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mortgage rates

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Does anyone know what is likely to happen with the base mortgage rates over the next year or so? my current rate finishes in the next couple of months (so I guess its likely my payments will come dow… Read More
hassony Avatar
7y, 9m agoPosted 7 years, 9 months ago
Does anyone know what is likely to happen with the base mortgage rates over the next year or so?
my current rate finishes in the next couple of months (so I guess its likely my payments will come down :-) ) but is it better to fix it soon, or is the base rate likely to stay low for the next 2-3 years?
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hassony Avatar
7y, 9m agoPosted 7 years, 9 months ago
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#1
Only my opinion, but mid-2010 they will start to creep upwards.
#2
I'm thinking early 2010 but again this is just personal opinion. I've just fixed mine for 5 years.

edit - loads of mortgage discussions going on here

http://forums.moneysavingexpert.com/forumdisplay.html?f=15
#3
fix it....base rates can only go one way now
#4
thats what I thought, but according to a gurdian report I read, the base is likely to stay what it is until at least 2013, when the current chairman retires!

http://www.guardian.co.uk/business/2009/aug/19/interest-rates-bank-money
#5
My friend is a money markets dealer at Abbey & he is not expecting rates to go up at an alarming rate next year. However, base rates can only go up from their current levels, in turn u can only hope that the difference in the base rate & the lending rate (i.e. the rate at which banks lend to the public) becomes smaller, i.e. 1 1/2%-2% above the base rate, hence more competitive mortgages being offered by the banks.
I'm a stock trader & I do see rates creeping up next year, but again, not at an alarming rate (unless we hv some kinda financial armageddon!!!!)
#6
Abz
fix it....base rates can only go one way now


but they can stay as they are for a while yet!
#7
sajsaleem
My friend is a money markets dealer at Abbey & he is not expecting rates to go up at an alarming rate next year. However, base rates can only go up from their current levels, in turn u can only hope that the difference in the base rate & the lending rate (i.e. the rate at which banks lend to the public) becomes smaller, i.e. 1 1/2%-2% above the base rate, hence more competitive mortgages being offered by the banks.
I'm a stock trader & I do see rates creeping up next year, but again, not at an alarming rate (unless we hv some kinda financial armageddon!!!!)


Again? Soon Mortgage companies will be paying us, not the other way round.
#8
I locked into a 5yr fixed in July 08. My redemtion atm is about £13000 so not worth considering moving. If only I had waited a month or so. :x
#9
hassony
but they can stay as they are for a while yet!


So by fixing it you have nothing to lose:thumbsup:
#10
Abz
So by fixing it you have nothing to lose:thumbsup:


Potentially there is a lot to lose. If you fix now, you will lkely get a rate of about 5.75% on a 5yr. Compare that to 1.5% above Base Rate and there is a significant reason NOT to fix at the mo. The question is WHEN to fix, and I think mid-2010 is probably the time as rates will rise slightly, and mortgage companies will get nervous about fixed rates. I cn see 5yr fixed next summer around 6-6.5% for a 3 or 5yr deal.
#11
.......just from experience, I never hv or wld, lock myself into a 5 yr product. 2 or 3 years wld be my max (especially now and at the speed the markets/economy change)
#12
kyalion
Potentially there is a lot to lose. If you fix now, you will lkely get a rate of about 5.75% on a 5yr. Compare that to 1.5% above Base Rate and there is a significant reason NOT to fix at the mo. The question is WHEN to fix, and I think mid-2010 is probably the time as rates will rise slightly, and mortgage companies will get nervous about fixed rates. I cn see 5yr fixed next summer around 6-6.5% for a 3 or 5yr deal.


I'm in the process of getting a fixed mortgage for 2 years with an interest rate of 4.79%, which im quite happy with!
#13
.......just from experience, I never hv or wld, lock myself into a 5 yr product. 2 or 3 years wld be my max (especially now and at the speed the markets/economy change)


I have personal reasons for fixing for 5 years - my mortgage is my biggest outgoing and I need to know it will be the same for the next 5 years in order for my master plan to work!
#14
worto03
I have personal reasons for fixing for 5 years - my mortgage is my biggest outgoing and I need to know it will be the same for the next 5 years in order for my master plan to work!


Likewise, but I was also fed up with @£1500 set up fees every 2yrs. This equated to about another 1% on the interest charge. My 5yr was only £650 set up.

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