Advice on reducing asking price

JJR45

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term. A lot of people port and then add on additional with a new product. Don't confuse new lending, with all mortgages.

But say we went with half, half of the remaining will be on a tracker or 2y fixed.

I think the BoE said around 2m mortgages will be coming off fixed rates next year,  so a fair few are going to have a shock, along with increased living expenses.

Sarah1Mitty2

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term. A lot of people port and then add on additional with a new product. Don't confuse new lending, with all mortgages.

But say we went with half, half of the remaining will be on a tracker or 2y fixed.

I think the BoE said around 2m mortgages will be coming off fixed rates next year,  so a fair few are going to have a shock, along with increased living expenses.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

MobileSaver

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Aberdeenangarse

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

 https://www.telegraph.co.uk/property/uk/buy-to-let-crisis-trigger-property-fire-sale-landlords-suffer/

MobileSaver

Aberdeenangarse said:

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

Agreed, probably not a good time to be a renter by choice just now.

lookstraightahead

MobileSaver said:

Aberdeenangarse said:

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

Agreed, probably not a good time to be a renter by choice just now.

I think the worst situation to be in would be paying over valuation now , with interest rates as they are. Or even near to current valuation as this is going down (in my opinion).

The best position anyone could be in now would be if they sold high recently and they're short term renting and looking to buy in the next year or so. Their rent is unlikely to increase, they will be making interest on their savings and there will be some excellent opportunities to be had in their position with nothing to sell. They'll easily make their rent back. It appears a lot of people aren't happy to move twice/ couldnt possibly rent and it will have cost them tens of thousands of pounds as opposed to short time renting (but that's ok if they're staying there forever I suppose).

Or of course if they kept their recent purchase price within the realms of vaguely realistic and they also got a really low fixed interest rate. Not paid a random made up figure.

There is an argument that you just have to get on with life, but it's best to try to avoid chucking away hard earned cash imo.

[Deleted User]

fackers_2 said:

Prices are likely to only reduce due to further volatility and people not being able to afford their mortgage renewals since their bargain low 1% rates when they are up... A lot of people who moved in early 2020 bought hiked up priced houses on low rates, maximising their affordability... when these come to renew there will be a lot of serious conversations regarding downsizing etc.

My house price is up 20% on early 2020 levels. After tge 5 yr fix I will pay off the remainong 153k. I would say those who bought in 2021 and 2022 are actually those who purchased with the most escalated prices.

gwynlas

Could you post a link on here for advice re listing? Unless you house is either just below or above 100K, 10 or 20K is not going to make any difference on attracting buyers who look at what is in their affordability range and make offers accordingly eg offering 230 or 240 on a house listed at 250K

jonnydeppiwish!

I’m with the rest. Finish your contract with the current EA (you’ve been in a long time so that shouldn’t be hard), then repost late jan/ early feb in time for the half term viewings.

jimbog

lookstraightahead said:

Their rent is unlikely to increase

Not what renters are experiencing at the moment

lookstraightahead said:

MobileSaver said:

Aberdeenangarse said:

MobileSaver said:

Sarah1Mitty2 said:

JJR45 said:

MobileSaver 

Most of the rest will have taken out a five-year or longer fixed rate so they won't be worrying about renewing for at least another three years yet...

it is around 50% of new lending that was on 5y+ fixed in 2020, but that could still mean the majority of a mortgage on a property in terms of value could be on a different term.

Around 70% of mortgage debt payers will see their monthly debt costs rise in the next couple of years apparently.

Around 100% of renters will see their monthly rent costs rise in the next couple of years apparently.

Yes, particularly with all those  over leveraged Landlords trying to offload their ‘investments’

Agreed, probably not a good time to be a renter by choice just now.

 they will be making interest on their savings and there will be some excellent opportunities to be had in their position with nothing to sell.

Interest rates on savings are poor. With a shortage of property on the market there are few opportunities