Mortgage Rate Changes - When can we expect them to take place?

[Deleted User]

Hi all,

I am a FTB who had an offer accepted last week and immediately went about organising a mortgage (actually did this before the offer was even successful). I had my initial appointment with Barclays on Monday, but my proper appointment isn't until next Wednesday 5th October, which is the earliest available. I am extremely concerned that rates will have increased dramatically when it comes to my appointment. A long shot perhaps, but does anyone know when Barclays are intending to increase their rates? Thank you.

Orchid96

You may be able to put in mortgage application through a broker. Why are you waiting for the appointment? 

[Deleted User]

Orchid96 said:

You may be able to put in mortgage application through a broker. Why are you waiting for the appointment? 

I thought Barclays were offering the best rates for my circumstances, but it turns out I may have been wrong as the rate provided seems to be for Help to Buy applicants. I've now secured an earlier appointment, for this Friday.

A__L

Have you gone through a broker?

[Deleted User]

A__L said:

Have you gone through a broker?

No, I have gone direct to Barclays. The broker I've been in touch with said Barclays are no longer taking applications through them.

Edi81

The rates are driven largely by swap rates. These are currently super volatile and swinging around by large amounts each day. This means that lenders may revise rates more frequently. Waiting another week for an appointment is silly in my opinion. 

[Deleted User]

@edi81 Unfortunately, there is no option but to wait for an appointment in many cases. Presumably most people would want an appointment as soon as possible, given the situation. I managed to get a cancellation for tomorrow but otherwise, the advisor I am speaking to is booked until the end of October.

kingstreet

Barclays is already making changes;-

The following products will be withdrawn today, Wednesday 28th September

Residential Purchase and Remortgage Fixed rates

• 4.15% 2 Year Fixed  £999 product fee, 75% LTV, Min loan £5k, Max loan £2m
• 3.49% 7 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m

Residential Remortgage Fixed rates

• 4.39% Great Escape™ 2 Year Fixed  £0 product fee, 85% LTV, loans £50k - £2m
• 4.36% Great Escape™ 5 Year Fixed  £0 product fee, 75% LTV, loans £50k - £2m
• 4.08% 2 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m
• 4.29% 5 Year Fixed  £999 product fee, 85% LTV, Min loan £5k, Max loan £2m

Residential Purchase Fixed rates

• 4.42% 2 Year Fixed  £0 product fee, 90% LTV, Min loan £5k, Max loan £570k

K_S

@Deleted_User I'm reading over from your other thread and hate to be the bearer of (potentially) more bad news but the 4.24% no-fee 75% LTV rate might no longer be available as Barclays have updated their rates from today. These are the new products, the bottom 3 have a min loan size of 2m.


Hopefully Barclays continue to offer the 4.24% product direct and you are able to secure it tomorrow.

I'm not sure what your broker is saying but Barclays definitely is accepting applications from brokers, albeit they have a daily quota which may run out by lunch.

You might be limited to Barclays for whatever reason or I might be missing something obvious but is there any reason your broker didn't just place you with the few lenders that have much cheaper 75% LTv purchase rates available? Halifax is an example.

[Deleted User]

@kingstreet and @K_S Many thanks to you both for the information provided. I wasn't aware of this.

@K_S it looks as though the 4.45% 5 year fixed rate is now my best bet (unless, as you say, they continue offering the 4.24% tomorrow). I was only briefly in touch with the broker but she wasn't able to offer me an appointment until next week. As a result, I decided to contact the lenders directly. At the moment, I have an appointment with Barclays tomorrow and one with Halifax (who I bank with) next Tuesday. Obviously the rates you've posted above for Halifax are preferable to Barclays, but I'm not sure they'll last until my appointment! Not a fun position to be in...

simon_or

I wouldn't wait. Have you tried finding another broker? Asking friends or family or someone else you know, checking some of the free brokers online, dropping a PM to the brokers on the forum like KS, ACG, Kingstreet?

Usually if you have an offer accepted and are ready to apply, most good brokers will make time for an appointment asap.

You could save a lot of money over 5 years by getting the Halifax application submitted before they increase it.