Might switch to the 5 year 1.69% fix this Saturday!
Although the talk of a quicker increase some say is to pump up the pound, and try and put a curb on inflation etc
Remortgage Deal!
- Thread starter Ace Modder
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Might switch to the 5 year 1.69% fix this Saturday!
Although the talk of a quicker increase some say is to pump up the pound, and try and put a curb on inflation etc
Soldato
I spoke to First Direct, but whilst it was £0 product fee, they wanted to do a valuation survey or something like that which would cost, by time you have added that, plus the inevitable faff around with paperwork (I am self employed) it's easier to stick with current lender in that instance for the 1.99%
I've just remortgaged from a Fixed rate to a 2yr Tracker... starting to think I'm a bit crazy (and it is certainly against the crowd) but there is a lot of thought behind the decision. No overpayment charges or fees on the tracker and I can move to a fixed rate easily. We'll see if rates go up in November, if they do it will be 0.25% and further rises will be gradual.
Soldato
Thats brave!
Problem with fixing when rates start to rise is that they quickly price in the expectations of further rises.
I am still not convinced we will see rate rises this year, personally I think early next assuming nothing negative happens before then, I think Carney was firing a shot across the bows with his comments. Its not even his call directly, he can only influence.
Was funny looking at the HYS on BBC, some of the Brexiteer logic was awesome, including the obligatory send him home comments
Soldato
HSBC forecast on interest rates:
HSBC says that it expects the UK interest rate to rise twice by the end of 2018.
In a note published on Monday, it forecast at 25 basis points rise to 0.50% in November - when the Bank of England's Monetary Policy Committee (MPC) next meets - followed by another quarter point rise next May to 0.75%.
HSBC says that it expects the UK interest rate to rise twice by the end of 2018.
In a note published on Monday, it forecast at 25 basis points rise to 0.50% in November - when the Bank of England's Monetary Policy Committee (MPC) next meets - followed by another quarter point rise next May to 0.75%.
Didn't get chance to fix on HSBC last weekend, but looked at 5 year fix again and its now 1.59%
Much beter prospect than my current 1.54% tracker with all this BOE rise talk.
5 Year Fixed Standard
60% 1.59% 3.69% 2.6% APRC £999
2 year fixes are pointless as rates will be above 1.59% quite easily in 2 years.
Much beter prospect than my current 1.54% tracker with all this BOE rise talk.
5 Year Fixed Standard
60% 1.59% 3.69% 2.6% APRC £999
2 year fixes are pointless as rates will be above 1.59% quite easily in 2 years.
Soldato
My current deal finishes at the end of November. I have the option in the online banking to select the next fix already, I have been offered 1.78% for 2 years. I'm very slightly over 75% LTV and if I make a £550 overpayment this month combined with November's normal monthly payment I'll come under 75% and I think I can get a rate of 1.64%.
The monthly mortgage payment comes out on 1st November and the MPC meet on the 2nd. Hopefully I have time to get onto the lower interest rate before anything changes if they put the base rate up!
Soldato
Whilst I am not ruling out an interest rate rise of some kind over the next year or two, I would be very surprised if it happens this calendar year.
Make your overpayment get your LTV onto the next band ready to go, but I would not necessarily go all in for a rate rise right now, the last vote was still 7-2 against or something.
Make your overpayment get your LTV onto the next band ready to go, but I would not necessarily go all in for a rate rise right now, the last vote was still 7-2 against or something.
Soldato
Even if they do apply a rise in the rate, the banks typically take a little while to pull the old products and add new ones, so if you were literally ready to apply then you can beat the rise.
Its a game, rates are funny things, longer term fixes can fall even if headline rate goes up, because at the same time economists can actually predict lower rates ahead than they did previously and as such the blended base rate over the fix period can drop.
Will they rise, wont the rise, you have as much chance predicting the winner in the local 2.30 horse race
Got some figures off HSBC yesterday.
Going from 1.54% tracker to 1.59% 5 year fix will put my monthly payment up by circa £4.
If I add the £1000 product fee on top of the mortgage as I don't have £1000 spare at the moment, that adds around £5 to the monthly payments.
So £9 a month extra for a 5 year fix
Going from 1.54% tracker to 1.59% 5 year fix will put my monthly payment up by circa £4.
If I add the £1000 product fee on top of the mortgage as I don't have £1000 spare at the moment, that adds around £5 to the monthly payments.
So £9 a month extra for a 5 year fix
Soldato
Its hard to see any negative in that, I mean literally any rise in interest rates would put your current deal up to more than the fixed would be. OF course you could be losing £1000 in effect (plus interest on that) if rates dont move, but i think you would struggle to find anyone who thinks rates wont have been higher over the 5 years by enough to cover that minimal increase for the fix.
Just check the ERC etc as thats really he only negative your incurring.
All IMHO of course
Cracking thread, many would do well to heed the advice in here. Currently 4 months into my mortgage with 5-year fixed term at 2.89% (90% LTV), will be able to transition to another 5-year fix at the end of this period at 1.74% (LTV around 65%), assuming rates stay the same (which they may not). This excludes overpayments or any rise in the value of my property which may come.
All good news, and not something I'd taken into account when I bought.
All good news, and not something I'd taken into account when I bought.
Soldato
Carney talking up the chances of interest rate rises again. Winter is coming.
"Interest rates will rise in the "relatively near term" the Governor of the Bank of England has told the BBC."
http://www.bbc.co.uk/news/business-41439349
"Interest rates will rise in the "relatively near term" the Governor of the Bank of England has told the BBC."
http://www.bbc.co.uk/news/business-41439349
Associate
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I have a question, Me and my brother have a mortgage on a small house and it's due to be renewed. But I am now on disability benefits. The mortgage isn't for the biggest amount and the ESA and PIP can easily pay it, in fact some money goes directly from the government to Halifax already. My brother also still has his job and earns easily enough to cover the mortgage on his own.
So will Halifax accept me now I'm on the sick?
So will Halifax accept me now I'm on the sick?
Soldato
Ask Halifax, no one here is going to be able to answer that.
At 2.25% variable currently, can fix 5 years at 2.14% with no setup fee.
Seems like a good idea. If they let me, missus doesn't work so our circumstances have changed.
Though only have 130k to pay on a 250k house, guess this might help
Seems like a good idea. If they let me, missus doesn't work so our circumstances have changed.
Though only have 130k to pay on a 250k house, guess this might help
