[News] The first interest rate rise in 10 years [Sponsored]

[Uncle Spielberg]

It is such a difficult decision isn't it! My tracker is 0.95 above base rate which is obviously good. I would love to fix for five years but.....my kids are 9,7 and 7. I have a feeling that we may outgrow our house and need somewhere bigger so if we fix we could be hit with various fees (on top of arrangement fees). Like so many decisions it is about managing risk isn't it. God I wish we had kept critical illness cover when we didn't have a mortgage! Oh well.

The rate should be portable

 

[DumLum]

And those same people are incapable of asking themselves "what if?". Nope, in with both feet.

They had nothing to lose.
I paid parasitic landlords £100k and had nothing to show for it.

 

[Notters]

It is such a difficult decision isn't it! My tracker is 0.95 above base rate which is obviously good. I would love to fix for five years but.....my kids are 9,7 and 7. I have a feeling that we may outgrow our house and need somewhere bigger so if we fix we could be hit with various fees (on top of arrangement fees). Like so many decisions it is about managing risk isn't it. God I wish we had kept critical illness cover when we didn't have a mortgage! Oh well.

We're looking at moving and our Nationwide (5 year fix) is portable. You would only have to get a new mortgage for any additional borrowing.

 

[Uncle Spielberg]

We're looking at moving and our Nationwide (5 year fix) is portable. You would only have to get a new mortgage for any additional borrowing.

True but don't forget the lender has the right to ask for any income details etc to reassess the affordability

 

[Notters]

True but don't forget the lender has the right to ask for any income details etc to reassess the affordability

Yep, though I do find this bizarre. We're moving in order that I can get a substantial pay increase - there's far more risk of us not being able to pay if we stay where we are

 

[Uncle Spielberg]

Yep, though I do find this bizarre. We're moving in order that I can get a substantial pay increase - there's far more risk of us not being able to pay if we stay where we are

You should not have a problem then

 

[Pavilionaire]

I think fixing for 5 years is a good move. Brexit will f*ck our economy hard and 5 years fixed will take you up to the end of 2022 so the best part of 2 years after the transition period has ended and we are cast adrift.

 

[Exile]

I think fixing for 5 years is a good move. Brexit will f*ck our economy hard and 5 years fixed will take you up to the end of 2022 so the best part of 2 years after the transition period has ended and we are cast adrift.

Exactly my thinking (when I fixed for 5 years, early this year, to Feb 2022).

Reading this thread, my 2.49% doesn't sound amazing, but I was pretty happy with it - through laziness I had slipped onto the standard rate, so this is a decent saving. It was the best rate I was able to get from my existing lender (Santander) with zero arrangement fees or overpayment restrictions.

I'm currently overpaying £100 a month - get the bugger down whilst I'm in a position to do so.

 

[Shropshire Seagull]

I'm on SVR at 2.25% with the Nationwide.
Now into my 28th year of mortgage paying [thanks to endowment mis-selling].
Only £6.2k outstanding now, so the rate doesn't have much affect on me.

I have a B2L, should I put my rent up?

 

[Bry Nylon]

Yep, though I do find this bizarre. We're moving in order that I can get a substantial pay increase - there's far more risk of us not being able to pay if we stay where we are

Where are you thinking of moving to, Notters?

 

[chimneys]

I'm on SVR at 2.25% with the Nationwide.
Now into my 28th year of mortgage paying [thanks to endowment mis-selling].
Only £6.2k outstanding now, so the rate doesn't have much affect on me.

I have a B2L, should I put my rent up?

If you have £6.2k outstanding in Telford, I'm sorry to say you are in negative equity!

 

[Notters]

Where are you thinking of moving to, Notters?

I haven't announced it on here... bit controversial, particularly from an Albion point of view... Leeds.

 

[Berty23]

I currently track 0.95 above base rate and have 13 years left. My current provider says I can fix for 5 years at 2.09%. My repayments would increase from about 565 to 591. There is no arrangement fee. This is a no brainwr to do isn't it?

I have a second mortgage that only has 15k left and I overpay the 165 by 135 (so 300 quid). I intend to leave that one as it stands so that I can continue to overpay. And it will be done in about 4.5 years so could look at what I want to do then.

Am I being dim and missing a downside to fixing for 5 years at 2.09 with no arrangement fee? Obviously rates might not go up but surely I stand to gain more than lose.

 

[Uncle Spielberg]

Could be Barclays or Virgin Money ? It is a great rate, only lower is Santander at 2.03%, 60 max ltv, depending on circumstances and criteria

 

[Berty23]

Could be Barclays or Virgin Money ? It is a great rate, only lower is Santander at 2.03%, 60 max ltv, depending on circumstances and criteria

It is Barclays. My house is worth about 300k and one mortgage is about 78k and the other 15.

You inspired me to look at my finances - do you do life insurance? If so we could have a DM about that as I need to sort it out properly. Cheers.

 

[Uncle Spielberg]

It is Barclays. My house is worth about 300k and one mortgage is about 78k and the other 15.

You inspired me to look at my finances - do you do life insurance? If so we could have a DM about that as I need to sort it out properly. Cheers.

Had to be Barclays, good rate. I do life cover and will send you a pm, thanks