How will next weeks autumn speech affect mortgages?

fitzykev

Will next week's up coming autumn speech affect mortgages positively or negatively? 

housebuyer143

Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 

fitzykev

housebuyer143 said:

Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 

I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 

K_S

fitzykev said:

housebuyer143 said:

Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 

I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 

@fitzykev I've not had nor heard in any broker forum of a single mainstream mortgage offer being withdrawn due to the mini-budget upheaval in the market last month. By that yardstick, I think you'll be fine!

Polmop

I think Natwest have pulled all tracker mortgages 

fitzykev

K_S said:

fitzykev said:

housebuyer143 said:

Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 

I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 

@fitzykev I've not had nor heard in any broker forum of a single mainstream mortgage offer being withdrawn due to the mini-budget upheaval in the market last month. By that yardstick, I think you'll be fine!

Yes thet have been pulling them on completion day....
Following the recent interest rate rises, mortgage offer withdrawals on the day of completion are becoming more common. We know it’s extremely frustrating—when you’ve had a mortgage offer withdrawn, it feels like the dream of homeownership is slipping through your fingers.

Strummer22

@fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 

simon_or

Exactly. I would trust what brokers like ACG, Kingstreet, KS and all are saying in the threads below over anonymous blogs or even broadsheet journalists producing clickbait who don't know the difference between a mortgage product and a mortgage offer.

https://forums.moneysavingexpert.com/discussion/6391803/are-lenders-pulling-mortgage-offersare-lenders-pulling-mortgage-offers

https://forums.moneysavingexpert.com/discussion/6390844/are-mortgage-providers-withdrawing-offers

fitzykev

Strummer22 said:

@fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 

Strummer22 said:

@fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 

My offer is for a 5 years fixed rate at 3.89%

mattyprice4004

fitzykev said:

Strummer22 said:

@fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 

Strummer22 said:

@fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 

My offer is for a 5 years fixed rate at 3.89%

That's a very good rate - and I don't think you have anything to worry about, I doubt they'll pull out. 

coypondboy

If bond markets don't like it we could have a re-run of October with fixed rates going up especially 2 and 3 yr fixes.  Trackers will be the best option as don't expect base rates to rise above 5% as economy going into recessaion house prices are falling and inflation will fall sharply late next year and with an election coming the following spring the tories will be looking to cut tax rates and hope the bofe drops interest rates.