Good time to get a mortgage?

Meeper

With regard to the original question - if you are looking to purchase a property, it's a fantastic time to get a mortgage. If you don't want to purchase a property, it's a bad idea to get a mortgage.

People make far too much of "timing". If you want to buy a house and you need to get a mortgage then yes, it's a great time. If you don't particularly, then no. For me, it's a ridiculous question.

englandcrew

Meeper wrote: »

With regard to the original question - if you are looking to purchase a property, it's a fantastic time to get a mortgage. If you don't want to purchase a property, it's a bad idea to get a mortgage.

People make far too much of "timing". If you want to buy a house and you need to get a mortgage then yes, it's a great time. If you don't particularly, then no. For me, it's a ridiculous question.

Thanks for your opinion but I obviosuly dont find it a ridiculous question otherwise I wouldnt have asked. I wanted feedback on current rates and predictions on rates if possible.

I totally appreciate it is up to the individual but to a certain extent it depends on rates and house prices

Randy

I just rang HSBC for a quick quote.. he said we don`t do "Quick Quotes".. he said it would take an hour. :eek:

I said if you want my mobile battery to discharge into my ear for an hour just for you to say "Sorry your deposit isn`t big enough" then no thanks. :mad:

Meeper

If you just want a "quick quote", they have a website with all of their rates on.

Randy

I just used the Barclays website and the figures on the site were a world away from the actual figures when I rang them. So far away infact I could`nt afford them.

Meeper

User error, I suspect.

Randy

Yeah, whatever Trevor.. :cool:

Wobblydeb

I think it is a good time to get a mortgage because the rates are low.

Have a look at the YBS five year fixes. With 25% deposit there are some great rates available.

Personally I like the offset at 3.49% (£995 arrangement fee). It means you can overpay into the accompanying savings account, reducing the interest burden and build yourself a buffer if rates are higher when the 5 years is up.

BoGoF

It's a good time to buy if you can afford the increased payments that will eventually come when rates go up.

If you are stretching yourself to afford a mortgage at the moment then where will you be when your payments are increased at the end of the fixed term.

englandcrew

Thanks for the replies everybody. Im going to have a sitdown in the new year and look through the rates available