Mortgage fix for 2, 3 or 5yrs - please help!

Hoenir

Karen77 said:

kezzygirl said:

I too have the same quandary. Looking at one mortgage going up by £175 a month from end Feb and our ported mortgage rate expires end of May. Think the purse strings will be tighter, making me feel a bit sick.

I know, I feel the same... I just can't get my head around losing an extra almost £300 a month and it's not like it's coming off the overall mortgage, it's just going to the bank! Feels like a big scam of adulthood 😭😭

Banks themselves borrow the money. The actual profit margin they make is very small. Mortgage lending is a volume business of many billons of pounds. 

BikingBud

Karen77 said:

kezzygirl said:

I too have the same quandary. Looking at one mortgage going up by £175 a month from end Feb and our ported mortgage rate expires end of May. Think the purse strings will be tighter, making me feel a bit sick.

I know, I feel the same... I just can't get my head around losing an extra almost £300 a month and it's not like it's coming off the overall mortgage, it's just going to the bank! Feels like a big scam of adulthood 😭😭

Scam?

How?

Isn't being on the property ladder a win-win game?😒

M_anonymous

I'm amazed people still think interest rates should be in the 1-2% range. We have lived in an anomaly with these low rates for the past 15 or so years. Try looking at some graphs.

Take what you can get for 3 years and rather than wishing or hoping for stuff that isn't going to happen and stop worrying about 1% here and there you know what's what. 

Karen77

BikingBud said:

Karen77 said:

kezzygirl said:

I too have the same quandary. Looking at one mortgage going up by £175 a month from end Feb and our ported mortgage rate expires end of May. Think the purse strings will be tighter, making me feel a bit sick.

I know, I feel the same... I just can't get my head around losing an extra almost £300 a month and it's not like it's coming off the overall mortgage, it's just going to the bank! Feels like a big scam of adulthood 😭😭

Scam?

How?

Isn't being on the property ladder a win-win game?😒

Relax, it was a throwaway comment about the stresses of adulthood 🙄

kezzygirl

Karen77 said:

Newbie_John said:

Are there any "£999" fees as well? The 2 year one is 24x£40 = £960 more expensive over two years. Nobody knows if after that rates will be 1% or 10% 🤔

I opted for quotes without fees as the fees totalled more than the additional costs of the rates without them

The fees are added to the duration of the mortgage too, which made it a no brainer for me to go with a fee free fix