Remortgage advice

[bennydorano]

I locked in last November time to a 3 year deal that is the SVR - 3.45% (long term customer with the Progressive), I had an option to take a fixed rate but I thought rates would start to come down this year and over the 3 years I'd be better off, gonna get humped over the 3 years now by the looks of it.

[Wildweasel74]

Does anybody know what the current fixed rated Ulster bank (Natwest) seem to be difficult to bring up on their site?

[Wildweasel74]

When will they start to admit Brexit fucked up the UK National economy.

[tbrick18]

Yeah it's one thing saving up the deposit for a house never mind what comes along with it once you do get the house.

It's a tough choice tbrick18 I'd maybe be leaning towards the 2 year as there may be some kind of government intervention. Maybe Labour will promise to do something in the next general election.

I've instructed my broker to try to lock in the 2yr fixed rate he quoted me for last week. If it's still available I'll be jumping from 1.62% to 4.9%. That's just over 3 times the interest rate.
I see some calls to raise the BOE base rate to 5% tomorrow. I'm just hoping I can still get the 4.9.

The vast majority of us, I think, are on fixed incomes. With the cost of living rises and mortgage increases, how are people meant to survive?
Outgoings in my house on things like groceries, have more than doubled in a year. This is going to be another sizeable chunk going out.

The only people the increased interest rate serve are those 5% really high earners.
The rest of us suffer.

How are the interest rate hikes serving the high earners?

High earners can afford to save, increased interest rates means they earn more off savings.

[J70]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

[Saffrongael]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

2-5 year fixed would be the the norm

[RedHand88]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

Yes, Ive read they are typically much longer in America. One of the tactics talked about for getting out of this unpredictability is to offer long term mortgages like the states.

[clarshack]

I still have 3 years left on my 5 year fixed and I don't think that will be enough time for the whole thing to turn around tbh. I would have went with a 10 year fixed as the rates were super low at the time but converting from a Danske Bank self build loan to mortgage they only offered 5 years max.
It looks like there is going to be a bit of pain for some folk over the next number of years.

[dec]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

2-5 year fixed would be the the norm

When you say 2-5 year fixed I assume that does NOT mean you have paid it off in 2-5 years. Assuming you don't do anything at the end of the 5 years what happens?

[Saffrongael]

Most of you lads who are commenting seem to be on very short term mortgages.

Is that the norm in Ireland?

2-5 year fixed would be the the norm

When you say 2-5 year fixed I assume that does NOT mean you have paid it off in 2-5 years. Assuming you don't do anything at the end of the 5 years what happens?

No you just get a fixed interest rate for 2- 5 years usually & then most people "go again" & fix for another few years. The problem now is people who are coming to the end of a deal that was probably 2-3% interest rate will probably have an interest rate double that

[trueblue1234]

I still have 3 years left on my 5 year fixed and I don't think that will be enough time for the whole thing to turn around tbh. I would have went with a 10 year fixed as the rates were super low at the time but converting from a Danske Bank self build loan to mortgage they only offered 5 years max.
It looks like there is going to be a bit of pain for some folk over the next number of years.

When we were remortgaging earlier this year the 5 year rate was better than the 2 year rate. Which suggested they felt the increases were close to the top now and trying to get people signed into the 5 years when rates were high.

[seafoid]

The yield curve is arseways because of inflation. Short term rates are higher than 5 year.  5 year is more logical until inflation is destroyed.

[marty34]

A lot of people on interest only mortgages also.

[clarshack]

When will they start to admit Brexit fucked up the UK National economy.

Lockdowns and Furlough have to be a factor in this as well?

[imtommygunn]

Yeah but brexit has been a massive issue... every other economy took the hit of those things so why is it the uk economy that has went so south?