Mortgage advisor reluctant to advise: help?

K_S

dutchcloggie said:

K_S said:

dutchcloggie said:

K_S said:

If the Nationwide product-transfer/product-switch-rate-switch offered to you in a couple of months is better (or pretty much the same) then you can always stay with Nationwide and choose not to complete on the remortgage offer.

The issue here is that I will not be able to see the Nationwide offers for another 10 weeks as they don't offer to lock in rates for 6 months but only for 4. So I can currently not compare my current lender to any others. 

@dutchcloggie I understand that, but at that point you'll already have secured a remortgage rate (if you choose to do so now) so it's up to you whether you want to keep the remortgage rate or simply pick the Nationwide product-transfer rate.

Ah yes. Of course. I did not quite read your message correctly. I guess I am too nice as well as I would feel a little bad if the advisor did all the work for the application and then I say: Nah, let's not do it right now. 

I kind of feel I want to have a rough idea of what's out there. So I think I will go ahead and gather some quotes now. 

And then decide for 2 or 5 years :-) I thought owning a house was nice but it just forces me to be an adult!

@dutchcloggie I can't speak for your broker but this comes as part of the territory. Given the recent volatility in rates, I've done this quite a few times for my clients this year and just see it as part of providing an end-to-end service. In most cases, they've been better off on the secured rate than the PT rate offered to them a few months down the line. And where they're not, I just do the PT for them. And this isn't something that I'll have to do at each remortgage, the current situation of rapidly rising mortgage rates is hardly typical.

diystarter7

OP
Seek a second opinion if you wish but no honest brooker or person for that matter can really predict where interest rates will be in 6/12 months never unless they are lying

What you can ask is what will the interest rates be at  xxx% then xxxx% and xxxxx%

IMO and opinion only and you dont need to be a broker to work this one out, I see rates going up, especially as FEDS rose by 0-75% and uk by 0-25%.  The pound is suffering

however, if the Ukraine war stops overnight and hopefully Covid does not take off like last year come autumn, we may all be pleasantly surprised.

However, never mind Russia and Ukraine and Covid as China may be tempted to declare their hand within the next 12 months.

ACG

I was told in March that the base rate would be 1.75% by August which is looking quite likely and then 2% by the end of the year, which is now looking like it will be higher than 2%. 

Realistically nobody knows. I tied into a 2 year deal last year as I did not expect the rates to go up so quickly after covid. In march this year I paid £2,400 in ERCs to tie into a 5 year fix, which I am increasingly glad I did. If you look at my last 2 decisions, I got one wrong and the other right (so far). Brokers dont have a clue about future rates, we are not economists.

dutchcloggie

Great. Thanks everyone. I have instructed the broker to go ahead and look for some tasty deals for me. I am very cautious with money and most certainly prefer security over saving money. If I can afford to pay £xxx per month, I am not fussed that if I wait, I could pay £25 per month less. The stress of waiting and the risk of then being annoyed that I made "the wrong choice"  if the rates go up is not worth the savings for me.  I have used this broker for 3 mortgages now in the past 6 years and she is excellent so I will let her get on with it.