5 or 2 year fixed rate?

yllop1101

gozaimasu said:

yllop1101 said:

Hmm I just managed to appeal a desktop valuation on my remortgage- Nationwide estimated at 319k and I got 335k approved by listing all the work...

@yllop1101 What's the process for doing that? I chose to re-mortgage with my current lender but they undervalued (based on higher prices for identical recently sold houses in the area) and if I wanted to challenge this I would have had to pay a £500 valuation fee. Whether or not they would have physically visited the property for this valuation, I don't know.

My mortgage broker just did it- pretty sure it was just an online form. I was with Nationwide already and was just remortgaging, so no extra fee. 

Crashy_Time

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

It must be at least 15 or 16 years now or is it even longer?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

MobileSaver

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

Well, yes, often but not always, walking away from a tenancy will be easier than walking away from a mortgage.

You would hope there was at least one upside to paying off your landlord's mortgage instead of your own for years on end!

SpiderLegs

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

It must be at least 15 or 16 years now or is it even longer?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

Where are all these renters going to walk to?

let me guess, they are either all going to move back to mummy and daddy or they are all going to end up sharing one bedroom in a HMO somewhere.

Crashy_Time

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

It must be at least 15 or 16 years now or is it even longer?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

Where are all these renters going to walk to?

let me guess, they are either all going to move back to mummy and daddy or they are all going to end up sharing one bedroom in a HMO somewhere.

They won`t all do that, that is like saying everyone is buying a garden because of lockdowns and WFH.

Crashy_Time

Lib Dems getting involved now.....

https://www.independent.co.uk/money/mortgage-interest-rates-rise-fix-variable-cheap-remortgage-b1949708.html

MandyMcG

Crashy_Time said:

Lib Dems getting involved now.....

https://www.independent.co.uk/money/mortgage-interest-rates-rise-fix-variable-cheap-remortgage-b1949708.html

The LibDems are on the case? Phew, we are all saved now!

SpiderLegs

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

It must be at least 15 or 16 years now or is it even longer?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

Where are all these renters going to walk to?

let me guess, they are either all going to move back to mummy and daddy or they are all going to end up sharing one bedroom in a HMO somewhere.

They won`t all do that, that is like saying everyone is buying a garden because of lockdowns and WFH.

Come on then, where are they walking to after they’ve left their tenancy crashy?
If you can’t follow up on your fatuous claims, then it’s difficult to take anything you wrote seriously.

getmore4less

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

For example the Clapham thread, the last person in to that kind of shocking lack of value will be badly hurt if mortgage rates rise, and unlike the renter probably stuck for a long time.

Oh the irony! How many years have you been stuck renting while you wait for houses to become "better value" in your eyes?

You agree though that walking a way from a tenancy is much much easier than walking away from a large mortgage debt? That was the point being made.

Well, yes, often but not always, walking away from a tenancy will be easier than walking away from a mortgage.

You would hope there was at least one upside to paying off your landlord's mortgage instead of your own for years on end!

Most smart  people that are walking away from a tenancy are BUYING somewhere.

Hedgepigs

Crashy_Time said:

Lib Dems getting involved now.....

https://www.independent.co.uk/money/mortgage-interest-rates-rise-fix-variable-cheap-remortgage-b1949708.html

I don't understand those figures? Saying mortgage interest rates might hit 14+% then saying the increase would be about £600 A YEAR more on a £250k house? Without doing the sums, are they meaning intrest rates might rise BY 14% rather than TO 14%? Or is the year meant to be month?

My landlord wants to put my rent up by more than £600 a year on a house worth about £125k for no other reason than he feels like it. So that article reads like a lot of fuss over peanuts.

It might be the 'worst' time to buy, but think I'll carry on trying to climb on the property ladder thanks, because I can't see how it will end up worse than renting.