Mortgages - Help!

[Fear Bun Na Sceilpe]

Disaster

[RedHand88]

My bank have pulled all fixed rate mortgage rates from their website.

This is getting really bad.

[imtommygunn]

Rate falling like a stone after the BoE Intervention . . . where the f**k is the Prime Minister FFS? Surely she needs to be making some kind of an appearance?

My guess is they haven't a f**king scooby what to do other than admit they made a mistake and row back on last week's announcement. Fat chance of that happening though!

I would be very surprised were they to do that.

You think about it - she's been in what 3 weeks and the place is couped and the only reason it took as long as 3 weeks is because the queen died!!

[square_ball]

My bank have pulled all fixed rate mortgage rates from their website.

This is getting really bad.

I changed over to a 5 year fixed deal last May. Just done a quick check on my providers website for the same figures and term and its coming in £206 dearer per month. I wouldn't like to be looking about buying a house in the next few months.

[Hereiam]

 The fact that this was all announced on a Friday tells you they knew what they were doing and this has been planned. Question is what is the end game

[Maroon Manc]

Rate falling like a stone after the BoE Intervention . . . where the f**k is the Prime Minister FFS? Surely she needs to be making some kind of an appearance?

My guess is they haven't a f**king scooby what to do other than admit they made a mistake and row back on last week's announcement. Fat chance of that happening though!

I haven't heard one 'expert' claim last weeks budget will have positives for the economy so its hard to imagine it was common consensus within government departments it was a plan that would work. The only guarantee is the wealthy won't be affected and their standard of living will remain roughly the same as their saving on income tax will help offset the increase in mortgage payments whilst the rest of us suffer.

I know of a good few people who are in big trouble, houses prices in South Manchester and all big cites over here are crazy; Plenty of young couples with mortgages of well over 300,000, a 4% increase in interest is a £1000 a month extra to find, not exactly viable. (like to know the logic that the budget will aid growth)

A whole generation have been brought up on low interest rates and budgeted/live accordingly, millions in the next 4 years won't even pass affordability checks anyway and will end up on on the SVR and will end up been repossessed unless that interest rates comes under control.

[imtommygunn]

I honestly think it has to be sinister. I mean I know sometimes the tories look incompetent but I am pretty untrusting of them and think there is generally a reason.

[seafoid]

https://mobile.twitter.com/Peston/status/1575160338248761344

[bennydorano]

Had an interesting conversation with a fella about remortgaging in the current circumstances, he reckoned a lot of people will be extending their capital repayment (CR) mortgages over more years to ease affordability but what they should be doing is going interest only for the period you were prepared to extend it over anyway (for example) - rather than going from a 10 Yr to a 12 year CR mortgage, go for a 10 year interest only mortgage and after 2 years you'll still have a 10 year mortgage. Seems a sensible approach but only if you reckon on there being 2 years lost payments anyway??? Am I missing something obvious?

[Mike Tyson]

Had an interesting conversation with a fella about remortgaging in the current circumstances, he reckoned a lot of people will be extending their capital repayment (CR) mortgages over more years to ease affordability but what they should be doing is going interest only for the period you were prepared to extend it over anyway (for example) - rather than going from a 10 Yr to a 12 year CR mortgage, go for a 10 year interest only deal which is much cheaper and after 2 years you'll still have a 10 year mortgage. Seems a sensible approach but only if you reckon on there being 2 years lost payments anyway??? Am I missing something obvious?

I don't understand what you're saying here?

The obvious would be finding a bank willing to give you an interest only mortgage & then the huge lump sum payment at the end of the term.

[Milltown Row2]

Had an interesting conversation with a fella about remortgaging in the current circumstances, he reckoned a lot of people will be extending their capital repayment (CR) mortgages over more years to ease affordability but what they should be doing is going interest only for the period you were prepared to extend it over anyway (for example) - rather than going from a 10 Yr to a 12 year CR mortgage, go for a 10 year interest only deal which is much cheaper and after 2 years you'll still have a 10 year mortgage. Seems a sensible approach but only if you reckon on there being 2 years lost payments anyway??? Am I missing something obvious?

Mate of mine has been interest only for about 10 years !! Its hard to come out off, as he's been used to the payments. He did it while kids were at college, he's one more left (she's one more year) and then he's going to try and get back on track..

I wasn't sure that interest only was available though as we thought about with the kids being away, but didnt bother..

I'd horse it on through if you can afford it. it can't stay that high for 3 or 4 years, can it? 

[imtommygunn]

The reckoning is it will level out at ~5.5%...

[Jeepers Creepers]

Had an interesting conversation with a fella about remortgaging in the current circumstances, he reckoned a lot of people will be extending their capital repayment (CR) mortgages over more years to ease affordability but what they should be doing is going interest only for the period you were prepared to extend it over anyway (for example) - rather than going from a 10 Yr to a 12 year CR mortgage, go for a 10 year interest only deal which is much cheaper and after 2 years you'll still have a 10 year mortgage. Seems a sensible approach but only if you reckon on there being 2 years lost payments anyway??? Am I missing something obvious?

Mate of mine has been interest only for about 10 years !! Its hard to come out off, as he's been used to the payments. He did it while kids were at college, he's one more left (she's one more year) and then he's going to try and get back on track..

I wasn't sure that interest only was available though as we thought about with the kids being away, but didnt bother..

I'd horse it on through if you can afford it. it can't stay that high for 3 or 4 years, can it?

He/she's s in for a shock!

[yellowcard]

Had an interesting conversation with a fella about remortgaging in the current circumstances, he reckoned a lot of people will be extending their capital repayment (CR) mortgages over more years to ease affordability but what they should be doing is going interest only for the period you were prepared to extend it over anyway (for example) - rather than going from a 10 Yr to a 12 year CR mortgage, go for a 10 year interest only mortgage and after 2 years you'll still have a 10 year mortgage. Seems a sensible approach but only if you reckon on there being 2 years lost payments anyway??? Am I missing something obvious?

That would make sense since if you remortgage then you are paying more interest on the remortgaged amount.

[nrico2006]

If the pound has got back to pre mini-budget levels, why won't mortgage rates move back accordingly?