Mortgage Debt Arrears improving markedly

System

wotsthat wrote: »

5 & 10 year rates at 5.5% are available now for anyone who wants to insulate themselve from future increases.

5 year fix at 3.99% with 20% deposit.
http://www.monbs.com/5-year-fixed-rate-mortgage-up-to-80-ltv/

RenovationMan

Joeskeppi wrote: »

5 year fix at 3.99% with 20% deposit.
http://www.monbs.com/5-year-fixed-rate-mortgage-up-to-80-ltv/

Skipton currently have the best 10 year rate at 4.49%. Well, the best one I can find anyway, though perhaps mortgage brokers can do better?

They are starting to creep back down again, which might just be perfect for when I remortgage next May.

IveSeenTheLight

RenovationMan wrote: »

Skipton currently have the best 10 year rate at 4.49%. Well, the best one I can find anyway, though perhaps mortgage brokers can do better?

They are starting to creep back down again, which might just be perfect for when I remortgage next May.

Are you planning to fix then?
If you were remortgaging today, would you fix or consider a tracker?.

RenovationMan

IveSeenTheLight wrote: »

Are you planning to fix then?
If you were remortgaging today, would you fix or consider a tracker?.

Now: I think I'd look at a tracker, but with no (or low) exit charges so that I could get a fix if the pundits start talking rate rises.

Next May: If 10 year fixes come down to about 4% - 4.3% then I'll probably fix, though I am also considering an offset or 'current account mortgage' as I have a large emergency fund that I could offset against my mortgage but still have access to if the worst happens.

IveSeenTheLight

RenovationMan wrote: »

Now: I think I'd look at a tracker, but with no (or low) exit charges so that I could get a fix if the pundits start talking rate rises.

Next May: If 10 year fixes come down to about 4% - 4.3% then I'll probably fix, though I am also considering an offset or 'current account mortgage' as I have a large emergency fund that I could offset against my mortgage but still have access to if the worst happens.

I've remortgages onto a lifetime tracker, no ERP's so can change when the time suits.

RenovationMan

IveSeenTheLight wrote: »

I've remortgages onto a lifetime tracker, no ERP's so can change when the time suits.

Sounds like a top plan. I always smile when I see some posters going on about how mortgage holders are 'laughing now, but will be in dire straits when rates rise'. Don''t they realise that we can just fix when rates start to climb?

System

I'm hoping to move soon, was considering getting a nice long fix so I don't have to worry about anything.

RenovationMan

It'll be a shame if some people hold off buying based on a 'demi-religious' belief that house prices are too high and they will fall, regardless of all the evidence to the contrary and rather than basing their decision on financial reality and logic. Some of them will have missed out on the boom, missed out on the 2008 crash, missed out on historically low BoE base rates, miss out on historically low long-term fixed rates and will probably end up buying just when the world economy recovers and inflation skyrockets because of the triple whammy of the effects of QE, economic recovery and lots of people feeling more secure and spending all the money they have been hiving away.

Chances are that the BoE will respond as quickly to that turn of events as they did with the credit crunch (i.e. they will be 're-active' not 'pro-active' and will have to take punative measures to reduce soaring inflation) and so mortgage rates could be sky high just when the crashers are buying.

Shame, but 'a fool and his money' and all that.

Graham_Devon

RenovationMan wrote: »

Sounds like a top plan. I always smile when I see some posters going on about how mortgage holders are 'laughing now, but will be in dire straits when rates rise'. Don''t they realise that we can just fix when rates start to climb?

If rates start to climb, do you think lenders will leave their low fixes available to buy?

Mr._Pricklepants

Graham_Devon wrote: »

Reno, it's slowly dawning on me that it appears you could well be MrRee and MrPricklepants and all the other names.

I wish you guys could make your mind up.
First I was Mr. Ree, then I'm Sibley, once I was nollag and now I'm a Reno sockie?