Rates are dropping slightly

london21

No appointments today as I want to increase the term of my mortgage by 4 years and made overpayments of £6500 today. I have an appointment for tomorrow so hopefully can get this done soon. 

The current rates for 65% LTV offered are:

5 years 5.27% today 20/09 dropped to 5.17%

3 years 5.6%

2 years 5.7%

JOBEN

london21 said:

No appointments today as I want to increase the term of my mortgage by 4 years and made overpayments of £6500 today. I have an appointment for tomorrow so hopefully can get this done soon. 

The current rates for 65% LTV offered are:

5 years 5.27% today 20/09 dropped to 5.17%

3 years 5.6%

2 years 5.7%

hi who was this with please 

london21

JOBEN said:

london21 said:

No appointments today as I want to increase the term of my mortgage by 4 years and made overpayments of £6500 today. I have an appointment for tomorrow so hopefully can get this done soon. 

The current rates for 65% LTV offered are:

5 years 5.27% today 20/09 dropped to 5.17%

3 years 5.6%

2 years 5.7%

hi who was this with please 

Virgin Money 65% LTV 

london21

If in the process of getting a new mortgage or a re-mortgage, worth checking if the rate might have dropped before new rate starts.  

FashionHeart

london21 said:

Hi All, 

My current mortgage is due to end 01/ 02/2024.

Virgin Money have reduced their rates a bit so booked another appointment to get the better rate.
65% LTV with £995 product fee.
2 years 5.49%
3 years 5.39%
5 years 4.99%
 

Have until January to finalise new rate so hopefully rates keeps going down.

Worth checking if rates have dropped, would have to contact lender before rates start to benefit from the reduced rate.

Unless you know what the next rates will be, I suggest you lock in your rate now before rates potentially rise again.
I managed to lock mine for 3.80% - 180 days before the rates skyrocketed again.

london21

FashionHeart said:

london21 said:

Hi All, 

My current mortgage is due to end 01/ 02/2024.

Virgin Money have reduced their rates a bit so booked another appointment to get the better rate.
65% LTV with £995 product fee.
2 years 5.49%
3 years 5.39%
5 years 4.99%
 

Have until January to finalise new rate so hopefully rates keeps going down.

Worth checking if rates have dropped, would have to contact lender before rates start to benefit from the reduced rate.

Unless you know what the next rates will be, I suggest you lock in your rate now before rates potentially rise again.
I managed to lock mine for 3.80% - 180 days before the rates skyrocketed again.

Would have had to pay the ERC to secure the low rates as mine doesn't end until 2024.

I have secured the rate with virgin money, my current lender. Theirs was previously 120 days but now 180 days due to the mortgage charter. 

I still have my old rate until 1st February 2024. New rates start then but if it drops further just have to contact my bank before new rate starts.

I use MSE comparison to check if better rates available.

this https://www.moneysavingexpert.com/mortgages/best-buys/?journeyType=first-time-buyer&propertyValue=120000&mortgageAmount=90000&depositAmount=30000&term=25&repaymentMethod=Repayment&sortBy=MonthlyRepaymentAmount&pageNumber=1&addFeeToBalance=false&productNoFee=false&noEarlyRepaymentCharge=false

london21

Now opted for 2 years fix at 5.54% no product fees.

decided to leave  the term at 25 years 9 months rather than increasing to 30 years to bring payments down due to overall interest costs.

Have until January to see if rates drop further.