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Mortgage Rates
SimonKim10
Posts: 3 Newbie
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
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
1
Comments
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You can either remortgage or see what your current lender has on offer.2
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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.Became mortgage free 1st March 20231 -
Thank you both so much for your replies 😊0
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Mortgage rate of 4.47%? Very high, was it not a straightforward application?SimonKim10 said: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,
simonInitial mortgage bal £487.5k, current £258k, 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. 🤓1 -
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.SimonKim10 said: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 ?Remember the saying: if it looks too good to be true it almost certainly is.1 -
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.Sistergold said:
Mortgage rate of 4.47%? Very high, was it not a straightforward application?SimonKim10 said: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,
simon0
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