In 2 years time - how will it look?

manikm

Hiya all

I'm borderline 90% LTV - I've applied for the HSBC lifetime tracker, but if im downvalued, I doubt i'll be able to make the difference up - and will therefore not make the rate for 90%LTV and won't get my nice rate at 5.79% (lifetime tracker) - I'll have to stay with my current lender, and will have to choose.

NOW - in two years time - what products will be on offer? Will it be any better then>?

Do you think i should go for a 2 year tracker, - or a 3 year tracker. (6.09%)

Do you think in 2 yrs the climate might be a bit brighter - i.e better rates on products - or should i get 3 yrs?!

Or should I just fix the thing for 2 or 3 yrs?!

In essence, will 2 years be long enough for the dust to have settled? or should i make it 3 years?


Cheers...!

ad9898_3

I think 2 years maybe a little optimistic, with the carnage that is happening.

manikm

Hmmm, id be gutted if i took out a 3yr tracker, and rates were low after 2years, then crept up at the end of the 3rd year.

LOL!

Locoblade

What if your house continues to depreciate? If you're on the borderline 90% now, there's a fair chance you won't be any better off in 2 years time anyway, so even if the rates have dropped by then, you may not be able to access them and might even be in negative equity so unable to change at all.

I think if I were you I'd go for a longer deal to give you more chance of riding the storm, however long it is. The good thing about HSBC is (at the moment at least) is the SVR is pretty low I believe, so dropping onto that wouldnt be the end of the world.

space_rider

I went for a 5 year tracker at 6.09. My house has been downvalued for remortgage purposes so I am now paying more to reduce my mortgage so I should be in a better position in 5 years.

dwsjarcmcd

No one can answer your question. It is only a few weeks ago you started threads, or contributed to threads saying mortgage rates were coming down! Look what's happened since. No matter how often you ask, no-one can give you the answer, or at least not the one you want to hear.

Take the best deal you can get over a period you feel you are comfortable with. Locoblade's comments and suggestion is very wise, in my view.

manikm

dwsjarcmcd wrote: »

No one can answer your question. It is only a few weeks ago you started threads, or contributed to threads saying mortgage rates were coming down! Look what's happened since. No matter how often you ask, no-one can give you the answer, or at least not the one you want to hear.

Take the best deal you can get over a period you feel you are comfortable with. Locoblade's comments and suggestion is very wise, in my view.

you mate - are very patronising!!!

what you neglect to say is that i posted when they went UP and DOWN - just posting links to various sources trying to be helpful, I, unlike yourself like to actually help people, not be condescending and worse, sarchastic.

dwsjarcmcd

manikm wrote: »

you mate - are very patronising!!!

what you neglect to say is that i posted when they went UP and DOWN - just posting links to various sources trying to be helpful, I, unlike yourself like to actually help people, not be condescending and worse, sarchastic.

No you didn't, for ages you stated that mortgage rates were reducing. You were not helping anyone with such ill informed comments. I helped people by posting warning against the comments you were making...and was proved right.

wymondham

All you can do is save like mad, and overpay on your existing mortgage......

manikm

dwsjarcmcd wrote: »

No you didn't, for ages you stated that mortgage rates were reducing. You were not helping anyone with such ill informed comments. I helped people by posting warning against the comments you were making...and was proved right.

You missed this thread then did you, Mr Sheer Arrogance.
http://forums.moneysavingexpert.com/showthread.html?t=1176115