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[Finance] The Mortgage Market 2022



Uncle Spielberg

Well-known member
Jul 6, 2003
42,992
Lancing
My clients saved £ 11250 today they were expecting to pay as of yesterday, near exchange and completion
 




zefarelly

Well-known member
NSC Patron
Jul 7, 2003
22,251
Sussex, by the sea
My Lil Bro (and I ) are waiting . . .waiting . .for probate . . . . Painful . . . All of a sudden its a moving target. I just hope he gets his deal over the line before it all goes tits up

Today is going to bite back hard at some point IMO.
 






Uncle Spielberg

Well-known member
Jul 6, 2003
42,992
Lancing




Weststander

Well-known member
NSC Patron
Aug 25, 2011
66,198
Withdean area
I bought a house 2 weeks ago. Even more reason to hate the Tories!
The independent Bank Of England raised interest rates, they say to control inflation. This is running rampant throughout the world due to pandemic-created supply issues and Putin. US mortgage rates have now hit 7%, for the very same reasons, as The Fed also tries to tackle inflation.
 


Uncle Spielberg

Well-known member
Jul 6, 2003
42,992
Lancing
2-5 year fixed rates now going over 6 percent and to think I arranged a few 5 year fixed rates on here in January at 1 - 1.5%
 


Dick Swiveller

Well-known member
Sep 9, 2011
9,253
My Lil Bro (and I ) are waiting . . .waiting . .for probate . . . . Painful . . . All of a sudden its a moving target. I just hope he gets his deal over the line before it all goes tits up

Today is going to bite back hard at some point IMO.
My sister is the same - the bottom of the chain is waiting for probate. She has her offer extended until mid November but I doubt they will extend it again.
 




mejonaNO12 aka riskit

Well-known member
Dec 4, 2003
21,637
England
I've got 3 mortgages with the lovely fixes ending 25,26 and 27 respectively.

No worries on my part about interest rates thankfully but I'm really looking at this to be the time to actually be a grown up and start actively overpaying my mortgages every month rather than attempt to 'save' any excess I may have in an account which rewards me with nout. Just feel like I need to get them in the best place possible for when renewal comes (obvs have no idea what rates will be then, but this has been a real reality check)
 


papajaff

Well-known member
Aug 7, 2005
3,998
Brighton
Good morning all.
I need to post this because I also cannot recommend Uncle Spielberg highly enough. Honestly, I would never use anyone else now and would urge the good people of NSC to use his services and for you to recommend to friends and family.

I have just this week completed on my new property almost 6 months after putting the offer in. Far too long. US pushed and pushed and never gave up on me and secured the original interest rate for me.

Even when I believed the exchange and completion would not happen in time, US was then looking for other mortgages for me. Above and beyond is what we call it.

He made it pain free, easy and seamless for me so please, look no further than him should the need arise. You will not regret it.
 


nicko31

Well-known member
Jan 7, 2010
17,978
Gods country fortnightly
Rates up to 3%

The question is now, to fix or not to fix?
 






Is it PotG?

Thrifty non-licker
Feb 20, 2017
24,248
Sussex by the Sea
US rate rise, I blame the Tories.

USA.jpg
 


Another happy new US customer thanks to this thread.

We were on Barclays SVR at 3.49% over BOE base rate and wanted to get a lower rate/fix before the rates went up again.

Contacted Gareth in September and he quickly gave us multiple options when the market was in chaos and deals were being pulled.

We managed to get a rate switch with our existing lender and have fixed until end of Jan 2025 at 3.53%, so actually reducing our mortgage payments.

Hoping to use the saving to make some overpayments and be in a better position. Hopefully the rates will settle down in the next 18 months.

Would definitely recommend Gareth to any NSCers looking to mortgage/remortgage etc. (y)
 




Bold Seagull

strong and stable with me, or...
Mar 18, 2010
30,046
Hove
What is interesting about this is both the US and UK has seen an increasing of the gap between the poorest and wealthiest in the economy leaving them both fragile to a cost of living crisis. Economies that have a more progressive approach to narrowing the gap ride pressures on the economy better, because the poorest maintain a standard of living that keeps the economy going - trickle up economics if you like.

So you can still blame the Tories, in this instance the US doesn't get them off the hook...

 


Lenny Rider

Well-known member
Sep 15, 2010
5,645
As an old git, whose race is effectively run, can I ask the question to the NSC massive, on how is this situation going to pan out?

I bought my first house in 1992, 3 bedroom mid terrace in a nice part of Worthing (most of it is) for £48,500 when I was earning £14,000 PA, those houses now go for between £375/400k but wages clearly havent moved at the same rate.

Will we end up a nation of predominantly 'renters' with large numbers of landlords owning hundreds possibly thousands of properties, or is there still a yet unrolled out policy of whatever government to let the young people of this country have the opprinuty to own their own, affordable, homes?

Apparently, and no doubt I will be corrected if wrong, both Brighton and Hove and Worthing are two of the top provincal towns and cities were the average property price has the biggest percentage gap from the average wage.
 




nicko31

Well-known member
Jan 7, 2010
17,978
Gods country fortnightly
BOE indicated today that they expect interest to peak at 4.5% next autumn, less than the 6% widely assumed last month.
We still have a Labour shortage which is helping make inflation embedded. Who knows where things will peak, 4.5% base is already priced into 5 year fixes.

Mortgages deals of 2's and 3's are now ancient history. Affordability back to the early 90's for first time buyers.
 




Tom Hark Preston Park

Will Post For Cash
Jul 6, 2003
71,185
As an old git, whose race is effectively run, can I ask the question to the NSC massive, on how is this situation going to pan out?

I bought my first house in 1992, 3 bedroom mid terrace in a nice part of Worthing (most of it is) for £48,500 when I was earning £14,000 PA, those houses now go for between £375/400k but wages clearly havent moved at the same rate.

Will we end up a nation of predominantly 'renters' with large numbers of landlords owning hundreds possibly thousands of properties, or is there still a yet unrolled out policy of whatever government to let the young people of this country have the opprinuty to own their own, affordable, homes?

Apparently, and no doubt I will be corrected if wrong, both Brighton and Hove and Worthing are two of the top provincal towns and cities were the average property price has the biggest percentage gap from the average wage.
Terrible time financially for anybody born / brought up in this neck of the woods. Or most other necks of other woods really. How on earth do you avoid being priced out of your own town other than continuing to live in your childhood bedroom well into middle age or being forced to join forces with complete strangers in an HMO to pay eye-watering levels of rent to pay off your landlord's mortgage? And all this while job security constantly erodes and food and energy suppliers all demand their pound of flesh. At what point does it all reach breaking point? What a shit state of affairs
 


sparkie

Well-known member
Jul 17, 2003
12,828
Hove
Rates up to 3%

The question is now, to fix or not to fix?
If it were me, I wouldn't fix after this higher rate rise ( I suppose you could always re-fix though if rates come down ? ). My view is the fixing boat has sailed and the time to fix has gone.

It seems inflation is on the way down so rate cuts may follow that anyway ?

 
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