Reducing house offer after months of waiting for completion

TerryDuckworth

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

MobileSaver

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

TerryDuckworth

MobileSaver said:

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

I agree it does sound ludicrous. If I find the video I will send you the link. I think it might have been on GB News.

I did find this article on the internet but I cannot post the link yet because I am new on here. Please accept my apologies.

Here is what it says.

• An inflation jump to 4% is often temporary, but when inflation crosses 8%, it proceeds to higher levels over 70% of the time.

• If inflation is cresting, inflation levels of 4 or 6% revert by half in about a year. If inflation is accelerating, 6% inflation reverts to 3% in a median of about seven years, threatening an extended period of high inflation.

• Reverting to 3% inflation, which we view as the upper bound for benign sustained inflation, is easy from 4%, hard from 6%, and very hard from 8% or more. Above 8%, reverting to 3% usually takes 6 to 20 years, with a median of over 10 years.

MobileSaver

TerryDuckworth said:

MobileSaver said:

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

I agree it does sound ludicrous. If I find the video I will send you the link. I think it might have been on GB News.

I did find this article on the internet but I cannot post the link yet because I am new on here. Please accept my apologies.

It is ludicrous so I'd be wary of reading too much into random articles you find on the internet.

UK inflation was above 8% in 1990, it was less than 3% just 3 years later and stayed under 3% for over a decade so your source is clearly nonsense. You'd have to go back about 50 years to get the figures to match and it would clearly be ridiculous to compare the economy now with how it was 50 years ago...

TerryDuckworth

MobileSaver said:

TerryDuckworth said:

MobileSaver said:

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

I agree it does sound ludicrous. If I find the video I will send you the link. I think it might have been on GB News.

I did find this article on the internet but I cannot post the link yet because I am new on here. Please accept my apologies.

It is ludicrous so I'd be wary of reading too much into random articles you find on the internet.

UK inflation was above 8% in 1990, it was less than 3% just 3 years later and stayed under 3% for over a decade so your source is clearly nonsense. You'd have to go back about 50 years to get the figures to match and it would clearly be ridiculous to compare the economy now with how it was 50 years ago...

I don't think there is a need for you to come across as being very abrupt. I was only mentioning I saw this on a news channel, I never said I agreed. 

jonnydeppiwish!

MobileSaver said:

TerryDuckworth said:

MobileSaver said:

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

I agree it does sound ludicrous. If I find the video I will send you the link. I think it might have been on GB News.

I did find this article on the internet but I cannot post the link yet because I am new on here. Please accept my apologies.

It is ludicrous so I'd be wary of reading too much into random articles you find on the internet.

UK inflation was above 8% in 1990, it was less than 3% just 3 years later and stayed under 3% for over a decade so your source is clearly nonsense. You'd have to go back about 50 years to get the figures to match and it would clearly be ridiculous to compare the economy now with how it was 50 years ago...

TerryDuckworth said:

MobileSaver said:

TerryDuckworth said:

MobileSaver said:

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Do you have a source for that as it doesn't make sense - why would prices rising by 8% now mean that they'll continue to rise by similar amounts for the next 14 years?

I agree it does sound ludicrous. If I find the video I will send you the link. I think it might have been on GB News.

I did find this article on the internet but I cannot post the link yet because I am new on here. Please accept my apologies.

It is ludicrous so I'd be wary of reading too much into random articles you find on the internet.

UK inflation was above 8% in 1990, it was less than 3% just 3 years later and stayed under 3% for over a decade so your source is clearly nonsense. You'd have to go back about 50 years to get the figures to match and it would clearly be ridiculous to compare the economy now with how it was 50 years ago...

I don't think there is a need for you to come across as being very abrupt. I was only mentioning I saw this on a news channel, I never said I agreed. 

I don’t think that @MobileSaver was being abrupt at all to be fair, just agreeing with your previous point about it be ludicrous 

Sarah1Mitty2

TerryDuckworth said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

I saw something on the news the other day that when inflation is above 8% it can take up to 14 years to bring it back down to normal levels. I thought this was ludicrous but if this is the case we may have higher interest here in the UK for a very long time. 

Didn`t catch that but there are endless deep theories on inflation throughout history, what I do think is correct though is that inflation has never been tamed with base rate BELOW inflation, so it looks like base rate needs to go to about 9% to tame this particular bout of inflation.

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

CSI_Yorkshire said:

Sarah1Mitty2 said:

MultiFuelBurner said:

4.79% for a 5 year fix (remortgage) is the best remortgage deal I can see with a quick google and 4.69% for a 5 year fix (purchase) with 60% LTV.

Given the BoE base rate of 5% that shows confidence again that rates will drop out from year 2 or earlier in the 5 year fixes.

   meaning probable higher rates later when the fix ends 

This is the same 'probable' as the 50% price drop?  Just to know whether to never expect that one too.

People who took the advice of "not to expect higher rates" recently in some cases are in a very real financial mess? SKY news is all over it this morning actually.

More scaremongering nonsense, almost all recent mortgages are for fixed rates of at least two years and most are fixed for at least five years. So a tiny number who thought they knew better (sound familiar?) may be paying the price now while the vast majority will be laughing all the way to the bank!

Well it looks like we agree that if you don`t have a recent fix, and are coming off a five or two year fix there could be some financial pain ahead? However if you fixed recently at low rates that would mean you have paid peak prices, and new borrowers are no longer getting anything like those rates, meaning that your house is quickly dropping from the value you paid! I really can`t see anything to laugh about or take to the bank there? I`m sure what you meant to say was that the BANK is laughing all the way, whatever happens?

[Deleted User]

It's not unreasonable to expect the person creating the delay to cover the cost of it. As interest rates go up, prices must go down.

Sarah1Mitty2

[Deleted User] said:

It's not unreasonable to expect the person creating the delay to cover the cost of it. As interest rates go up, prices must go down.

Yes, but the difficulty is in working out how much the discount should be in a fast moving situation?