Average fixed-rate mortgages to go up again - highest in a decade

neas

With higher interest rates, repossesions on interest and credit crunch in full swing I'm thinking 20% drop in 2 years is optimistics... I'm thinking 40% isn't too far off maybe even 50% after 4 years!

JonnyBravo

!!!!!!? wrote: »

It was a colleague who remortgaged last year. I'm not going to track him down and plague him with questions about his finances but he was fairly livid when he got the letter.

Hmmmm.... I'll believe it when I see it then. As I say I've never heard of it and you can provide me with no evidence, so IMHO I reckon it's about as common as hen's teeth.

pickles110564

!!!!!!?
Must be a slow news day, you normally have all the facts and figures at your hand, therefore you have made this one up.:rotfl:

WTF?_2

pickles110564 wrote: »

!!!!!!?
Must be a slow news day, you normally have all the facts and figures at your hand, therefore you have made this one up.:rotfl:

No, just going on what a colleague who had to remortgage last year told me about the charges he faced.

EDIT: Just found this:

http://www.homebuying.co.uk/DontMiss/featuresStories/1.htm

[FONT=Arial, Helvetica, sans-serif][SIZE=-1] But before you start poring over the best-buy tables, there are a few things you need to bear in mind. First of all, check to see if your lender will charge you a redemption penalty if you move and, if so, how much it is. Penalties are common with fixed, discount, capped and tracker deals and less common if you have an SVR. Some lenders charge penalties even when your special-deal period has come to an end. [/SIZE][/FONT]
[FONT=Arial, Helvetica, sans-serif][SIZE=-1][/SIZE][/FONT]

JonnyBravo

!!!!!!? wrote: »

No, just going on what a colleague who had to remortgage last year told me about the charges he faced.

EDIT: Just found this:

http://www.homebuying.co.uk/DontMiss/featuresStories/1.htm

[FONT=Arial, Helvetica, sans-serif][SIZE=-1]But before you start poring over the best-buy tables, there are a few things you need to bear in mind. First of all, check to see if your lender will charge you a redemption penalty if you move and, if so, how much it is. Penalties are common with fixed, discount, capped and tracker deals and less common if you have an SVR. Some lenders charge penalties even when your special-deal period has come to an end. [/SIZE][/FONT]

This is a redemption penalty. That's entirely different to the charge you were talking about.




So in the discussion you had with your colleague you didn't ask who the lender was? Doesn't ring true for someone so interested in the housing market?

You post, in the main, well reasoned and thought provoking stuff, so there's no need to embellish anything with apocryphal tales. whether they originated from your colleague or yourself.
That is unless you've changed your mind and the "I know a man who sold for more than asking price" stories are now valid and worth posting too?

WTF?_2

JonnyBravo wrote: »

This is a redemption penalty. That's entirely different to the charge you were talking about.

No it's not. His fixed deal came to an end and he was notified that even if he stayed and went to SVR there would be a charge.

Quote from homebuying.co.uk:

[FONT=Arial, Helvetica, sans-serif][SIZE=-1]Some lenders charge penalties even when your special-deal period has come to an end.

[/SIZE][/FONT]Sounds like exactly his situation.

JonnyBravo wrote: »

So in the discussion you had with your colleague you didn't ask who the lender was? Doesn't ring true for someone so interested in the housing market?

You post, in the main, well reasoned and thought provoking stuff, so there's no need to embellish anything with apocryphal tales. whether they originated from your colleague or yourself.
That is unless you've changed your mind and the "I know a man who sold for more than asking price" stories are now valid and worth posting too?

You seem pretty obsessed with this. Too bad I've provided evidence that you can in fact be faced with a charge when your fixed rate is up, even if you go to SVR.

JonnyBravo

!!!!!!? wrote: »

No it's not. His fixed deal came to an end and he was notified that even if he stayed and went to SVR there would be a charge.

Quote from homebuying.co.uk:

[FONT=Arial, Helvetica, sans-serif][SIZE=-1]Some lenders charge penalties even when your special-deal period has come to an end.[/SIZE][/FONT]

Sounds like exactly his situation.

No its doesn't!

Read the article.

This is saying there can be a redemption penalty even when your special-deal period has come to an end. (A redemption penalty is when you redeem ie pay off your mortgage eg if you switch lender, you win the pools and pay it off etc)
This IS NOT providing evidence of a charge to go onto SVR once your deal period ends.

!!!!!!? wrote: »

You seem pretty obsessed with this. Too bad I've provided evidence that you can in fact be faced with a charge when your fixed rate is up, even if you go to SVR.

Let's see the evidence then cos the above is evidence of a redemption penalty whilst on SVR not a charge to go onto SVR once your "deal period" ends.

You seem to be working yourself into a frenzy on this. Are you unable to grasp when you're wrong or just not willing to admit it?

It's no "biggie" to realise that perhaps your friend was a bit mixed up on his charges. Mortgages are complicated things and people often get confused on the charges they face.

Alternatively post me some evidence and I'll say "oh wow, never realised that could happen".

m00m00

!!!!!! vs pickles

http://uk.youtube.com/watch?v=8AAhmNf-oWY

WTF?_2

JonnyBravo wrote: »

You seem to be working yourself into a frenzy on this. Are you unable to grasp when you're wrong or just not willing to admit it?

It's no "biggie" to realise that perhaps your friend was a bit mixed up on his charges. Mortgages are complicated things and people often get confused on the charges they face.

Alternatively post me some evidence and I'll say "oh wow, never realised that could happen".

Excuse me while I track down my former work colleague and pry into his financial affairs to satisfy your zealous fixation on my restatement here of what he told me a year ago - NOT :rolleyes:

JonnyBravo

!!!!!!? wrote: »

Excuse me while I track down my former work colleague and pry into his financial affairs to satisfy your zealous fixation on my restatement here of what he told me a year ago - NOT :rolleyes:

I'll take that as a

"Oh yeah, I have no evidence, and I now realise the last bit I posted as evidence was in fact NOTHING to do with what I was talking about. Whoops"


As for "zealous fixation", don't dish it out if you can't take it. If you're prepared to examine other people's claims and evidence then you should accept it when others do the same to you. Don't worry it doesn't mean everything you ever posted is wrong.... far from it. However your inability to accept any contrary evidence does point to a slightly one eyed view though and makes a sham of you challenging others.

I await the evidence at which point I will be happy to say "Oh yeah I was wrong, thanks for enlightening me". Learning..... it's no big deal for me.