Rates cut to 0.5%
Discussion
hornetrider said:
We actually rang them (Woolwich) a few months ago to ask how the rate cuts were affecting our mortgage and to change our payment. The bloke says, "Yes, we can adjust your payment down by over 400 a month", he seemed quite surprised when I told him to put it up by 500 a month!
Key thing with Woolwich, on the OpenPlan at least, is that if you *don't* phone them up they'll keep your payments the same and the difference will be overpayments.
Key thing with Woolwich, on the OpenPlan at least, is that if you *don't* phone them up they'll keep your payments the same and the difference will be overpayments.
hornetrider said:
If the absolute worst comes to the worst, the s
t hits the fan big time and I'm out of a job, I'm hoping we'll be so far ahead of the repayment curve that our lender will look on us sympathetically.
If you're on a Woolwich OpenPlan then your "overdraft" facility will be huge by then and you can just write yourself cheques from itt hits the fan big time and I'm out of a job, I'm hoping we'll be so far ahead of the repayment curve that our lender will look on us sympathetically.Edited by JonRB on Thursday 5th March 17:07
ipitythefool said:
scotal said:
ipitythefool said:
How many people do you think are now borrowing irresponsibly? You need at least a 20%-25% deposit to get a mortgage. Is that irresponsible?
Oh no you don't. You currently need 10%, and that will be cut when NR relaunch 95% products. 125% hapepened, but it was never self cert.
scotal said:
leeb said:
Oh the joy of mortgage dilemmas!
My fixed rate runs out in may, has been 4.99% for 3yrs
Woolwich automatically put me onto a variable rate, at 0.99% above bank of england base rate.
Meaning until they go up th 4% I'm having good times, well paying the wedding off.
But will it be more difficult to get a decent fixed rate when bank of england start increasing their rate?
The cheapest fixed I've been offered so far is 6.49%
Hhhmmmm
That's an interesting rate. Super high LTV? My fixed rate runs out in may, has been 4.99% for 3yrs
Woolwich automatically put me onto a variable rate, at 0.99% above bank of england base rate.
Meaning until they go up th 4% I'm having good times, well paying the wedding off.
But will it be more difficult to get a decent fixed rate when bank of england start increasing their rate?
The cheapest fixed I've been offered so far is 6.49%
Hhhmmmm
That price i have had, is only from the woolwich, i havent looked around at all, they have said i either go onto the variable rate above, or the cheapest they could do fixed would be 6.49%
Bit of a no brainer for the short term really, however my concern is When will it all go back up, and in 2 years will i be struggling to find a preferable rate, and end up having to find more than the current payments each month. Which can be done, but is far from ideal.
Does anyone have any clue when the base rate will start jumping back up again?
scotal said:
ipitythefool said:
scotal said:
ipitythefool said:
How many people do you think are now borrowing irresponsibly? You need at least a 20%-25% deposit to get a mortgage. Is that irresponsible?
Oh no you don't. You currently need 10%, and that will be cut when NR relaunch 95% products. 125% hapepened, but it was never self cert.
ZondaMan said:
scotal said:
ipitythefool said:
scotal said:
ipitythefool said:
How many people do you think are now borrowing irresponsibly? You need at least a 20%-25% deposit to get a mortgage. Is that irresponsible?
Oh no you don't. You currently need 10%, and that will be cut when NR relaunch 95% products. 125% hapepened, but it was never self cert.
100% mortgages weren't uncommon. Nor was self cert, but never the twain and all that.
scotal said:
hornet said:
leeb said:
Oh the joy of mortgage dilemmas!
Same here! Fixed is up in May, so do I get into something I can overpay and then hammer the capital while rates are so low, or take a new fixed rate and squirrel away the savings even though I'll get bugger all return? I've also worked out I can remortgage over 15 years instead of 20 and STILL be £130 under my current repayment. Too many options.Moral of story - check your profile settings.
Edited by hornet on Friday 6th March 00:30
You all do realise why the rates have been dropped so low? it's so the gov can implement as cheaply as possible the new (within 13 week) scheme of paying the interest on mortgages for those that have lost their jobs.
This is how bad it's got. The gov are bricking it and even Mr King said today that rates will go up as soon as QE kicks in. So it seems they have a plan of damage limitation to the gov, intime for the next election.
So for those that lose their jobs and can't pay the mortgage gov is hoping for short term relief from having to fork millions out because they don't have it (oh wait they just printed some).....
QE kicks in, business confidence rises, jobs saved, rates rise. ELECTION then Inflation has a bit of a wobble and rates hit 8-9%. Value of the pound then rises to record levels, inflation levels off, rates stay high for years and output is hammered.
This is some roller coaster we have been riding and we are now on the section of the track with no safety net. Hang on guys!
This is how bad it's got. The gov are bricking it and even Mr King said today that rates will go up as soon as QE kicks in. So it seems they have a plan of damage limitation to the gov, intime for the next election.
So for those that lose their jobs and can't pay the mortgage gov is hoping for short term relief from having to fork millions out because they don't have it (oh wait they just printed some).....
QE kicks in, business confidence rises, jobs saved, rates rise. ELECTION then Inflation has a bit of a wobble and rates hit 8-9%. Value of the pound then rises to record levels, inflation levels off, rates stay high for years and output is hammered.
This is some roller coaster we have been riding and we are now on the section of the track with no safety net. Hang on guys!
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