MORTGAGE RATES STICK OR TWIST ?

midlifecrisis

Member
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13,258
I'll be doing the same sums in the coming days, as it's 90 days from deal ending on ours so worth getting prepared.

It's worth remembering, that a lot of mortgage/additional borrowing offers are valid for 6 months, so you could always get the offer and sit on it for 6 mths, see what's happening with rates, finances etc, and make sure it's what you want to do before accepting it.
Nationwide will do 5 months, so for me September for a January change...
 

Swedish Paul

Member
Messages
1,517
Certainly interesting times and could be worrying too with inflation forecast to rise steeply still the PM and his Chancellor are on holidays so no panic.
Well, it will be bad and it will happen again. Saw an article today about some bloke with 25,000 debt, pays 1800 a month to service those debts, and reckons it will now cost him another 250 a month. He states that he will have to tighten his belt. If he did that to start with, he wouldn’t have the debt. And then everyone expects the government to bail them out. Why should they? After all, if they did that, they would have to borrow, and our grandkids will still be paying for our mess.
 

Wattie

Member
Messages
8,025
I’ve got a plan.
Starting from now. We all stop paying our mortgages.
“En Mass” as Phil le Franche would say.
What they gonna do?
Kick us all out?
If they do I’m sure I remember Bebs and Ewan saying that members could all stay with them.
So,
Win win.
 
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Wattie

Member
Messages
8,025
Well, it will be bad and it will happen again. Saw an article today about some bloke with 25,000 debt, pays 1800 a month to service those debts, and reckons it will now cost him another 250 a month. He states that he will have to tighten his belt. If he did that to start with, he wouldn’t have the debt. And then everyone expects the government to bail them out. Why should they? After all, if they did that, they would have to borrow, and our grandkids will still be paying for our mess.
Silly bugger.
He could easily apply for another credit card and load that one up.
Simples.
That’s what they do In Merica whenever they run out of money.
Anyway, the definition of “skint” will be redefined soon by the Brandon administration so I wouldn’t be
too concerned and if possible I would advise him to convert it to student debt- as that will be forgiven in a bid for votes..
Personally, I’m legally challenging all my outstanding loans as they were apparently given to a bloke.
I no longer consider myself a "bloke" and instead use the pronouns of git, tosser and smart cnut so clearly have an excellent case.
Oh and I will be retrospectively retiring at 30 which is what the person lying next to me did as I will be focusing on conceiving via the worlds first up the as5 pregnancy,
 
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philw696

Moderator
Staff member
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20,361
Totally agree and I'm of the generation of having money put by for a rainy day and it's served me well over the years.
Have worked hard and debt free even after two divorces both costing me more but hey I'm free and that's worth more than anything.
Just my thoughts other advice is available.
 

Sam McGoo

Member
Messages
1,338
I’ve just fixed mine Lloyds bank, 2.78% fixed for 10 years no fees & over payment up to 10% of original loan. If still available might be worth a look. I’m guessing over 10 years under 3% is a fair average? ‍♂
Barclays offering very similar over 10 years. I went with the 5 year @3% no fee just because of the early repayment charges on the 10year. I may be in a position to pay it off within that time, so didn't wanna tie in that long.
Mine won't kick in until November (still on 1.6% until then) so have time to change my mind if situations change.
Just need to decide if I'm selling the rentals or not yet....

Can't believe how easy it is to rate switch on the banking app now, took about 5 mins lol.
 

ravingfool

Junior Member
Messages
31
I’ve just fixed mine Lloyds bank, 2.78% fixed for 10 years no fees & over payment up to 10% of original loan. If still available might be worth a look. I’m guessing over 10 years under 3% is a fair average? ‍♂
That seems like a phenomenal deal for peace of mind.