Re-mortgage now or wait?
Discussion
z4RRSchris said:
yeh. the bung to the agent to give your details to a mortgage broker. the mortgage brokers pay about 20% of the fee.
I think you have this confused.The mortgage broker would only be able to pay a split of the fee to the estate agent business. How much of that the business pays to the estate agent employee would vary but I doubt it is huge. An agency that pays 10% of the house sale fee to the employee would not pass on 100% of the procuration fee.
It sounds very bad when you call it a bung for giving your details to the broker.
GDPR and business etiquette dictates that the agent would only pass on the details if the customer wanted that to happen and the broker would not want to waste their time talking to people who did not want their help.
getting back on track, I decided not to renew in the chaos and wait it out. Currently being offered a fix 3.98% for 5yrs. Wondering where that sits in the ball park of other people/deals people have been seeing?
The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
bobski1 said:
getting back on track, I decided not to renew in the chaos and wait it out. Currently being offered a fix 3.98% for 5yrs. Wondering where that sits in the ball park of other people/deals people have been seeing?
The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
I'm in the exact same situation. Best rate is 7yr fixed at 3.99% but not sure I'd want to fix for that long. Watching here with interest (or hopefully minimizing interest The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
)bobski1 said:
getting back on track, I decided not to renew in the chaos and wait it out. Currently being offered a fix 3.98% for 5yrs. Wondering where that sits in the ball park of other people/deals people have been seeing?
The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
we got a 3 year fixed at 4.11% with HSBC - that was the Saturday 25th Feb. I couldn't face a 5+ year agreement with the way it all is now... seems general understanding is it will 'settle' at 2.5-3% in a year or two.. but that is based on nothing else other than opinion from the brokers i'm dealing with.The fix for 2yrs was more expensive as was the 2yr tracker. The 5yr makes sense only if the rates level, if the base rate drops slightly, which the broker was hinting at, it could be more expensive but less risk given how quickly events unfolded last year.
Well, Platform came through with their [3.71% / 5 year fix / £1249 fee] product switch offer, received today, so that's good. There was some ambiguity about when the start date is - like, if it's before the current fix ends, that would incur ERCs - but a quick call and they tell me they handle that.
Question.
Can the lender (Halifax) withdraw or cancel the product they have offered to me? - 4.18%, 5 yr fixed?
I have the offer letter, but am not due to complete remortage until late May 2023.
The signed Mortgage Deed is with their appointed solicitors currently.
Obviously I am suspicious that with a base rate rise they might see their offer/decision as not profitable, and welsh on the deal.
Can the lender (Halifax) withdraw or cancel the product they have offered to me? - 4.18%, 5 yr fixed?
I have the offer letter, but am not due to complete remortage until late May 2023.
The signed Mortgage Deed is with their appointed solicitors currently.
Obviously I am suspicious that with a base rate rise they might see their offer/decision as not profitable, and welsh on the deal.
Every 0.25 rise in the interest rate is another £50 a month to us.
Been a lot of those since the beginning of 2022.
IO tracker 1.0% above BoE. Gone from £200 a month to now nearly £1000.
It's in an offset account and luckily there is some inheritance money in there keeping the payments manageable......just.
Been a lot of those since the beginning of 2022.
IO tracker 1.0% above BoE. Gone from £200 a month to now nearly £1000.
It's in an offset account and luckily there is some inheritance money in there keeping the payments manageable......just.
The_Doc said:
Question.
Can the lender (Halifax) withdraw or cancel the product they have offered to me? - 4.18%, 5 yr fixed?
I have the offer letter, but am not due to complete remortage until late May 2023.
The signed Mortgage Deed is with their appointed solicitors currently.
Obviously I am suspicious that with a base rate rise they might see their offer/decision as not profitable, and welsh on the deal.
Any lender can withdraw or cancel any offer they've made, at anytime, if they see fit.Can the lender (Halifax) withdraw or cancel the product they have offered to me? - 4.18%, 5 yr fixed?
I have the offer letter, but am not due to complete remortage until late May 2023.
The signed Mortgage Deed is with their appointed solicitors currently.
Obviously I am suspicious that with a base rate rise they might see their offer/decision as not profitable, and welsh on the deal.
It's only an "Offer" from them........it's nothing legally binding.........you are free to take it up and decline it, and so are they......
The_Doc said:
Are lenders pulling rates in response to the base rate rise today?
Have you seen an effect in fixed rates?
It's too soon but it will come in the coming days.......Have you seen an effect in fixed rates?
We had this from a lender today;
"I wanted to make you aware that our current rates are unlikely to be around for long, this is because of the freshly released inflation numbers and the spike in swap rates yesterday (+30bps) and we haven’t even got to the BOE base rate announcement yet.
These products are proving very popular so unfortunately once they are gone, they are gone. We would normally like to provide an official 48 hour notice but the perfect storm we find ourselves in means we just don’t have this luxury."
When a mortgage product is offered , my understanding is that the rate offered is based on a fixed tranche of funding that that lender has and is then earmarked for that product for a specific period of time.
I've never heard of a mortgage offer being withdrawn because there has been a spike in the swap rates or the market has moved - all the fundamentals are in place at the time the mortgage is offered to fund that offer. The fact the market might have moved and future mortgages are going to be funded from a different tranche of funding makes no difference to historic offers which might have been at a lower rate.
That's my understanding anyway. I'd have been totally snookered a year ago if Santander had done a u turn on my 0.99pc 5 year deal which was offered in October 2021 and completed at march end 2022 (1 day before it expired and would have been repriced at that point).
I've never heard of a mortgage offer being withdrawn because there has been a spike in the swap rates or the market has moved - all the fundamentals are in place at the time the mortgage is offered to fund that offer. The fact the market might have moved and future mortgages are going to be funded from a different tranche of funding makes no difference to historic offers which might have been at a lower rate.
That's my understanding anyway. I'd have been totally snookered a year ago if Santander had done a u turn on my 0.99pc 5 year deal which was offered in October 2021 and completed at march end 2022 (1 day before it expired and would have been repriced at that point).
Gassing Station | Finance | Top of Page | What's New | My Stuff