Re-mortgage now or wait?

[okgo]

bobski1 said:

How are people getting things done so quickly? Had a chat with Barclays and they gave me a good rate but I have a call next week and then with the mortgage advisor the following week.

My broker is away so his partner needs me to go through all the details again before searching and applying, seems to be very long

You’d be a total and utter mug to be waiting around for that!

Message sarnie on here, he will get it done and quick. No pissing about, time truly is money at the moment.

All the forms take a bit of time but not that bad if you have all the documents ready to go. Not in a million lifetimes am I giving someone 2 hours of my life on the phone. I’ve done 4 mortgages through Sarnie and collectively the application/securing a rate stage probably isn’t at 2 hours for all of them!

[Sarnie]

Aiminghigh123 said:

If you’re remortgaging it should be way quicker than that. HSBC I just went online. Clicked the deal I wanted. No changes to circumstances, done and accepted with 30 mins!!!

What you did with HSBC is a product transfer with your current lender, not a remortgage to a new lender.

[duckson]

bobski1 said:

How are people getting things done so quickly? Had a chat with Barclays and they gave me a good rate but I have a call next week and then with the mortgage advisor the following week.

My broker is away so his partner needs me to go through all the details again before searching and applying, seems to be very long

Mine was the same remortgaging to Barclays from Atom back at the start of Jan.
Applied about 3rd Jan and the phone call was 2 weeks later, fortunately it only went from 1.49% to 1.59% but was going up again the day after the phone call but it was locked in by the end of the call!

[W201_190e]

W201_190e said:

eliot said:

W201_190e said:

I can’t afford our (upfront in cash) ERC, we are due to re-fix next October. Currently on a 5 year fixed at just under 2.4% paying £520 with £141k left over 33 years. I’ve worked out if it goes above £900 a month we simply can’t afford it. As no one knows, I guess I’ll just be one of those that waits and hopes…

So overpay now at £900 at a low interest rate rather than kick the can down the road waiting for better times - which i’m afraid to say have gone now

If I did that, it would be all the disposable income.

Well managed to sort it, 5 years fixed with Halifax at 3.48% a year early- £1700 paid for ERC. The sense of relief is immense!

4 hours on hold and a 90 minute web chat with an awesome lady at Halifax.

Thanks all and good luck to you.

Edited by W201_190e on Friday 30th September 21:03

[julian987R]

I have been offered 3.05% fixed for 10 years. May I get some advice from you all if you feel this is a fair rate and if the glory days of 1 to 2 % rates are over for many years to come or confidence such rates will return again in say 5 years time?
Thank you in advance

[sniff diesel]

julian987R said:

I have been offered 3.05% fixed for 10 years. May I get some advice from you all if you feel this is a fair rate and if the glory days of 1 to 2 % rates are over for many years to come or confidence such rates will return again in say 5 years time?
Thank you in advance

How much cheaper is that than a 3 or 5 year fix?
The mid to long term rates on offer would suggest the banks anticipate rates dropping in 3-4 years time, maybe not to the sub 1% levels we once saw, but lower than what rates will be before the end of this year anyway.

[Mojooo]

I doubt we will go back down to 1-2% again anytime soon - this was a good excuse post covid to get the rates up again.

[julian987R]

sniff diesel said:

julian987R said:

I have been offered 3.05% fixed for 10 years. May I get some advice from you all if you feel this is a fair rate and if the glory days of 1 to 2 % rates are over for many years to come or confidence such rates will return again in say 5 years time?
Thank you in advance

How much cheaper is that than a 3 or 5 year fix?
The mid to long term rates on offer would suggest the banks anticipate rates dropping in 3-4 years time, maybe not to the sub 1% levels we once saw, but lower than what rates will be before the end of this year anyway.

The 5 year is 3.15% and equates to £29 a month more than the 10 year fixed (based on my criteria)
A 3 year at 3.3% equates to £73 a month than the 10.

This is with Barclays by the way.
I need to consider every-time I renew then there is a fee.

[julian987R]

W201_190e said:

Well managed to sort it, 5 years fixed with Halifax at 3.48% a year early- £1700 paid for ERC. The sense of relief is immense!

4 hours on hold and a 90 minute web chat with an awesome lady at Halifax.

Thanks all and good luck to you.

Edited by W201_190e on Friday 30th September 21:03

mine took 10mins! 4 hours? that is crazy!

[W201_190e]

julian987R said:

W201_190e said:

Well managed to sort it, 5 years fixed with Halifax at 3.48% a year early- £1700 paid for ERC. The sense of relief is immense!

4 hours on hold and a 90 minute web chat with an awesome lady at Halifax.

