Mortgage rates

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

  1. Loofah

    Loofah Well used member

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    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

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    I would say that regarding interest rates, the only way is up.
     
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    • ricky101

      ricky101 Super Gardener

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      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
       
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      • Loofah

        Loofah Well used member

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        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
         
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        • Scrungee

          Scrungee Well known for it

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          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.
           
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          • shiney

            shiney President, Grumpy Old Men's Club Staff Member

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            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!
             
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            • HarryS

              HarryS Eternally Optimistic Gardener

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              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:
               
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              • Scrungee

                Scrungee Well known for it

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                At Dover, trying to slip back into the EU?
                 
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                • Loofah

                  Loofah Well used member

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                  After the house purchase I won't be able to afford a tent lol

                  5 years it is.
                   
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                  • ARMANDII

                    ARMANDII Low Flying Administrator Staff Member

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                    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:
                     
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                    • Loofah

                      Loofah Well used member

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                      Nothing wrong with playing with the crystal balls!!
                       
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