Lenders and brokers say fix your mortgage

MRSTITTLEMOUSE

When current events started to unfold last year and knowing what happens to our finances with a Labour governement I fixed for the remaining term of my mortgage.At the end of the fix I'll have two months at SVR and that's me settled.I want security,and if rates go up I won't care.If they go down I won't care either because I know I'm happy with payments and that's what matters to me.

chucky

ad9898 wrote: »

This like the old chestnut of trying to guess the bottom of the housing market, in my opinion lending is going to get tighter, 2007 lending will never return for a generation if not longer.

disagree that lending won't return for a generation - it will return for most but for the so called sub-prime it won't.

ad9898 wrote: »

I have no idea what the best 10 year fix is at the moment but if it's 5% or under, I'd snap it up. Rates will not stay this low for long, so as the old saying goes.... don't miss the boat:D .

agree and believe this.

beecher

ad9898 wrote: »

This like the old chestnut of trying to guess the bottom of the housing market, in my opinion lending is going to get tighter, 2007 lending will never return for a generation if not longer.

I have no idea what the best 10 year fix is at the moment but if it's 5% or under, I'd snap it up. Rates will not stay this low for long, so as the old saying goes.... don't miss the boat:D .

I can afford the risk as my mortgage is under £40,000 so I'm happy to save a small amount while on the SVR and wait to see if rates come down a little. If I miss the boat, it really isn't a big deal - just means I don't cut my term by as much as I hope to. I intend to spend the same amount on my mortage regardless of the rate.

No-one really knows what will happen - plenty of people thought rates could only go up in Autumn and were recommending that people fix at 6%+

Really2

beecher wrote: »

I can afford the risk as my mortgage is under £40,000 so I'm happy to save a small amount while on the SVR and wait to see if rates come down a little. If I miss the boat, it really isn't a big deal - just means I don't cut my term by as much as I hope to. I intend to spend the same amount on my mortage regardless of the rate.

No-one really knows what will happen - plenty of people thought rates could only go up in Autumn and were recommending that people fix at 6%+

The time for change will be when there are indications rates will go up and there are not any at the moment.

Also they do not change overnight as long as you apply for one you fix the rate for a long time so no one needs to panic and get a fixed rate at the moment.

mbga9pgf

disagree that lending won't return for a generation - it will return for most but for the so called sub-prime it won't.

so you honestly think 125% IO, self-cert and 100% mortgages at 6X single salary will return, for those with a good salary?

Are you soft in the head?

Really2

mbga9pgf wrote: »

so you honestly think 125% IO, self-cert and 100% mortgages at 6X single salary will return, for those with a good salary?

Are you soft in the head?

That is subprime.
He said it wont return for them.

mbga9pgf

So whats the problem then? there are plenty of 3.5X multiple mortgages with minimum 10-20% deposits out there.

Really2

mbga9pgf wrote: »

So whats the problem then? there are plenty of 3.5X multiple mortgages with minimum 10-20% deposits out there.

Being turned down, debt, fear, not having the deposit.
If there 50,000 having a 18% deposit to put down things would look better (as money would be shifiting).
But low volumes does surgest a problem getting credit (which is getting worse). Pherhaps thats why it is called the credit crunch;)

Fro mwhat I can tell if you have 20% deposit there are only 163 products off only 33 lenders (FSA site) all 5.69-7% fixed

mbga9pgf

People need to save then.:)

Low volumes are a result of being indebted up to the hilt and not having any cash of their own!

Really2

mbga9pgf wrote: »

People need to save then.:)

Low volumes are a result of being indebted up to the hilt and not having any cash of their own!

So credit is not an issue.
horrah we are all saved.

So why cant business's borrow also?

Why are the "bears " going from credit is contracting to there is no problem geting credit?;)