rise. They have. What’s your prediction for the future? Are you going to be under some financial pressure yourself so have a vested interest in arguing?

[Broccers]

It’s not like you to state you’ve won when the game has barely started, Broccers

I passed on predictions and I’d point out that 5% base rate is still a fair bit lower than it was when I bought my first house (6.75% I think) and my mortgage rate was 3.95%. Let things settle rather than panicking. If you fixed at 5% for 5 years you might think you’ve done well, but come 2024/25 maybe not.

Tragic

I'll be right eventually?

Up late to reply? I have an excuse, I’m 5 hours behind BST

Nothing I’ve said has proven wrong in the few months since I posted it. I said interest rates would rise. They have. What’s your prediction for the future? Are you going to be under some financial pressure yourself so have a vested interest in arguing?

Few isn't 6.

Surely you can finally admit your post on page one is wrong?

Hope you're enjoying the smog.

[IanF]

As it would happen, a brand new 992 GTS became available.. initial chat came up with £10k down, just under 2K pcm for 48 months. 10.4% I looked at other options and managed to save £100 pcm but that was it. Agent agreed it was stupid as 1yo cars were selling for damn near the same price..

How much balloon out of interest? I'd have taken a guess at c.70k from those numbers but that's based on a guess of the purchase price.

Yes, Porsche reckoned 72k, others varied between 77 and late 60s.

[Holley]

Our neice in a two bedroom 400k flat in London is not happy as their fix ends later this year.

Are interest only options available @holley

Criteria for Interest Only relatively strict. There needs to be at least £250k equity with most lenders, 50-75% LTV and most have a minimum income requirement (although Santander doesn't).

Some clients are changing to Interest Only and changing how they look to repay their mortgage. So rather than have a high repayment model, use the monthly saving towards a pension (where you can take 25% tax free later on) or other investments.

[GG.]

Our neice in a two bedroom 400k flat in London is not happy as their fix ends later this year.

Are interest only options available @holley

Criteria for Interest Only relatively strict. There needs to be at least £250k equity with most lenders, 50-75% LTV and most have a minimum income requirement (although Santander doesn't).

Some clients are changing to Interest Only and changing how they look to repay their mortgage. So rather than have a high repayment model, use the monthly saving towards a pension (where you can take 25% tax free later on) or other investments.

If she doesn't have significant equity I would have thought a temporary sticking plaster may be to just remortgage and stick the term out to 30 years and then reduce it when rates come back down. May be something I'd consider as we'll be down to 18 on ours the next time we remortgage so even just resetting to 25 should make a difference.

[Holley]

Our neice in a two bedroom 400k flat in London is not happy as their fix ends later this year.

Are interest only options available @holley

Criteria for Interest Only relatively strict. There needs to be at least £250k equity with most lenders, 50-75% LTV and most have a minimum income requirement (although Santander doesn't).

Some clients are changing to Interest Only and changing how they look to repay their mortgage. So rather than have a high repayment model, use the monthly saving towards a pension (where you can take 25% tax free later on) or other investments.

If she doesn't have significant equity I would have thought a temporary sticking plaster may be to just remortgage and stick the term out to 30 years and then reduce it when rates come back down. May be something I'd consider as we'll be down to 18 on ours the next time we remortgage so even just resetting to 25 should make a difference.

That's the most popular currently, especially with those where interest only isn't a viable option.

My own deal ends in Nov, so I've secured a Interest Only deal. It has a overpayment facility but I will instead overpay our BTL as an option to clear the main residence mortgage. But if rates calm down in a couple of years, I will probably go back to repayment and keep the BTL indefinitely.

[240PP]

I have two BTLs with mortgages up for renewal in 2026/27. I’m considering a few options at the moment. Wait until then and either re-mortgage again dependent on rates (currently appprox 50% LTV) or sell depending on value. In the meantime I’ll be putting rents up incrementally, which is something I have never done as they’re good, long-standing tenants (they currently rent for £750, market rate is £850-900 and rising) but the only other option would be to sell up and then they’d be back in the market paying whatever the going rate has been inflated to. Making a profit every month has never been a priority, I just want the mortgages paying off eventually.

[MikeHunt]

The good news is that the banks are passing on the rates to savers, my ISA (NatWest) has gone from 2.53% to 2.63% which is £1 per year per thousand which does feel very so slightly disproportionate.

[Matty]

I'm currently with Chip - they're currently doing 4% on an easy access, and that was before the recent rise so I'm expecting that to go up again soon.

[Matty]

Ugh! They’re really ruining my car purchasing!

Same was quite looking forward to getting something new but I can't justify it. The money is bringing in some good savings rates, the car market is clearly in decline (albeit slowly) AND summer is always a bad time to buy something nice anyway so it seems like madness to pull the trigger at the moment.

My sensible head is taking over, and I don't like what I've become.

[Swervin_Mervin]

Chase have put their savings rate up 0.5% already. 3.3 to 3.8% IIRC. Pretty sure the rate on my HSBC savings acct is <2%.

[Delphi]

Chase have put their savings rate up 0.5% already. 3.3 to 3.8% IIRC. Pretty sure the rate on my HSBC savings acct is <2%.

Chase is a compelling product. All my day to day spending is through Chase and my savings are in there too. I've kept my Barclays account for my salary and a couple of minor DDs but 1% cashback, 5% on round ups plus 3.8% on my savings can't be beat at the moment.

[Broccers]

The good news is that the banks are passing on the rates to savers, my ISA (NatWest) has gone from 2.53% to 2.63% which is £1 per year per thousand which does feel very so slightly disproportionate.

You're clearly thick as fuck.

Do a Google.

Prick

[Broccers]

Our neice in a two bedroom 400k flat in London is not happy as their fix ends later this year.

Are interest only options available @holley

Criteria for Interest Only relatively strict. There needs to be at least £250k equity with most lenders, 50-75% LTV and most have a minimum income requirement (although Santander doesn't).

Some clients are changing to Interest Only and changing how they look to repay their mortgage. So rather than have a high repayment model, use the monthly saving towards a pension (where you can take 25% tax free later on) or other investments.

Cheers. PM your email address and I'll pass it along.

[Rich B]

The good news is that the banks are passing on the rates to savers, my ISA (NatWest) has gone from 2.53% to 2.63% which is £1 per year per thousand which does feel very so slightly disproportionate.

You're clearly thick as fuck.

Do a Google.

Prick

do we have drunken Broccers back again?