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Interest rates going up
Options
SallyBeck
Posts: 3 Newbie
Interest rates seem to be going up. We decided to buy a house around 6 months ago and looked into options. (Need a 5% deposit offer)
I've just recalculated and it's all costing more than our initial projections. I will need to wait another 6 months to save the deposit but am worried that by that time, I won't be able to afford the house or maybe that the 5% offer will be withdrawn.
Does anyone have any insight into this?
Thanks
I've just recalculated and it's all costing more than our initial projections. I will need to wait another 6 months to save the deposit but am worried that by that time, I won't be able to afford the house or maybe that the 5% offer will be withdrawn.
Does anyone have any insight into this?
Thanks
0
Comments
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95% products are no different to six months ago.
Still around the 5% mark as far as I can see...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'd agree that most products haven't moved in the oast few months, perhaps .05 or .1 in some cases. I've been looking as due to remortgage in March.0
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Sounds like your maths are wrong.
Whether you buy next year, the year after - or if you bought in 2000, 1990, 1980 whenever - it is always tricky (and expensive) to get started on the housing ladder.
Don't worry about which way the market is going as you cannot control it anyway.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have not noticed any major changes one way or the other. Some lenders will have increased their rates marginally - if they have lent as much as they want to or have too much demand and likewise other lenders have reduced their rates to try and get more money lent out.
Are you just looking at 1 lender in particular or a few?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Post the costs you've worked out and we'll check your maths.
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Post Office, the lowest rate 5 year fix help to buy lender increased their rates slightly a month or so ago. It was 0.1% though if I remember correctlyChanging the world, one sarcastic comment at a time.0
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