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Is it too late to avoid a potential interest rate rise on Thursday?
spaceboy
Posts: 1,933 Forumite
If I get an application in tomorrow would it be approved in time?
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Normally once you put in the application the rate is secured.spaceboy said:If I get an application in tomorrow would it be approved in time?1 -
Do you need to get a valuation done each time you remortgage?0
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Yes, but lenders tend to do desktop Vals.spaceboy said:Do you need to get a valuation done each time you remortgage?1 -
It depends on your view.
Lenders have been increasing rates for the last month. They usually do that in advance of the vote if they expect it to go up from my experience. So even if you applied yesterday you would probably have already missed the boat. However you will be in advance of the next vote.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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.3 -
Too late now.0
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Products like fixed rates are dependent on rate swaps which are priced to reflect the medium to longer-term future for interest rates. Therefore trying to pre-empt a rate rise a few days or even weeks before is pointless.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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Agree, the best mortgage product I could get in February 2022 was 1.44% for a 5-year fix. This was previously 0.99% in September 2021 (0.45% difference), but in that time the BoE had only increased rates by 0.25%. Rates today have already baked in anticipated changes in the interest rate.ACG said:It depends on your view.
Lenders have been increasing rates for the last month. They usually do that in advance of the vote if they expect it to go up from my experience. So even if you applied yesterday you would probably have already missed the boat. However you will be in advance of the next vote.
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With rate uncertainty. Availability of longer term fixes will diminish. As lenders focus more on the shorter term.0
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