variable or fixed, I want to try to work out if I'm going to lose money...

homer_j_3

You havent been buying a house have you lol - one of my appointment generators said they spoke to someone today that owned their own mortgage brokerage lol.

Im off a bit over the next few weeks so are trying to process a load of business with not a great deal of time. A short day in the office today of 13 hours lol.

It keeps me out of trouble (well almost) lol

JoeK_3

homer_j wrote: »

You havent been buying a house have you lol - one of my appointment generators said they spoke to someone today that owned their own mortgage brokerage lol.

Im off a bit over the next few weeks so are trying to process a load of business with not a great deal of time. A short day in the office today of 13 hours lol.

It keeps me out of trouble (well almost) lol

No that wasn't me, I'm Tps registered. They wouldn't dare ring, lol

JoeK

homer_j_3

no, i work in an esate agency so the negotiaters asked about mortgage and got told buy the prospective buyer that they owned a mortgage brokerage...Found it quite amusing actually as she was stumped!

JoeK_3

homer_j wrote: »

no, i work in an esate agency so the negotiaters asked about mortgage and got told buy the prospective buyer that they owned a mortgage brokerage...Found it quite amusing actually as she was stumped!

Estate agency eh! It must be like clubbing seals (whoops) Shelling peas! You must be a no fees, frustrated, small panel mortgage adviser then? lol

JoeK

homer_j_3

39 Lenders - not like countrywide that is territory that I will never touch.

No fees suits me to the ground - easy to pick off the fee based and yes sometimes frustrated with the money I am not earning - i.e the share I dont receive but it pays the bills and keeps a roof over my head for the time being lol. Until I leash my empire on the world lol

jamesd

stolt, long-term studies have shown that those who use always use fixed rates pay more than those who always use variable rates, so unless you need the predictability of a fixed rate you're likely to be better off long term with a variable rate.

This isn't surprising, since it does cost the lenders money to set up the fixed financing and the customer has to pay for that somehow.

Short term, for one deal, it's harder to predict but it looks as though variable is likely to be best right now, since inflation is likely to drop due to lower fuel costs. The chance of recession also favors variable rates, since that would cause central banks to drop rates to stimulate the economy. So, maybe one more rate rise but it looks as though beyond that we're in likely to fall territory.

JoeK_3

jamesd wrote: »

stolt, long-term studies have shown that those who use always use fixed rates pay more than those who always use variable rates, so unless you need the predictability of a fixed rate you're likely to be better off long term with a variable rate.

This isn't surprising, since it does cost the lenders money to set up the fixed financing and the customer has to pay for that somehow.

Short term, for one deal, it's harder to predict but it looks as though variable is likely to be best right now, since inflation is likely to drop due to lower fuel costs. The chance of recession also favors variable rates, since that would cause central banks to drop rates to stimulate the economy. So, maybe one more rate rise but it looks as though beyond that we're in likely to fall territory.

James, I hope that you are right but by all accounts we are due a rate hike in a couple of weeks.

Fingers crossed! Or should it be?

JoeK

JoeK_3

homer_j wrote: »

yes sometimes frustrated with the money I am not earning - Until I leash my empire on the world lol

You will have to come up to 49a Preston New Road some time and we can discuss these points.

JoeK

jamesd

JoeK, yes that rate hike is the one I counted. Crystal ball gazing is a losing game, shame we have no choice, since we have to pick one option or the other and tossing a coin might be considered inappropriate.

JoeK_3

jamesd wrote: »

JoeK, yes that rate hike is the one I counted. Crystal ball gazing is a losing game, shame we have no choice, since we have to pick one option or the other and tossing a coin might be considered inappropriate.

Unfortunately a person taking out a £185,000 can't afford a rate hike as a 0.25% increase could mean £462.50 per year increase.

JoeK