Britons agree property is overvalued.

LisbonLaura

Really2 wrote: »

Unless you do not work, spend, live in Portugal I would now say it will cost you more than currency devaluation would have.

I don't quite follow, what is this 'it' ?

shortchanged_2

new_home_owner wrote: »

boe rate is very low just a shame the banks are not passing the historical low rate onto the customers, thats unless your on a tracker, but how many people are on these 0.49+ the base rate trackers, i dont know many.

I think you'll probably find there is quite a substantial number of people on very low rate base rate trackers. Many mortgage deals taken out 4+ years ago probably revert to low rate trackers.

It's the people who have remortgaged since the base rate went down to 0.5% who are likely to be on the poorer deals and they probably only account for a smaller part of the market.

Loopgames

Really2 wrote: »

In your view all being on the same is artificially low, I would say parity. Who wants to be the strongest currency at the moment?
It a race to get things going, so why you believe rates are artificially is beyond me considering we have just gone through the biggest bust in nearly 100 years?

PS I do not think base rates are anything to do with the supply and demand curve for mortgages. They are a response to the economy and inflation.

If base rates are a response to the economy and inflation (which I agree with of course) and inflation and economy includes property value and sales and then of course they are all related.

Once BOE raises its rate then this will be reflected immediately in the Hight Street banks and we will see how resiliant the property market is to that.

ukcarper

shortchanged wrote: »

I think you'll probably find there is quite a substantial number of people on very low rate base rate trackers. Many mortgage deals taken out 4+ years ago probably revert to low rate trackers.

It's the people who have remortgaged since the base rate went down to 0.5% who are likely to be on the poorer deals and they probably only account for a smaller part of the market.

I though most revert to SVR and most of them are between 3 and 4%

rothers

I apologise in advance for sounding smug, but I'm on a lifetime tracker of +0.17% (more by luck as in fortunate timing, than a knowledge of what was going to happen!!). I've asked the following question before but never really got an answer. If the BoE rate rises it follows that fixed rates etc will too, thus, will there ever be a situation where you can see me moving to a better deal?

LisbonLaura

Really2 wrote: »

It was a soundbite then.

If it, selectively, pleases you to think so

I got out sterling quite a while ago to avoid subsidising the reckless; be they bankers, MEWers...& especially BTLers.

shortchanged_2

ukcarper wrote: »

I though most revert to SVR and most of them are between 3 and 4%

Which is still currently a very good deal and traditionally a low rate to pay on a mortgage.

Take for example Nationwide which has about a 20% share of the market, there must be a good proportion of their customers who are currently on the 2.5% deal, same goes for C&G customers but I'm not sure what their market share is.

hillcats

rothers wrote: »

I apologise in advance for sounding smug, but I'm on a lifetime tracker of +0.17% (more by luck as in fortunate timing, than a knowledge of what was going to happen!!). I've asked the following question before but never really got an answer. If the BoE rate rises it follows that fixed rates etc will too, thus, will there ever be a situation where you can see me moving to a better deal?

We are also on a tracker, that reverted to +0.62 for life so in the exact same situation and we are never likely to change our mortgage now. We are just keeping to our original payments and watching the debt FALL.....

rothers

hillcats wrote: »

We are also on a tracker, that reverted to +0.62 for life so in the exact same situation and we are never likely to change our mortgage now. We are just keeping to our original payments and watching the debt FALL.....

Good stuff, I'm putting the amount that I am saving into an ISA because the rate I make there is much more than the rate I pay on my mortgage.

new_home_owner_3

im paying just over 4 percent on both of my mortgages , i like the security of fixed rates, we also moved in 2009 so there was no trackers about with plus 0.17 or 0.49% which are great rates if you want to stay in the house you currently are in.

Its when you want to move or transfer it over to another property, banks will always try and wriggle out of this, its like when people want consent to let, and the banks start wacking fees and 1 percent rate hikes.