Mortgage Rates

Hi all,

hope everyone is well.

I was just looking for a bit of advice really, I’m a first time buyer and Ive been offered a mortgage but the rates is 4.47% and it’s fixed for two years. My questions is what happens after the two years ? How do I get better rates, will I have to remortgage ?

Many thanks in advance,
simon 

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    edited 25 October 2021 at 8:56AM
    You can either remortgage or see what your current lender has on offer.
  • The LTV (loan to value) amount will influence the rates available to you.
    In two years time you should have built up a bit more equity meaning the banks can offer lower rates as they see you as less risk.
    £52,365 owing December 2017.Now for the final countdown..1st Jan 2021 - £29,316 -- 1st Feb 2021 - £28,809 -- 1st Mar 2021 - £27,309 -- 1st Apr 2021 - £26,811 -- 1st May 2021 - £26,315 -- 1st Jun 2021 - £25,811 -- 1st Jul 2021 - £24,311 -- 1st Aug 2021 - £23,809 -- 1st Sep 2021 - £22,305 -- 1st Oct 2021 - £21,798 -- 1st Nov 2021 - £20,292 -- 1st Dec 2021 - £19,783 -- 1st Jan 2022 - £18,276 -- 1st Feb 2022 - £17,762 -- 1st Mar 2022 -£17,248 -- 1st Apr 2022 -£15,713 -- 1st May 2022 - £15,202 --1st Jun 2022 - £13,703 -- 1st Jul 2022 - £13,184 -- 1st Aug 2022 - £11,665 -- 1st Sep 2022 - £11,144 -- 1st Oct 2022 - £9,822 -- 1st Nov 2022 - £9,298 -- 1st Dec 2022 - £7,572 --1st Jan 2023 - £7,045 -- 1st Feb 2023 - £5,516 -- 10th Feb 2023 - £5,518 Overpayment Pot @ 10th Feb 23 = £5,518 / Primed = £0 / Actual debt = £0!!!! "Yes, the medicine is harsh, but the patient requires it in order to live, should we withhold the medicine?" Hopefully at zero mortgage debt by December 2022 or very close to it. Determined for freedom! 🍻🥂🍸🍹.
  • Thank you both so much for your replies 😊 
  • Sistergold
    Sistergold Posts: 2,003
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    Hi all,

    hope everyone is well.

    I was just looking for a bit of advice really, I’m a first time buyer and Ive been offered a mortgage but the rates is 4.47% and it’s fixed for two years. My questions is what happens after the two years ? How do I get better rates, will I have to remortgage ?

    Many thanks in advance,
    simon 
    Mortgage rate of 4.47%? Very high, was it not a straightforward application? 
    Initial mortgage bal £487.5k, current £266.8k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • jimjames
    jimjames Posts: 17,487
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    I was just looking for a bit of advice really, I’m a first time buyer and Ive been offered a mortgage but the rates is 4.47% and it’s fixed for two years. My questions is what happens after the two years ? How do I get better rates, will I have to remortgage ?
    We just switched product on our existing mortgage with existing lender when previous fix came to an end. It's now 1.24% which gives an idea of the rates available with the lowest LTV levels.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Hi all,

    hope everyone is well.

    I was just looking for a bit of advice really, I’m a first time buyer and Ive been offered a mortgage but the rates is 4.47% and it’s fixed for two years. My questions is what happens after the two years ? How do I get better rates, will I have to remortgage ?

    Many thanks in advance,
    simon 
    Mortgage rate of 4.47%? Very high, was it not a straightforward application? 
    It was complicated because me being self employed aldermore were the only ones willing to give me a mortgage based on ones year 1 years account.
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