Re-mortgage now or wait?
Discussion
Part of an email sent to brokers today from a very large high street mortgage lender.
"Changes to our product range
On Friday 12 April we are making the following changes to our product range:
• Rate reductions and increases across the range.
To secure existing product codes, please submit applications in full by 8pm on Thursday 11 April"
Thanks, thats really helpful.
"Changes to our product range
On Friday 12 April we are making the following changes to our product range:
• Rate reductions and increases across the range.
To secure existing product codes, please submit applications in full by 8pm on Thursday 11 April"
Thanks, thats really helpful.
CaiosH said:
Part of an email sent to brokers today from a very large high street mortgage lender.
"Changes to our product range
On Friday 12 April we are making the following changes to our product range:
• Rate reductions and increases across the range.
To secure existing product codes, please submit applications in full by 8pm on Thursday 11 April"
Thanks, thats really helpful.
Yes, I have had a couple like that in the last 2 days...very useful!"Changes to our product range
On Friday 12 April we are making the following changes to our product range:
• Rate reductions and increases across the range.
To secure existing product codes, please submit applications in full by 8pm on Thursday 11 April"
Thanks, thats really helpful.
Caddyshack said:
Yes, I have had a couple like that in the last 2 days...very useful!
Brilliant, so do you fix today as it might go up or do you wait as it might go down.My gut feel is inflation is still not under control so rates are not going to fall anytime soon and if they do it will be a tentative 0.25% and wait scenario.
I am not sure we will ever get back to the days of 0.25% or even close.
ThingsBehindTheSun said:
Caddyshack said:
Yes, I have had a couple like that in the last 2 days...very useful!
Brilliant, so do you fix today as it might go up or do you wait as it might go down.My gut feel is inflation is still not under control so rates are not going to fall anytime soon and if they do it will be a tentative 0.25% and wait scenario.
I am not sure we will ever get back to the days of 0.25% or even close.
z4RRSchris said:
its because studio and 1 beds are / were dirt easy to sell in Asia to BTL investors. seriously easy
It was but not anymore though and the area is simply oversupplied -imho-.. Hundreds of them in the market currently with reductions. I think a creative scheme would release them to local first time buyers.Caddyshack said:
It depends when your current deal ends. We fix 6 months ahead of the deal ending and advocate that you fix asap and the cancel and ratchet down (update to lower deal) if rates improve between now and the end of the old deal / start of the new one….there is nothing to lose as long as someone monitors the rates.
Just spoken to the mortgage broker and I can get a five year no fee fixed for 4.54%.I am going to fix that in now and hope that rates fall in the next few months so I can ratchet down as you suggest.
Once I have done this expect a return to 0.25% rates in Autumn 2026!
ooid said:
It was but not anymore though and the area is simply oversupplied -imho-.. Hundreds of them in the market currently with reductions. I think a creative scheme would release them to local first time buyers.
They seem to rent pretty much instantly where I live.jgrewal said:
Must be a lot of people coming of their fixed rates in Q1? I have decided to pay an overpayment amount (around 20k) to keep my mortgage payment as it is when the rate doubles. This HURTS but I am telling myself this helps me long term!
How big is the mortgage for 20k to keep the payment the same with a doubling rate…assuming it isn’t a 40k interest only mortgage?I received a mortgage illustration from the lender a few days ago and they are currently in the process of organising a valuation. I haven't signed any documents as yet.
If they increase rates will the offer on this illustration still stand, or will they turn around tomorrow and say "You can still have the offer but it is 0.25% higher than the figure on your mortgage illustration?
If they increase rates will the offer on this illustration still stand, or will they turn around tomorrow and say "You can still have the offer but it is 0.25% higher than the figure on your mortgage illustration?
ThingsBehindTheSun said:
I received a mortgage illustration from the lender a few days ago and they are currently in the process of organising a valuation. I haven't signed any documents as yet.
If they increase rates will the offer on this illustration still stand, or will they turn around tomorrow and say "You can still have the offer but it is 0.25% higher than the figure on your mortgage illustration?
If you have made a full application the rate should be secured for you. Who is the lender and did you apply directly? If they increase rates will the offer on this illustration still stand, or will they turn around tomorrow and say "You can still have the offer but it is 0.25% higher than the figure on your mortgage illustration?
Caddyshack said:
jgrewal said:
Must be a lot of people coming of their fixed rates in Q1? I have decided to pay an overpayment amount (around 20k) to keep my mortgage payment as it is when the rate doubles. This HURTS but I am telling myself this helps me long term!
How big is the mortgage for 20k to keep the payment the same with a doubling rate…assuming it isn’t a 40k interest only mortgage?Caddyshack said:
If you have made a full application the rate should be secured for you. Who is the lender and did you apply directly?
The application was made via a mortgage advisor and it is with Birmingham Midshires. Interesting that I thought rates were going to fall in the next few months and they are currently doing the opposite.
jgrewal said:
Caddyshack said:
jgrewal said:
Must be a lot of people coming of their fixed rates in Q1? I have decided to pay an overpayment amount (around 20k) to keep my mortgage payment as it is when the rate doubles. This HURTS but I am telling myself this helps me long term!
How big is the mortgage for 20k to keep the payment the same with a doubling rate…assuming it isn’t a 40k interest only mortgage?Ultuous said:
Massive thanks for this... got my switch in just in time having planned to renew this coming weekend!
No problem at all, thats the point of the post. A LOT of people are currently hanging around waiting for rates to drop but they are going the other way currently, which may change of course, but if in doubt, secure the rate first.......ThingsBehindTheSun said:
Caddyshack said:
If you have made a full application the rate should be secured for you. Who is the lender and did you apply directly?
The application was made via a mortgage advisor and it is with Birmingham Midshires. Interesting that I thought rates were going to fall in the next few months and they are currently doing the opposite.Increases from NatWest and Santander - https://theintermediary.co.uk/2024/04/natwest-laun...
Glad to have locked in a rate at the beginning of the year when base rate cuts looked more likely.
Glad to have locked in a rate at the beginning of the year when base rate cuts looked more likely.
Chris Type R said:
Increases from NatWest and Santander - https://theintermediary.co.uk/2024/04/natwest-laun...
Glad to have locked in a rate at the beginning of the year when base rate cuts looked more likely.
Indeed, we did the right thing and it's what I continue to tell others too!Glad to have locked in a rate at the beginning of the year when base rate cuts looked more likely.
Numerous other lenders are raising rates too......
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