fixed 5.99% til Dec, should we remortgage now

hopeful_2

We are on a fixed mortgage deal which gives us 5.99% until December 2007. We're planning on taking another fixed deal when this expires (hopefully lower), but with the ever increasing interest rates our concern is that the next fixed rate we'll get if we wait until December will be higher than our current 5.99.

If we opt to remortgage now there will be a penalty (off hand I'm not sure how much) but it may still be worth it if we get a better percentage now than if we waited until December.

Any thought folks?
thanks

homer_j_3

First of all, don't panic! The fees for changing your mortgage and fees to get a similar rate would probably outweigh any short term benefit.

We do not know what rates are doing but I think there is a general feeling that rates will come down next year a little. If you are worried, get your paperwork out and add up your exit fees.























apologies hopeful for the thread going OT a little from here

wecanhelpu

homer_j wrote: »

We do not know what rates are doing but I think there is a general feeling that rates will come down next year a little.

:rotfl:

Fantastic.

phlash

Sounds just like something Homer would say!!

homer_j_3

im not too sure what you find amusing about my comments. I am only commenting on what I have read from industry analysts. Nobody knows what will happen but the message is still the same to the OP. Dont jump ship whilst its still going to cost money - especially when fixed rates are at their most expensive yet.

homer_j_3

have I got the house crash renters on here now? lol

phlash

Last time I checked the swap rates and libor market it did not suggest that "rates will come down next year a little".

BoE base rate could quite easily be 6.25% (See various threads dotted around), possibly making the typical fixed mortgage somewhere around 6.5% I suspect.

Comforting that a mortgage advisor seems to find people who are stuck renting as a comical situation. I don't know what Industry Analysts reports you read, but their song sheet is surprising churpy in these times of uncertainty and wild inflationary pressures.

homer_j_3

Its ok for you to be comical about my comments but if the boot is on the other foot your bottom lip comes out?

Swap rates are high at the moment and I have said that the future is uncertain. My advice to the OP is that they should stay put for the time being as people are in panic of a rate rise and I can understand why but its not the right advice.

I am not economist, just a mere mortgage adviser but the reports I have read have all indicated that the BOE need to get the interest rates up to 6.25-6.5% for inflation to reduce significantly enough to start dropping rates gradually next year.

I don't think house prices are right and infact I have strongly spoken out that I believe that people shouldnt buy if they cannot afford and stretch themselves so much that they risk their health, family and financial future.

I don't hijack your threads ripping your comments so I would like the same respect please.

wecanhelpu

homer_j wrote: »

have I got the house crash renters on here now? lol

It would make a change from the dreamers, chancers and half-wits.





(no offence OP)

phlash

homer_j wrote: »

Its ok for you to be comical about my comments but if the boot is on the other foot your bottom lip comes out?

Swap rates are high at the moment and I have said that the future is uncertain. My advice to the OP is that they should stay put for the time being as people are in panic of a rate rise and I can understand why but its not the right advice.

I am not economist, just a mere mortgage adviser but the reports I have read have all indicated that the BOE need to get the interest rates up to 6.25-6.5% for inflation to reduce significantly enough to start dropping rates gradually next year.

I don't think house prices are right and infact I have strongly spoken out that I believe that people shouldnt buy if they cannot afford and stretch themselves so much that they risk their health, family and financial future.

I don't hijack your threads ripping your comments so I would like the same respect please.

Your 'comical' comment was attacking people who couldn't get on the housing market, for which I find nothing funny.
My 'comical' comment was because in the same sentence you stated that you did not know what was going to happen, but then suggested what will.

The two forms of 'comedy' are inherently different. I haven't hijacked the thread, but offered an insight into how to look into future rates, and try to interpret what is going on. Which was more useful to the OP than offering your opinion that the OP had no idea from where it was formed or why.

homer_j_3

I said that I didn't know - I said that the general opinion though was this. IE I did not agree or disagree with this opinion.

Once again, I am of the opinion that its a sad state that people cannot afford to buy a house, I have a close friend who is a mortgage adviser who rents and I do not mock her. I do not mock anybody that is in a similar position.

My mocking was aimed at the house price crash posts that I saw your involvement as it seems acceptable to mock each other on here now!

We have had posters on here spouting off how people like me and people in our industry etc are keeping those who cannot buy in that position etc. IE cheap shots without substance.

Comments like " dreamers, chancers and halfwits" and "calling my intelligence inline with some cartoon character who is slow and dim-witted" is something uncalled for - especially when you have completely misunderstood what I have said!