OV9

Alas my 1.9% deal ends in March 2023, and I'm faced with a decent price hike.

My advisor tells me that best fixed rate is ~4.85% over 5 years for a longer fix, or risk a tracker rate of 3.3% over 2 years - however most deals having a £1k product fee also needs to be taken into account.

Anyone remortaged recently, and did anyone decide to risk a tracker?

Not sure there are any worthwhile fixed rates on at the moment? Banks will be cautious to ensure they don’t hang themselves out to dry…,

Got a meeting with my guy next week - I’ll let you know what he says.

dinny_g wrote: Sun Dec 04, 2022 11:33 pm Got a meeting with my guy next week - I’ll let you know what he says.

Once you finish - you can talk about mortgages.

I’d say a best rate mortgage without any early repayment charge would be my choice. 2/5 years doesn’t really matter then

Worth considering interest only for a couple of years?

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.

When the base rate was over 4-5% before the credit crunch I never had a fixed rate higher than 3.95%. The current fixed rate offerings were set during the Liz Truss financial uncertainty so they'll come back down a bit as well. Tying in to a 5 year rate higher than the base rate with redemption penalties seems madness.

I'd definitely be doing a tracker or discount variable when mines up. Half of our clients are doing the same, but the advice we give depends on the situation. If someone's financial situation show's not much surplus, I'd still suggest doing a fixed rate because although likely rates will drop - it's not a guarantee. But perhaps fix short term - not 5 years.

My daughter has just become CAS (certified adviser status). But because she's new, she's not charging a fee. I'm still checking every case she does (she's been faultless so far). I've you want a second set of eyes (or know what you want and want to avoid any adviser fees) you can reach or on mia@holleyprotect.co.uk or 01933 355189

Arent interest rates going to rise quickly in the new year? I have a guess they will, they should do anyway as they are still too low.

Our mortgage was due in November next year. Looking at the rates we decided to pay our way out early and take a long fix. Got a very good deal through current provider, so we'll be paying 0.3% more than the BoE base rate right now and "only" 1% more than before.

If nothing else we've bought certainty, but looking at the rates on offer we should recoup the money fairly quickly unless there's a drop.

I forgot to add that for the last 4 weeks we've been continually getting emails from lenders with rate reductions on a daily basis. Just got one from Natwest advising that their rates are reducing by up to 0.54% on Wednesday.

Might be worth waiting before committing to a deal as likely to drop further.

What will it cost you to do nothing? That might be the best short term option.

Thankfully i fixed our for 5 years in January at 1.29%

Our fixed rate deal is up in September so we're meeting our mortgage guy to see what our options are. We're also sitting on an sum we're going to use to overpay so we want advice on the best thing to do with that for the next 9 months.

The last MPC report stated that rates are unlikely to rise to the point that the financial markets priced in after the Truss Budget hence swap rates and subsequently fixed rates coming down from circa 6% a month ago to typically 5 now.

We are still likely to have a rate rise in the next quarter so that 3.x% variable is likely to be 4 shortly so for those on a tight budget or big loan a 4.x% fixed may be the right thing.

Broccers wrote: Mon Dec 05, 2022 11:08 am Arent interest rates going to rise quickly in the new year? I have a guess they will, they should do anyway as they are still too low.

too low for what?

Rich B wrote: Mon Dec 05, 2022 2:52 pm

Broccers wrote: Mon Dec 05, 2022 11:08 am Arent interest rates going to rise quickly in the new year? I have a guess they will, they should do anyway as they are still too low.

too low for what?

Ignored.

Carlos wrote: Mon Dec 05, 2022 2:44 pm We are still likely to have a rate rise in the next quarter so that 3.x% variable is likely to be 4 shortly so for those on a tight budget or big loan a 4.x% fixed may be the right thing.

Good insight.

Rich B wrote: Mon Dec 05, 2022 2:52 pm

Broccers wrote: Mon Dec 05, 2022 11:08 am Arent interest rates going to rise quickly in the new year? I have a guess they will, they should do anyway as they are still too low.

too low for what?

Too low for all that lovely inflation caused by Brexit.

Jobbo wrote: Mon Dec 05, 2022 4:28 pm

Rich B wrote: Mon Dec 05, 2022 2:52 pm

Broccers wrote: Mon Dec 05, 2022 11:08 am Arent interest rates going to rise quickly in the new year? I have a guess they will, they should do anyway as they are still too low.

too low for what?

Too low for all that lovely inflation caused by Brexit.

Thick cunts are thick cunts. Last time I checked Germany are in the E U - not going so well.

Broccers wrote: Mon Dec 05, 2022 4:52 pm Thick cunts are thick cunts. Last time I checked Germany are in the E U - not going so well.

My daughter justifies a poor test mark by claiming everyone in the class also did badly, she is 12.