Thanks all and good luck to you.

Edited by W201_190e on Friday 30th September 21:03

mine took 10mins! 4 hours? that is crazy!

Halifax are changing their rates tomorrow, can assume we were one of many doing the same. Would happily do it online but wasn’t able too.

[Edible Roadkill]

Thing is both gilt rate @ pound - dollar exchange is nearly back to where it was at the start of the week.

Howcome is there still being mortgage rate adjustment upwards, surely there’s been a big knee jerk reaction here.

I’ve got a mortgage appointment for Wednesday next week, earliest I could arrange. From asking for an appointment to now the rates went from 3.6 to 4.5 to now 5.2% I’m now not entirely convinced that it’s justified!!

[julian987R]

Edible Roadkill said:

Thing is both gilt rate @ pound - dollar exchange is nearly back to where it was at the start of the week.

Howcome is there still being mortgage rate adjustment upwards, surely there’s been a big knee jerk reaction here.

I’ve got a mortgage appointment for Wednesday next week, earliest I could arrange. From asking for an appointment to now the rates went from 3.6 to 4.5 to now 5.2% I’m now not entirely convinced that it’s justified!!

it has been one huge knee jerk reaction perpetuated by the MSM to keep people in fear and to boost ad revenues. More fear = more clicks = more ad impressions billed for = more money.
Many currencies tanked to the strong dollar - but you won't get that balanced POV from the MSM, its all doom and gloom that the UK is the only country on the planet in turmoil.

[Sarnie]

Edible Roadkill said:

Thing is both gilt rate @ pound - dollar exchange is nearly back to where it was at the start of the week.

Howcome is there still being mortgage rate adjustment upwards, surely there’s been a big knee jerk reaction here.

I’ve got a mortgage appointment for Wednesday next week, earliest I could arrange. From asking for an appointment to now the rates went from 3.6 to 4.5 to now 5.2% I’m now not entirely convinced that it’s justified!!

If you used a broker they would have been able to secure a rate with Nationwide on that day, rather than wait till next week.....

[Edible Roadkill]

julian987R said:

it has been one huge knee jerk reaction perpetuated by the MSM to keep people in fear and to boost ad revenues. More fear = more clicks = more ad impressions billed for = more money.
Many currencies tanked to the strong dollar - but you won't get that balanced POV from the MSM, its all doom and gloom that the UK is the only country on the planet in turmoil.


Yip fkem then I’m going to tell the mortgage bloke he can ram his 5.2% if that’s the best on offer !!

[julian987R]

Edible Roadkill said:

5.2% seems very high to me.

[Edible Roadkill]

Sarnie said:

Edible Roadkill said:

Thing is both gilt rate @ pound - dollar exchange is nearly back to where it was at the start of the week.

Howcome is there still being mortgage rate adjustment upwards, surely there’s been a big knee jerk reaction here.

I’ve got a mortgage appointment for Wednesday next week, earliest I could arrange. From asking for an appointment to now the rates went from 3.6 to 4.5 to now 5.2% I’m now not entirely convinced that it’s justified!!

If you used a broker they would have been able to secure a rate with Nationwide on that day, rather than wait till next week.....

Haha yes the good old hindsight!! I stalled acting on Monday due to being 8 days off nil erc penalty, at the time it just seemed morally wrong hitting penalty with a week to go, never in my wildest did I think there would be a 1.6% markup in the space of a week :brickwall:

Fortunately I’ve got options.

I don’t mind paying fair market rate, It just seems a bit fishy that rates are still going up while sterling & money markets are stabilising.

I’ve got a Q actually if you mind I’ll fire you a quick message.

[Sarnie]

Edible Roadkill said:

Haha yes the good old hindsight!! I stalled acting on Monday due to being 8 days off nil erc penalty, at the time it just seemed morally wrong hitting penalty with a week to go, never in my wildest did I think there would be a 1.6% markup in the space of a week :brickwall:

Fortunately I’ve got options.

I don’t mind paying fair market rate, It just seems a bit fishy that rates are still going up while sterling & money markets are stabilising.

I’ve got a Q actually if you mind I’ll fire you a quick message.

No problem at all

[Edible Roadkill]

Sent you a message

[FishAndChips]

Nationwide here, 6 months til my current deal expires so can switch to a new rate but staring down the 5%+ barrel now. At those types of rates what are we thinking, fix for 2 years then see were the world is then? Mortgage has now risen £600/mth, pains me to think about locking in for longer but who knows where we will be in 2 years time?

[Rob_125]

Is 6 months generally the earliest you can lock in a new deal?.... my deal expires on the 19/05/23.