How is everyone's situation regarding interest rates?

RobHT

chezzzer said:

Hello,

My current nationwide fixed mortgage rate is 2.14% which ends on 30/11/22.

I have accepted nationwide 5 yr fixed at 3.44% no product fee to start on 1/11/22

Is this a good deal?

I couldn’t get an adviser appointment until the end of the month and I was worried about rates changing, so accepted online.

I have 11 yr left on my mortgage.

Any advice is much appreciated, Thank you, xx

5y at that rate is not good at all considering the last decade, but it seems to be in line with the current average, so, what to say, it's fine...

todayisagreatday

We come to the end of our 5 year fix at 2.49% with Barclays on 31/01/23 (we had poor LTV initially but we now have great LTV after a large extension). We started looking at rates mid July and who we could secure in a rate with 6 months before and have secured in the 5 year fix with First Direct at 3.09% due to start on 1/02/2022. We won't know what rate switch Barclays can offer us until end of October (90 days before) and wanted to get something secured in.

bamgbost

Got a 2.5% Mortgage fixed until Oct '23.

I am genuinely a bit worried, as we have a very mortgage as it is.

Hopefully by Oct 23 we will be about 65-70% LTV. But either way, its likely to be a rise in monthly repayments. But not a lot one can do right.

Tryinghardtosave

We were lucky, our previous 4 year fixed finished in November 21 - and we got a 5 year deal at 0.84% !!! so glad we did a 5 year fix. 

ILoveSittingDown

Tryinghardtosave said:

We were lucky, our previous 4 year fixed finished in November 21 - and we got a 5 year deal at 0.84% !!! so glad we did a 5 year fix. 

Wow you've done well there. I got a 2 year fix November 21 at 0.7% but I wish I'd gone 5 years now!

london21

Anyone that can renew should because 3 more increases before year end.

15 September

3 November

15 December

xzibit

Our ERC is currently about £2,200 on a £220k balance. LTV is 49%. Fix is up end of March 23. 

Is there any chance that we could be better off by paying the ERC now and fixing at the current 3.2% - 3.6% offers rather than waiting for the 0.5% minimum base rate rise in mid-Sept? Our current plan is to try and fix end of September to get the 6 month DIP but obviously at that point the rate would have risen. If payments are likely to be £950 for the current deals, what would this raise to end Sept?

sammyjammy

xzibit said:

Our ERC is currently about £2,200 on a £220k balance. LTV is 49%. Fix is up end of March 23. 

Is there any chance that we could be better off by paying the ERC now and fixing at the current 3.2% - 3.6% offers rather than waiting for the 0.5% minimum base rate rise in mid-Sept? Our current plan is to try and fix end of September to get the 6 month DIP but obviously at that point the rate would have risen. If payments are likely to be £950 for the current deals, what would this raise to end Sept?

Nobody can tell you that until its happened, they may raise by 0.25% or 0.5% or more or less!  Personally I would just hold off until end of September and reserve a new product.  You could calculate how much each 0.25% raises your payment over five years to help you decide.  

Would you pay the £2k from savings or add to mortgage?  Obviously that would also make a difference

xzibit

sammyjammy said:

xzibit said:

Our ERC is currently about £2,200 on a £220k balance. LTV is 49%. Fix is up end of March 23. 

Is there any chance that we could be better off by paying the ERC now and fixing at the current 3.2% - 3.6% offers rather than waiting for the 0.5% minimum base rate rise in mid-Sept? Our current plan is to try and fix end of September to get the 6 month DIP but obviously at that point the rate would have risen. If payments are likely to be £950 for the current deals, what would this raise to end Sept?

Nobody can tell you that until its happened, they may raise by 0.25% or 0.5% or more or less!  Personally I would just hold off until end of September and reserve a new product.  You could calculate how much each 0.25% raises your payment over five years to help you decide.  

Would you pay the £2k from savings or add to mortgage?  Obviously that would also make a difference

I’ll do some calculations at different rates and see. I’ll also play about with adding money in from savings to reduce the borrowing amount. If I paid the ERC it would be from savings. But having thought about it, it’s probably not a great idea. 

hewhohuntselves

xzibit said:

sammyjammy said:

xzibit said:

Our ERC is currently about £2,200 on a £220k balance. LTV is 49%. Fix is up end of March 23. 

Is there any chance that we could be better off by paying the ERC now and fixing at the current 3.2% - 3.6% offers rather than waiting for the 0.5% minimum base rate rise in mid-Sept? Our current plan is to try and fix end of September to get the 6 month DIP but obviously at that point the rate would have risen. If payments are likely to be £950 for the current deals, what would this raise to end Sept?

Nobody can tell you that until its happened, they may raise by 0.25% or 0.5% or more or less!  Personally I would just hold off until end of September and reserve a new product.  You could calculate how much each 0.25% raises your payment over five years to help you decide.  

Would you pay the £2k from savings or add to mortgage?  Obviously that would also make a difference

I’ll do some calculations at different rates and see. I’ll also play about with adding money in from savings to reduce the borrowing amount. If I paid the ERC it would be from savings. But having thought about it, it’s probably not a great idea. 

Try this calculator: https://app.nous.co/refix