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Where are the mortgage rates going?
wwp8
Posts: 67 Forumite
My fixed rate mortgage ends in August and I can now start to look for a new lender, as i have some time, is it a gamble to when rates will change? as looking at certain sites, the cheapest rate is at 1.14% subject to acceptance, I cannot decide to just go for it or wait and see if it will change, however I understand it can go either way.
My current one was just a lucky gamble as the bank staff told me they are reviewing rate changes at the end of the week, so I provisioning applied online before my meeting with the bank direct, and then the rates went up but I managed to secure the online rate.
My current one was just a lucky gamble as the bank staff told me they are reviewing rate changes at the end of the week, so I provisioning applied online before my meeting with the bank direct, and then the rates went up but I managed to secure the online rate.
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Comments
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Waiting to get a better rate than 1.14%?
What a strange world we live inI 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 -
Well they cant really get much lower!0
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Whats wrong with what the current lender is offering?
Don't forget to factor fees and costs.
people have been saying rates can only got up for years but they have still crept down.0 -
always keep your options open, you'll never know
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Seems like a good rate to me, are you hoping for better? What happens if during the time you're hoping they fall further they actually increase? With the BoE base rate being where it is I would say it's more likely to either stay where it is or rise rather than fall.0
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If it falls it will be by tiny amounts
If it goes up it will be a much sharper rise
I'd not wait forever hoping to save 0.1% only to see the actual rate go up by .5 or .75 ...
I'd fix now, personally.
But of course this is rather subjective an areaHello There. :beer:0 -
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Thrugelmir wrote: »Which lender is offering the product?
Yorkshire building society.0 -
If it falls it will be by tiny amounts
If it goes up it will be a much sharper rise
I'd not wait forever hoping to save 0.1% only to see the actual rate go up by .5 or .75 ...
I'd fix now, personally.
But of course this is rather subjective an area
Yeah, you're right that happened last time.0 -
I hope your borrowing requirement is minimal given the plump product fee.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
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