Mortgage advice

This was a cracking call.

I got the offer last week. On a lesser rate than I was already on. I gladly took the hit of 400 odd notes for early redemption and now locked in fixed for another 5 years when it goes through.

Was sceptical of using an intermediary, but it's been very well worth it especially as the product was only available via an intermediary as well.

Cheers @Journo Tyke

Been totally worth it for me

 

You’re very welcome! Been a pleasure helping you mate.

 

Just a little bump if that's ok, given the rising rates and demand for re-mortgages at the moment! Helped a couple of BBSers now with re-mortgages which has been a pleasure.

PS, I also advise on protection too (life insurance, critical illness cover and income protection) should anyone have any questions about that. My protection advice is free!

 

Morning Allen , what email address you on now mate. I could do with a call at some point cheers.

 

Morning Allen if you wouldn't mind swnding me yoir contact details I have a couple of questions for you cheers
Lee

 

Rates up another 0.5% today as you may have seen. Here for any help, advice, queries, re-mortgages!

 

Feeling better about my fix all the time. Sounds like next year could be even worse all round.

 

Yeah, really glad we took the 10 year fix at a slightly higher rate at the end of 2018. Brexit was our main worry on interest rate then, we obviously had no idea there would be a pandemic and Russia would invade Ukraine.

 

We all get tempted by the lowest interest rate but sometimes something to be said for a bit of longer term stability. My 5 year deal doesn't actually start until October and it was only a modest increase on the monthly amount and actually still below what I overpay by.

 

I need a new mortgage deal .

 

Hi mate, I'll drop you a DM.

 

Hi Mate,

Fancy helping us out too if you can?

Mine is up for renewal soon and my old broker got in touch and has given me some quotes but they are a fair bit more than I am paying now. Wondering if there is anything better out there.

Cheers.

 

Assuming you have had your current deal for at least a couple of years I think you are going to be looking at a increase.
Hopefully a pro will point you to the best deal.

 

Just bumping this back up given the carnage at the moment.

2 million folk on variable rates at the moment with speculation of further big rises. If anyone wants to remortgage or at least discuss viability please let me know.

 

Dear Reds, it was interesting reading all the comments. I may have been lucky but when buying 3 of the 4 houses I have "owned" I just went to the Halifax BS and obtained a mortgage without any hassle. Maybe because I was in the Royal Navy helped pave the way. My last house, 30 years after buying my first I paid cash, hence no mortgage. My daughter is currently trying to buy a house in London and because she has had her mortgage recently agreed but for only 6 months, she is looking for anothet house, since the one she intended buying may take longer than 6 months to complete. She is now looking at chain free houses. One other question for house buyers, Is the predicted large increase in mortgage costs likely to lower the selling price of houses? If you have got this for great! I also live on the Isle of Man, so if a couple of you wish to visit for the motorbike racing I have a room available under the Home Stay scheme.

 

I think it has to. Banks will be able to lend less to buyers, which means they can't afford to pay as much, which lowers demand, reducing prices. This will obviously have different effects at different levels of the market but I am pretty sure there will be a general downward trend in the short to medium term. The only thing to bear in mind is that this government has already proven itself to be economically unhinged will do anything possible to prop up the housing market (there was talk of inheritable mortgages under Boris!), so God knows what they might do.

I must add I'm not a professional and this is my personal view, but I've been pretty on the money so far in this thread.

 

Stands to reason - rates are increased to try and suppress inflation as we know and that often includes house price inflation. Partly due to the mortgages being more expensive too.

 

No sign of that yet, the housing market has been inflated for some years now. Of course there could be a massive crash at some point, if that happens, then expect repossessions to increase (resulting in houses being auctioned by the lenders and the rich stepping in to "invest" in property) and people ending up stuck in negative equity again, just like the last time the Tories crashed the economy under John Major....

 

Didn’t I hear that they’d done something with stamp duty that’s likely to increase demand darn South where first time buyers are paying more? Could be that we see one market up North and a different one in the South?

 

Don't think it'll make a huge difference to be honest.