Hope is not an Effective Financial Strategy

edinburgher

August is being mooted for a likely interest rate rise

Suffolk_lass

I'm with ed on the interest rate hike - if your planned fix for mortgage is within three months you should be exploring whether you can jump now, before the rate rise next month. Especially you SJ - you just know it will make you eke out some additional squeak from those TTs!

It WILL rise when it moves, it WILL be the first of several, and the effect will be to modify the existing deals to be less attractive or withdrawn altogether.

For me it comes down to the £2 per day in interest I am paying now (used to be my coffee shot on the way in to work and the chocolate treats at the weekend). These unnecessary spends (wrong to call them treats as they were every day) are paying the interest on my mortgage instead. What else will I give up to cover an increase?

ToeDipper

Sorry if you're already aware of this but some banks will allow you to reserve a new fixed rate in advance, so if you're expecting a rise or for a particular deal to be withdrawn before the end of your fixed period you can still secure a good deal.

I know First Direct will do up to six months in advance - worth asking any providers you're considering whether you can book the rate now.

I'm a long-time lurker on this thread and just thought I'd weigh in

shangaijimmy

Unfortunately its December before we can do anything, so the liklihood of getting through 2 potential interest rate decisions seems slim. I'm hoping for some Brexit crises at critical times that may hold off Bank of England!!

We've had it good mortgage wise for 8yrs now (maybe more), so can't complain. Just 6 months more, please, please, please and we can make a move on out last ever remortgage!

95p TT this morning...

Moneyfordreams

wishing you luck with that one SJ , mines up next june

A_Frayed_Knot

I'm with you on this one SJ, I'm also hoping the rates hold out till Dec

Suffolk_lass

Yes, we are all hoping, but still worth calling your lender to ask if there is any wiggle room - some would rather keep you as a good payer and offer you something better now, than lose you to another lender in a very few months. They know a rate increase will put some house-owners under financial stress so that is why the better rates are offered to those with a good payment history and higher equity share in their properties. Asking costs nothing...

shangaijimmy

Well the first Brexit crisis has hit...perhaps a few weeks earlier than id have liked. Question is, does that make is more or less likely that the interest rates will hold in August??

shangaijimmy

Not logged on for 5 days, as life has definitely gotten in the way! Parents evenings, football presentations and a stack of meetings in work.....

The mid month slump seems to lasting forever as well, sigh!

CathT

I!!!8217;m tempted to give FD a call to see what they say. We are a couple of months off being able to secure that new deal. They are really easy to deal with on the phone so worth a phone call.

Hope first week of summer holidays is going well.
Are you still running?