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How Long to Wait before Submitting my Mortgage App RE: BOE Rate Cut

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Hi everyone, 

So I had an offer accepted on a property a few weeks ago and I'm ready to send my application off. However, I'm wondering how long do I drag out the sale (easy to do with the current situation) to see if the BOE rate drops the interest rate on my 3 year fixed product any further from it's current 1.56%. A week? A couple of weeks? Or no point at all, the fixes won't change at all?

Virgin Money still say that they are reviewing their rates following the BOE base rate cut, but will the 3 year fixes change?

Cheers,

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 23 March 2020 at 1:46PM
    Some rates are already shifting upwards, so it may be wise to get in sooner rather than later.
  • Some rates are already shifting upwards, so it may be wise to get in sooner rather than later.
    Shifting upwards not downwards? Why? Because the banks think if you're applying for a mortgage right now, considering the market situation then you need it right now and will apply anyway - regardless of the higher rates?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lenders will be factoring in a higher level of default. Also all the support measures they are being asked to implement will cost money. 
  • I have been on SVR for some years now and my interest rate has just gone down to 2.5% with no penalties.  I have been taking a quick look around but cant't find anything below 3.1% MSE Total.  Does anyone know better or am I on the best deal for me for now?  Any advice would be welcome.
    In the red at LBM £25,703 on 20/01/10
    Debt as at 20/07/10 £25012
    Target debt free date 05/01/14Crazy Clothes Challenger 139 = 8/100
    PROUD TO BE DEALING WITH MY DEBT
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I have been on SVR for some years now and my interest rate has just gone down to 2.5% with no penalties.  I have been taking a quick look around but cant't find anything below 3.1% MSE Total.  Does anyone know better or am I on the best deal for me for now?  Any advice would be welcome.
    What is your lender offering online in terms of options? 
    Is your mortgage on an interest only basis or repayment? 
  • Mortgage is a repayment mortgage.  I haven't asked them for options.  At the time I went to SVR the Base Rate had plummeted and so my mortgage went down massively from the previous fix.  The Mortgage has not changed more than £5 per month in the last 8 years so I haven't bothered.  With the latest announcements about the base rate and Martin's advice I thought it might be time to take a look.  I have 50,000 left and 9 years 2 months to go.  The new payment is £514.

    Thanks in advance for any ideas
    In the red at LBM £25,703 on 20/01/10
    Debt as at 20/07/10 £25012
    Target debt free date 05/01/14Crazy Clothes Challenger 139 = 8/100
    PROUD TO BE DEALING WITH MY DEBT
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You could wait a week or 2 and then find it goes up, would you regret waiting.
  • DCFC79 said:
    You could wait a week or 2 and then find it goes up, would you regret waiting.

    good point.  Have you heard of anything better than my current deal?
    In the red at LBM £25,703 on 20/01/10
    Debt as at 20/07/10 £25012
    Target debt free date 05/01/14Crazy Clothes Challenger 139 = 8/100
    PROUD TO BE DEALING WITH MY DEBT
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