Mortgage rates to double for nearly 800,000 homes this year

dunstonh

ACG said:

dunstonh said:

[Deleted User] said:

Something to point out, some people are switching now, paying early repayment charges, paying more interest but paying what they can afford for a fixed rate. Not everyone is sleep-walking into calamity. (Some will struggle of course).

Actually, for a lot of people that did that, it was the wrong thing to do.   All they have done is pay an ERC and increased their payments earlier than they needed to and many have gone into fixed rates that are higher than currently available.

Thats hindsight. 

We have a few customers where we did PTs but let them sit there as an insurance policy. Some of them have since been cancelled and others have been resubmitted as a new PT once or twice over. A lot of work for no return so far, but it was the right thing to do at the time.

Its not quite hindsight as the work you have done has shown how to do it well.  i.e. you do the research, get things lined up and prepared but don't pull the trigger until you are forced to do so.  Until then, wait and monitor (and if applicable, repeat the process).