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MSE News: What's happening to mortgage rates following the mini-budget reversal – MSE's analysis

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  • housebuyer143housebuyer143 Forumite
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    Ksw3 said:
    @kingstreet what does semi-exclusive mean in this context?
    They are normally aimed at brokers I believe.. Can't always get them direct?
  • kingstreetkingstreet Forumite
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    I posted these to indicate there may be some downward movement in new product rates rather than to advertise Barclays or its products.
    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.
  • Lewis7498Lewis7498 Forumite
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    Good news that the first bank has reacted to the calming market. 

    I'll be watching over the next few weeks to see if it's worth ditching the 5.14% 5 yr fix I recently set up with HSBC (existing customer). It's currently on hold until April so I've got time to see how other banks follow. 
    @superstylin Can I just ask do you know if a hard search is carried out when you apply for the mortgage to get an offer but don’t follow through with it? Have just reserved with HSBC too and valuer coming out Monday but I’m worried it’s going too far when I might not even use the offer yet?!

    Mortgage is up Apr 23
  • edited 21 October 2022 at 8:12PM
    superstylinsuperstylin Forumite
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    edited 21 October 2022 at 8:12PM
    Hi @Lewis7498

    I'm afraid I can't answer that one for you. The mortgage advisor told me that a credit search was being made when the offer was being considered but no search has appeared on my credit report as yet (either soft search or hard). I don't know if my situation is different though because I got the offer through my current provider and it might be they do not require a full search because of my history with them. 

    I also didn't require an in person valuation, they used a digital valuation so I don't know if this has consequences for your ability to pull away from the offer. 

    Have you paid any fees yet? The advisor indicated that if fees were paid then it's more difficult to leave the offer without penalty. My offer is fee free. 
    "a workman, even of the lowest and poorest order, if he is frugal and industrious, may enjoy a greater share of the necessaries and conveniences of life than it is possible for any savage to acquire."
  • K_SK_S Forumite
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    Coventry is reducing rates on some low LTV (50 - 75%) 5yr fix products from Wednesday. It's across resi, purchase, remo and BTL.

    I am a Mortgage Adviser - 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.

  • mi-keymi-key Forumite
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    K_S said:
    Coventry is reducing rates on some low LTV (50 - 75%) 5yr fix products from Wednesday. It's across resi, purchase, remo and BTL.
    I think a lot may follow suit now, perhaps thinking that the next interest rate increase may not be as high as predicted? 
  • edited 24 October 2022 at 10:32AM
    K_SK_S Forumite
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    edited 24 October 2022 at 10:32AM
    mi-key said:
    K_S said:
    Coventry is reducing rates on some low LTV (50 - 75%) 5yr fix products from Wednesday. It's across resi, purchase, remo and BTL.
    I think a lot may follow suit now, perhaps thinking that the next interest rate increase may not be as high as predicted? 

    @mi-key I'm not an expert on this by any stretch of imagination but perhaps it's something to do with lower swap rates and (perhaps more importantly) a much less volatile near/medium term outlook, compared to a few weeks ago. This helps give lenders some confidence to price products.

    HSBC also reducing some tracker and low LTV fixed rates from tomorrow.

    I am a Mortgage Adviser - 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.

  • kingstreetkingstreet Forumite
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    Accord rate reductions from tomorrow;-

    What’s changing?

    • 75% LTV product rates reducing by up to 0.35%
    • 85% LTV product rates reducing by up to 0.35%
    • 90% LTV product rates reducing by up to 0.53%
    • 95% LTV product rates reducing by up to 0.52%
    • Help-to-buy product rates reduced by up to 0.10%
    • Fees on selected products reduced by £500 to £495
    • Introduction of a ten-year fixed rate product
    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.
  • mi-keymi-key Forumite
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    This is all positive, not huge moves, but going in the right direction at least 
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