what sort of deals will i be looking at in Feb '08?

Doglover88

i know no one can look into a crystal ball but what are mortgage rates expected to be in Feb '08? Im currently in a 5yr fixed rate @ 4.75% that ends in Feb '08 I know i wont get anything like that again...

Anyone?

Leon_W

6.25-6.50% for a 5year fix.

temba

I'm in a similar boat... 4.79 until Dec 08. I'm just saving and saving and hoping to bring my mortgage down a bit so that my monthly repayments don't go up SO much.

robwend

yup intresting one for me also. comming off a lovley 4.49 fixed rate with woolwich in june sh*tting myself

cells

you would be hard pushed to find a few year fix for under 6.1% now


there is a strong chance the BOE will rise at lest once more, and perhaps twice this year by 0.25% per go.

assuming that the spread doesn’t increase it would mean you might be able to find a 6.6% deal.


my honest guess would be that you will not find anything lower than 6.75% by feb 08


but you can buy mortgages upto 6months before you use them, so you can get a deal now to start when your next mortgage finishes!

robwend

cells wrote: »

but you can buy mortgages upto 6months before you use them, so you can get a deal now to start when your next mortgage finishes!

nooooooooooooooooooooo who told you that??? i never heard of that?is that all mortgage companys? so if i went to the woolwich, who im currently with now i could do that 6months before right? your winding me up:D

cm233lh

I think you'll find fixed rates offered for a shorter period. Variable rate offers may stay open for 6 months (180 days I was quoted).

homer_j_3

I think what was meant by buying the mortgage 6 months before is that if you find a lender that keeps their offers open for 6 months then you could apply for your remortgage now and get your offer but not complete until the time you are ERC free. Providing ERC is less than 6 months away of course.

I often go through the conversation with clients about coming out of rates into a more expensive market and the only way you can ease the burden is really to start planning for it. If your mortgage allows it, start increasing the monthly amount you pay to your mortgage company slightly each month so you can adjust gently ease your finances into todays rates and also repay a little more of your debt off ans save interest. Not always possible though in real life so all you can do is watch the clock tick away and see if you can find a good deal when it comes to it which keeps the pain to a min.

kingkano

Fixed rate offers are more likely to be 3-4 mths (ours was 16 weeks).

Its going to be quite a jump in repayments for you guys. For example 150k @ 4.75 is around 850/mth. at 6.5 its going to be 1010!

Due to the timing if you can afford a slight fluctuation it might be worth looking at getting a tracker deal of some kind. Rates are expected to rise perhaps twice more tops and then to stay level. Fixed rate deals will probably not be the best value right now, unless you need the sureity of expenditure they provide