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Mortgage rate fluctuations

ThomasT1
ThomasT1 Posts: 1 Newbie
in House buying, renting & selling

FTB here, I'm wondering about the current situation, as it were, and the effect on mortgage rates. Recent news reports refer to lenders withdrawing a number of mortgage products in response. Any views on this? Anyone already been directly affected?

Comments

  • RelievedSheff
    RelievedSheff Posts: 12,880 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic

    We secured a mortgage rate of 4.19% (80%LTV) in December. In early January we switched rate to 4.11%. Mid January we changed rate again to 4.04%.

    The same deal now with same deposit and purchase price is 4.49%.

    I'm glad we secured our rare early.

  • sheenas
    sheenas Posts: 328 Forumite
    100 Posts Second Anniversary Name Dropper

    Its totally down to the boe and the government. Mortgage lenders are reaching to uncertainty not what necessarily going to happen. I personally see no logic in economics terms in increasing rates. Externally caused inflation can’t be controlled by raising interest rates.

  • theartfullodger
    theartfullodger Posts: 15,966 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 14 March at 12:56PM

    You young folk, no idea of how things can go.

    In 1979 I had a (for then) large mortgage @ 10% BoE interest, Within 9 months on 15th November 1979 BoE rates got to 17% - see their records..

    https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

    It was tough, even with 2 decent salaries..

    Given what the orange man-baby is doing, expect more shocks in the next few years.. (Sorry!). Not to mention the wars he keeps starting..

  • RelievedSheff
    RelievedSheff Posts: 12,880 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    https://forums.moneysavingexpert.com/discussion/comment/81922740#Comment_81922740

    Have to agree. Can't see rates coming down any time soon!

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