Blackadder
Brighton Bhuna Boy
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Interest Rates down to 1%
- Thread starter Blackadder
- Start date
Doesn't get passed on by the greedy fuckers at the banks, so won't help me.
To be fair, they DO pass it on but to the WRONG people.
If you've got shit-loads of equity in your property then there has NEVER been a problem getting re-mortgage finance. It's at the 'top-end' of the mortgage market where the problem lies.
Even with Base Rate at 1.5%, the best deal you can get from Abbey for a 90% mortgage is 7.09% and you have to pay a £2,499 fee for the privilege, which CAN'T be added to the loan!
If you want 95% - i.e. most first time buyers, forget it.
It's all very well the mortgage lenders saying they are opening up the market but they're doing it to the wrong people.
Bastards.
Uncle C
Well-known member
To be fair, they DO pass it on but to the WRONG people.
If you've got shit-loads of equity in your property then there has NEVER been a problem getting re-mortgage finance. It's at the 'top-end' of the mortgage market where the problem lies.QUOTE]
Shouldn't that be 'bottom-end'
I am sitting pretty on a a life time tracker at the moment (with no tie in), but if I wanted to trade up to a nicer place, would I be able to just extend my mortage on the same terms, or would I need a completley new mortagage and have to take the crap rates now available?
sod1
New member
May as well withdraw my savings and hide the money in my pillowcase.
This is a truely terrible move for savers.
invest the money in a stocks and shares ISA for the long term
It would depend on the terms of your current deal.
Most mortgages are fully portable, in that you can move them to a new property. If you take out any further borrowing however, you will probably have to take it at current rates.
seagullsovergrimsby
#cpfctinpotclub
Looks like the savings rate on my ISA is well and truly f***ed then. Vote the Tories back in for some more rampant inflation.
cjd
Well-known member
Question to mortgage brokers....
Do you think this latest cut in the BoE rate will be reflected in lower fixed-rate deals....?
At present, the recent rate reductions have decreased my mortgage payments considerably....(tracker and SVR mortgages) , but don't wish to get caught out when they rise again.
Do you think this latest cut in the BoE rate will be reflected in lower fixed-rate deals....?
At present, the recent rate reductions have decreased my mortgage payments considerably....(tracker and SVR mortgages) , but don't wish to get caught out when they rise again.
eastlondonseagull
Well-known member
eastlondonseagull
Well-known member
May as well withdraw my savings and hide the money in my pillowcase.
This is a truely terrible move for savers.
Absolutely. Bunch of tossers
.
London Calling
New member
i HAVE A JOINT MORTAGE (bOe TRACKER) WITH MY BROTHER WHO IS IN A REAL FINANCIAL MESS, A NUMBER OF CONTRACTORS HAVE FAILED TO PAY UP, WE ARE TALKING 200K PLUS.
THE CUTS IN THE INTEREST RATE ARE JUST SAVING US FROM GOING INTO REAL DEBT ON THE HOUSE. SO FOR US THE MORE CUTS THE MERRIER.
THE CUTS IN THE INTEREST RATE ARE JUST SAVING US FROM GOING INTO REAL DEBT ON THE HOUSE. SO FOR US THE MORE CUTS THE MERRIER.
seagullsovergrimsby
#cpfctinpotclub
May as well withdraw my savings and hide the money in my pillowcase.
This is a truely terrible move for savers.
Hide the money in you pillowcase and wake up with a stiffy in the morning.
Your neck.
Beach Hut
Brighton Bhuna Boy
Oh well another reduction of around £25 on the mortgage a month
scooter1
How soon is now?
Our mortgage is now down to 0.24%, which we have the benefit of for another 9 months.
And then we're in trouble as the value of the property has dropped just enough that we're going to have to use all we have saved to off-set the fees on whatever mortgage we can find
And then we're in trouble as the value of the property has dropped just enough that we're going to have to use all we have saved to off-set the fees on whatever mortgage we can find
Uncle Spielberg
Well-known member
The Bank of England base rate is now IRRELEVANT. The only people who have really benefitted are those who took over tracker rates up to 6 months ago and people on SVR.
All tracker rates where withdrawn yesterday. When Bank base rate goes down lenders just increase the differential between the BBR and their rate, ie tracker rates will now be 2.5% above BBR at least, ie 3.5%. SVR's will never fall below 3% even if BBR falls to 0% and most will stay nearer 4% minimum.
Fixed rates will not fall much more. I have about 50 clients stacked up on SVR's as there is nothing on the re mortgage market. There is a 5 year fixed rate at 4.69% with a free survey/ free legals for re mortgage but no one wants to switched from 3.5%-4% svr. I believe long term they will regret this but I can only advise them. If there were a 5 year fixed rate to come on at below 4% I would not delay any further and get in quick.
As Hiney says the mortgage market has been " closed for business " for the whole of 2008 and so far all of 2009 for loan to values over 75% and for the best rates loan to values over 60%. The lenders are all competiting and cherry picking the best 60% ltv and under clients.
No new money is coming into the market and the £ 37 000 000 000 they got from the tax payer has just been used to shore up their asset sheets and they have stuck 2 fingers up at the government and public.
They are not lending. There is virtually nothing over 75% and as Hiney says at 90% a ridiculous 5 year fixed rate at over 7% with a huge fee. There are no 95% mortgages.
In order to get the housing market and economy moving we need a lender to stick their heads out of their arses and lend 90% or 95% on a 2 year rate at 5%. Then the market was turn overnight and there would be a massive backlong of first time buyers buying and first time sellers selling. House price falls would stop overnight and would start to slowly rise which is what people want.
I am not holding my breath as the government has done f*** all this year to persuade the banks to lend again and are impotent, utterly useless.
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,838
utterly pointless, screws the savers and does nothing for borrowers while kicking sterling in the nuts. Then we have the "arrangement fee" wheeze now applying to all mortgages, so you have to pay £500-1k up front which cancels out the improved rate anyway (on 2 year fixed at least).
but then who would seriously expect a bank to lend at 1% anyway, they've got to make money otherwise they aint going to lend it.
but then who would seriously expect a bank to lend at 1% anyway, they've got to make money otherwise they aint going to lend it.
Uncle Spielberg
Well-known member
£ 1000 is now considered a " low " fee. Some charge up to 4% of the mortgage. As you say no one is going to re mortgage from 3.5% svr to a 4.5%fixed rate and pay £ 1000.
Re mortgages were down over 50% the month after the first big base rate cut and I expect re mortgaging in January and February to be 10% of previous levels. Add to this new mortgages are over 60% down on previous years well Hiney and Me are f***ed frankly and I am only managing to survive due to my escort work at the moment.
cjd
Well-known member
Thankyou for your reply US.
I suppose it's a case of making a judgement when it looks like fixed rate mortgages have bottomed out.
When the recent reductions have comfortably saved me 4 figures a month, it's a bit like playing Deal or No Deal.........LOL..!
I suppose it's a case of making a judgement when it looks like fixed rate mortgages have bottomed out.
When the recent reductions have comfortably saved me 4 figures a month, it's a bit like playing Deal or No Deal.........LOL..!