[Finance] The Mortgage Market 2022

[Uncle Spielberg]

After the recent Bank of England base rate rise, I have received a few PMs on here asking for mortgage advice, so I thought I'd share some general points that may help NSCers out.
.
Many fixed deals that people were able to take advantage of over the last few years were at rates in the 1-2% range.

Those who have deals coming to end in the next 12 months could be in for a bit of a shock at what their new monthly payments may be, as the lowest fixed rates either 2,3 or 5 years are in excess of 3%, with many now nearer to 3.50%.

If you are going to re-mortgage you should look to to start the process around seven months before your existing rate ends, with a view to securing a mortgage offer that is valid for six months.

This will mean there is an overlap when your present rate ends, allowing you to complete when any penalties lapse, moving directly onto the newly secured deal.

It's been a pleasure to help out many NSCers over the years, with many saving thousands of pounds per year on their mortgage payments. Should you wish to have some help obtaining a new deal, I would be delighted to assist. My regular fee, which is only payable when a mortgage offer is received, is £295.

I will gladly reduce this to £195 for NSCers, and this fee will be waived completely if I am able to arrange a new deal with your current lender.

Regardless, drop me a PM me if you want some advice and I'll do my best to assist

US/Gareth

 

[LamieRobertson]

 

[Reddleman]

Well done for offering to help in difficult times. Top man.

 

[Live by the sea]

After the recent Bank of England base rate rise, I have received a few PMs on here asking for mortgage advice, so I thought I'd share some general points that may help NSCers out.
.
Many fixed deals that people were able to take advantage of over the last few years were at rates in the 1-2% range.

Those who have deals coming to end in the next 12 months could be in for a bit of a shock at what their new monthly payments may be, as the lowest fixed rates either 2,3 or 5 years are in excess of 3%, with many now nearer to 3.50%.

If you are going to re-mortgage you should look to to start the process around seven months before your existing rate ends, with a view to securing a mortgage offer that is valid for six months.

This will mean there is an overlap when your present rate ends, allowing you to complete when any penalties lapse, moving directly onto the newly secured deal.

It's been a pleasure to help out many NSCers over the years, with many saving thousands of pounds per year on their mortgage payments. Should you wish to have some help obtaining a new deal, I would be delighted to assist. My regular fee, which is only payable when a mortgage offer is received, is £295.

I will gladly reduce this to £195 for NSCers, and this fee will be waived completely if I am able to arrange a new deal with your current lender.

Regardless, drop me a PM me if you want some advice and I'll do my best to assist

US/Gareth

With interest rates more likely than not to go up again next month , mortgage rates are going to keep rising I expect . Get in early and fix I think .

 

[mistahclarke]

About 12 years ago Gareth posted something offering his services so I took a punt and he helped me get my first flat. One house move and 3 remortages later and he's still the only person I'd contact.

I can't recommend him highly enough. Top bloke, you can't go wrong with him.

 

[Wrong-Direction]

That reminds me, thank you for all your help/info several weeks ago. With what's going on our plans come to a screeching halt and we have decided to carry on renting for now. Will deffo be back in touch in the future [emoji106]

Sent from my SM-A326B using Tapatalk

 

[Green Cross Code Man]

Yep, Gareth was a great help earlier this year. Recommended.

 

[zefarelly]

G's just in the process of helping my Li'l Bro get on the ladder for the first time.

Toot sweet Rodney!

 

[Igzilla]

Gareth is a giant in the land of mortgages. Use him or regret not doing so.

 

[rigton70]

Dullard.

 

[Uncle Spielberg]

Dullard.

v
I totally agree, mortgages are not really sexy but they are what they are, thanks for the input

 

[Moshe Gariani]

If BoE goes up 0.5% again shortly will mortgage rates go up further by the full 0.5% or have BoE rises been built in to mortgage rates to any extent?

Sent from my SM-A127F using Tapatalk

 

[B-right-on]

Do you do BTL Mortgages too? Got one coming to an end next year.

 

[Harry Wilson's tackle]

After the recent Bank of England base rate rise, I have received a few PMs on here asking for mortgage advice, so I thought I'd share some general points that may help NSCers out.
.
Many fixed deals that people were able to take advantage of over the last few years were at rates in the 1-2% range.

