Mortgage rates

Discussion in 'Off-Topic Discussion' started by Loofah, Nov 27, 2018.

  1. Loofah

    Loofah Admin Staff Member

    Joined:
    Feb 20, 2008
    Messages:
    12,384
    Gender:
    Male
    Location:
    Guildford
    Ratings:
    +21,138
    I'm moving house... after enjoying being mortgage free we've decided on moving to something a bit bigger and are now at the point where we have to get the new mortgage in place.
    My question is, what do people think will happen to rates?! I'm currently looking at fixed rates for 2, 3 and 5 year terms at 1.52, 1.71 and 1.92% respectively. IFA has suggested that the 5 year fixed would be his choice if moving at this time but I'm interested in your thoughts please!
     
  2. Freddy

    Freddy Miserable git, well known for it

    Joined:
    Jul 15, 2007
    Messages:
    9,461
    Gender:
    Male
    Occupation:
    Retired - yay!
    Location:
    Bristol
    Ratings:
    +12,508
    I would say that regarding interest rates, the only way is up.
     
    • Agree Agree x 4
    • ricky101

      ricky101 Total Gardener

      Joined:
      Jun 15, 2016
      Messages:
      3,273
      Gender:
      Male
      Location:
      Sheffield
      Ratings:
      +4,184
      Hi,

      As Freddy, plus have a look at Martins site, as he said on TV you need to take a low fixed rate mortgage soon before they go up.

      Never used a IFA/Brokers , but know a few folk who have over the years and they were not happy bunnies..

      Mortgages & Homes
       
      • Like Like x 1
      • Agree Agree x 1
      • Loofah

        Loofah Admin Staff Member

        Joined:
        Feb 20, 2008
        Messages:
        12,384
        Gender:
        Male
        Location:
        Guildford
        Ratings:
        +21,138
        Looks like the IFA might be right then! Am looking around but the 5 year fixed will at least see me through the uncertainty of Brexit. All new uncertainties after that lol
         
        • Like Like x 1
        • Agree Agree x 1
        • Scrungee

          Scrungee Well known for it

          Joined:
          Dec 5, 2010
          Messages:
          16,524
          Location:
          Central England on heavy clay soil
          Ratings:
          +28,996
          I think Mark Carney has said that if there's no EU deal and Sterling falls, then interest rates will go up, and if there's an EU deal then interest rates will also continue to go up.

          But he's proved to be unreliable in his previous predictions.

          Around here, smaller 2 & 3 bed smaller properties are rising steadily in value, but larger 3 & 4 bedroomed houses are struggling, and constantly being reduced.

          I reckon the latter will be hard(est) hit if there's a rejection of the proposed EU deal on 11 Dec, but I still can't see rates going down, I'd fix them now.
           
          • Agree Agree x 2
          • shiney

            shiney President, Grumpy Old Men's Club Staff Member

            Joined:
            Jul 3, 2006
            Messages:
            60,996
            Gender:
            Male
            Occupation:
            Retired - Last Century!!!
            Location:
            Herts/Essex border. Zone 8b
            Ratings:
            +117,282
            It's only a gut feeling but I would be inclined to fix for five years. As long as you can pay the mortgage you can, at least, feel comfortable in what may happen during those years. If the rate did drop then how much would it really save you if you didn't fix? It hasn't got a long way to drop!
             
            • Agree Agree x 2
            • Like Like x 1
            • HarryS

              HarryS Eternally Optimistic Gardener

              Joined:
              Aug 28, 2010
              Messages:
              8,906
              Gender:
              Male
              Occupation:
              Retired
              Location:
              Wigan
              Ratings:
              +16,246
              As above , realistically the only way interest rates will go is up . So a five year fixed rate should be seriously considered. Anyway in 5 years , post Brexit-UK , we will all be living in tents :snorky:
               
              • Funny Funny x 6
              • Agree Agree x 1
              • Scrungee

                Scrungee Well known for it

                Joined:
                Dec 5, 2010
                Messages:
                16,524
                Location:
                Central England on heavy clay soil
                Ratings:
                +28,996
                At Dover, trying to slip back into the EU?
                 
                • Funny Funny x 4
                • Agree Agree x 1
                • Loofah

                  Loofah Admin Staff Member

                  Joined:
                  Feb 20, 2008
                  Messages:
                  12,384
                  Gender:
                  Male
                  Location:
                  Guildford
                  Ratings:
                  +21,138
                  After the house purchase I won't be able to afford a tent lol

                  5 years it is.
                   
                  • Funny Funny x 2
                  • Like Like x 1
                  • Agree Agree x 1
                  • ARMANDII

                    ARMANDII Low Flying Administrator Staff Member

                    Joined:
                    Jan 12, 2019
                    Messages:
                    48,096
                    Gender:
                    Male
                    Ratings:
                    +100,834
                    i don't think any Broker has predicted accurately in the past or will in the future and, at the moment, all seem to have different views, so you might as well.....

                    [​IMG]

                    as they were probably be better.:dunno::heehee:
                     
                    • Funny Funny x 1
                    • Loofah

                      Loofah Admin Staff Member

                      Joined:
                      Feb 20, 2008
                      Messages:
                      12,384
                      Gender:
                      Male
                      Location:
                      Guildford
                      Ratings:
                      +21,138
                      Nothing wrong with playing with the crystal balls!!
                       
                      • Funny Funny x 1
                      Loading...

                      Share This Page

                      1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
                        By continuing to use this site, you are consenting to our use of cookies.
                        Dismiss Notice