Mortgage advice



A lot of this depends on whether you have any financial wiggle room. If you have, you can tough it out and gamble on rates not going up as much as predicted, but of course you might get stung so you'll need some other savings.

Otherwise, you can go for the fixed rate so that you know your outgoings, providing of course it's affordable, but you may actually pay more.

Don't forget that with many mortgages you can lengthen or shorten the term depending on how things are going, which would both affect monthly payments and the total amount paid. Many companies won't want to be seen to be making people default.
 
jackynutmeg said:
I'm in a similar position.
My deal of 1.38% ends next June and I can remortgage without penalties from March.
I have a 0.75% penalty if I do so before then which works out at about £740.
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If the rate is at 5% in March next year my repayments will go up by about £110 per month
 
Just seen newcastle building society has pulled all mortgages

My fixed rate with them is due in feb 😤

Cheers Tory’s
 
Depends on loads of things, there's not enough to go on in the OP.


What's your outstanding amount
What's your property value
How many more years are you expecting your mortgage to run
 
1.84% here but coming to an end in a year so fingers crossed we see them drop again before then.
HABA87 said:
Depends on loads of things, there's not enough to go on in the OP.


What's your outstanding amount
What's your property value
How many more years are you expecting your mortgage to run
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I said that but apparently it’s not important.
 
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I’m in the same position with Santander which is up in March. Could’ve had 1.99% for 3 years fixed a month ago with a different company, but Santander were on about charging me some stupid amount to leave my contract early. Think I’ve got to wait until I have 4 months left with them.
 
Academic to this thread but I'm economically right of centre but can't see how continuing to hike interest rates are the way to control the current inflationary pressure. It's more likely to kill the patient than cure them. I took out my first mortgage at 16% though and have always had that as a gauge. I would probably try and find a lender who would give you a 35 year term.
 
TheWanderer said:
Bail out the 2.9% mortgage now and incur a 1% early redemption penalty and tie myself in to to a 4.4% mortgage for 5 years.

Or sit tight until April until my deal is up and search for deal then.

Given the possibility that interest rates are going to increase drastically, or so it’s being predicted what do the resident money experts suggest I should do?
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You can reserve a mortgage deal for 6months apparently
 
CheersMarra84 said:
I’m in the same position with Santander which is up in March. Could’ve had 1.99% for 3 years fixed a month ago with a different company, but Santander were on about charging me some stupid amount to leave my contract early. Think I’ve got to wait until I have 4 months left with them.
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I'm with Santander and we could change 5 months before.
 
2.14% fixed until Jan 2024. Think I’ll ride it out but just got a decent payrise at work so my plan is to pay as much off the capital and build as much equity as I can between now and then. Got £77k left to pay off so even if I can knock an extra £5-6k off that along with my regular payments it should make a big difference to my future repayments.
 

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