Brokers' vibes on rates?

Alot_does_not_exist

Do any brokers here have a general feeling about what's happening with mortgage rates?

Obviously, if BoE base moves then all bets are off... but assuming it stays at 0.5%..?

Am particularly interested in the next 3-4 months as I can approach my lender for a retention deal at any time in this period.

kingstreet

No great changes.

Charlton_King

I'm not a broker but it seems to me there's a general, slight, downward drift as the lenders re-capitalise. Competition is making a return, if ultra-slowly.

LizEstelle

Yes, I'd be grateful for any thoughts on this one as I'm in the same position as the OP.

payless

whats the current lender offering & who are they

Wh05apk

Lenders are starting to become more competitive, with some actually wanting new business! Rates, particularly longer term fixed rates have dropped quite dramtically over the last few months, and I expect this will continue, subject to the worsening world scene not affecting it too badly, there was talk earlier of credit starting to become restricted again, if that happens I suspect we could see a slight rise again.

Base looks safe for at least 12-18 months, again subject to what happens on the global scene, if UK Plc gets a credit downgrade, then rates could soar?

LizEstelle

payless wrote: »

whats the current lender offering & who are they

I'm actually with Accord, who have already dropped their fixed rates slightly recently.

It's a gamble... will they drop them again before I have to remortgage in a few months time? Will they raise them? I can ask for a quote now or as late as January.

You see the problem.

payless

Accord product transfers are not market leading ( when compared to open market remtg) but still fairly competitive especially for lower loan sizes ( given lack of fee on many poroducts).

Need to take into account if meet other lender criteria.

Away from individual cases... I personally can't see 5 yr fix getting much lower , but the lenders at the top of best buy tables may change.

handytips

Personally if you qualify for one of the market leading 5 year fixed rates, i would strongly consider that, in the short term cannot see rates rising, but in the medium to long term they will, i always advise people to work their affordability as if their mortgage was on a rate of 6%, then when it does happen it is no great suprise.
For Holly Hobby
I am not advising just giving my opinion

Alot_does_not_exist

Thanks for all the feedback.

LizEstelle

Ok, I've actually received my retention offer from Accord and told it has 14 days validity.

Any final thoughts on this kind of situation? Is it at all likely in the next 3-4 months they would reduce or increase their fixed rates?