Those who have deals coming to end in the next 12 months could be in for a bit of a shock at what their new monthly payments may be, as the lowest fixed rates either 2,3 or 5 years are in excess of 3%, with many now nearer to 3.50%.

If you are going to re-mortgage you should look to to start the process around seven months before your existing rate ends, with a view to securing a mortgage offer that is valid for six months.

This will mean there is an overlap when your present rate ends, allowing you to complete when any penalties lapse, moving directly onto the newly secured deal.

It's been a pleasure to help out many NSCers over the years, with many saving thousands of pounds per year on their mortgage payments. Should you wish to have some help obtaining a new deal, I would be delighted to assist. My regular fee, which is only payable when a mortgage offer is received, is £295.

I will gladly reduce this to £195 for NSCers, and this fee will be waived completely if I am able to arrange a new deal with your current lender.

Regardless, drop me a PM me if you want some advice and I'll do my best to assist

US/Gareth

Thanks for the initiative. I am hoping my son will think about relieving me of my pension pot as a deposit for getting on the ladder in the next year or so, and we will surely come a-knocking when this happens

 

[dazzer6666]

Thanks for the initiative. I am hoping my son will think about relieving me of my pension pot as a deposit for getting on the ladder in the next year or so, and we will surely come a-knocking when this happens

Likewise

 

[B-right-on]

Thanks for the initiative. I am hoping my son will think about relieving me of my pension pot as a deposit for getting on the ladder in the next year or so, and we will surely come a-knocking when this happens

Can always drop hints like "do you know how much we can make renting your room out?" Or the classic "I moved out and bought my own place at your age".

But seriously tho, best thing we did was to free up cash so our eldest could get on the ladder about 8 years ago. Just before the lockdown she sold that flat and bought a 3 bed semi, got married and had a son.

They'd be in the rental trap now if we hadn't. Strange thing is that her husbands family are more wealthy than us (he was an airline pilot FFS after years in the RAF) but wouldn't do a penny for their son.

I just don't get it. We'll do the same for no 2 when she's older.

 

[MattBackHome]

Yes GG is the man.

 

[Berty23]

Can always drop hints like "do you know how much we can make renting your room out?" Or the classic "I moved out and bought my own place at your age".

But seriously tho, best thing we did was to free up cash so our eldest could get on the ladder about 8 years ago. Just before the lockdown she sold that flat and bought a 3 bed semi, got married and had a son.

They'd be in the rental trap now if we hadn't. Strange thing is that her husbands family are more wealthy than us (he was an airline pilot FFS after years in the RAF) but wouldn't do a penny for their son.

I just don't get it. We'll do the same for no 2 when she's older.

I have never understood the “I did this so you can to”. Not sure how old you are but I am 43 and it was a shit load easier for me and my now wife to buy our first place in 2004 than it is now. These days in the same circumstances re income, deposit etc we had at 25 we would have no chance. Why anyone would choose to make their kids struggle is beyond me.

 

[Harry Wilson's tackle]

Can always drop hints like "do you know how much we can make renting your room out?" Or the classic "I moved out and bought my own place at your age".

But seriously tho, best thing we did was to free up cash so our eldest could get on the ladder about 8 years ago. Just before the lockdown she sold that flat and bought a 3 bed semi, got married and had a son.

They'd be in the rental trap now if we hadn't. Strange thing is that her husbands family are more wealthy than us (he was an airline pilot FFS after years in the RAF) but wouldn't do a penny for their son.

I just don't get it. We'll do the same for no 2 when she's older.

He's renting now. The roadblocks are my anxiety about 'retiring' and his inertia. Ironically he works in the legal side of....property sales.

It's not about getting him out of the house. It's about getting him into his own place at a time when his salary is about one tenth the price of an average house down here.

 

[Weststander]

Can always drop hints like "do you know how much we can make renting your room out?" Or the classic "I moved out and bought my own place at your age".

But seriously tho, best thing we did was to free up cash so our eldest could get on the ladder about 8 years ago. Just before the lockdown she sold that flat and bought a 3 bed semi, got married and had a son.

They'd be in the rental trap now if we hadn't. Strange thing is that her husbands family are more wealthy than us (he was an airline pilot FFS after years in the RAF) but wouldn't do a penny for their son.

I just don't get it. We'll do the same for no 2 when she's older.

https://www.bbc.co.uk/news/business-62525269