If you’ve recently remortgaged or got a new mortgage offer - what is your rate?

[AngryBirdsNoMore]

…and what is your LTV %, as this will affect rate?

My current rate - 2% - ends in March and I’ve had the scaremongering letter from my mortgage provider telling me I should immediately remortgage with them or risk a jump to 7.99% (!!). I am following the market and keeping an eye on rates but keen to know what sort of rates others are actually locking in now.

Ah, go on. Pleeeease.

It's late so you won't get many replies but I'm in the same position so will be keeping an eye on this thread. I think the forecasters are saying there might be drops from September 2024 onwards so I might look at a no penalty tracker.

I'm going to need to remortgage next year so want to see what people are saying.

A few months ago, 4.8%. 40:60 loan to value.

5.1% but my broker told me that rates will go down to 4/4.5 by the end of 24. She doesn’t think they’ll drop much below that for years.

I was at a finance meeting about a month ago and they reckon interest rates will start to rise again in January and not change until after the election. It's a lottery though, get a broker and start getting some quotes in.

I got 4% in May for a new 5 year fix at 60/40 LTV. The same product now is 4.52%, and the remortgage equivalent is 4.72%. I've found looking at the intermediary sites helpful as you get a full table of all the rates / LTVs etc, and you can look at old rates and sort of see the shifts that have been happening.

Eg https://www.intermediary.natwest.com/intermediary-solutions/products.html#currentproducts

4.67% and my LTV is about 50/50. Locked it in a few months ago but last month was when it kicked in. My payments are up about 150pm :(

Stupid question: if you lock it in, you can still cancel it if you find something better, until it actually kicks in, right?

If I go up to 5%, which is looking likely, it’s a £400 increase. And I’m on maternity leave! Ouch.

There doesn't seem to be a huge amount between having equity and not having any these days, which surprises me.

We have been looking for 95% LTV and were quoted 5.3% for a five year fix. That was about three weeks ago.

In May when we almost bought, it was 4.89%. However, we got that down from 5.4% by the other half doing a lot of legwork and talking to FIVE brokers.

Lenders are stabbing each other in the back to get customers right now, so don't settle for anything you are not quite happy with. Tell them if someone else got you a better rate, or, for example 'another broker got me the same rate with thr same lender but with no setup fees.'

L&C are really good and quick about getting some of the best rates out there, but they won't be interested in helping you after the application is in. They also took 1k out of our account without our permission in May and then ghosted my partner. I was hopping mad that they had put a hard application in when I was not ready to flip that switch, and it would forever be on our credit report. He ended up speaking to a supervisor two days later to get our money back. The person he was dealing with wanted nothing to do with him, even though it was his mistake.

I have been using a little broker all year recommended to me ('they are really good because they build good relationships so a lot of people stay with them for life') for rates checks all year, and nothing is ever too much trouble for them. I will probably end up going with them even if the rates aren't the very top best ones, because they have never been bothered by my many small questions and have earned their commission as far as I am concerned.

The big boys will get bored with many questions and ghost you. When our application was in last year (again, L&C) it took me far too long to get answers to queries from the absolutely dreadful account manager, who seemed to know as much about mortgages as the tea lady.

7.99% is a pretty standard SVR these days, I am sorry to say.

I'm not sure. We are with co-op and basically did it online about 6 months before our rate was due to end. They sent out paperwork and we had 90 days to accept the offer. We waited until the last couple of weeks just in case rates went down which they didn't. After we signed the paperwork I'm not sure we could have changed it again.

We’re about to be first time buyers at 5.25%. It went down .5% between our AIP and full mortgage offer so hoping it goes down a bit more again before we complete

So idk how it works if you go directly to a lender, but if you use a broker, and the rates fall, they should automatically apply that fall any time that happens before the term is due to start. But make it clear to the broker that you want to go with a lender who will do this and ask them to keep an eye on it for you.

4.67% 40/60 LTV 5 year fix. Trying to decide whether to take it or hold out for a drop.

I don't think this is entirely unreasonable.

From January the government body that compiles inflation data are changing the formula for the housing component that contributes towards housing. Both mortgages and rent, iirc. If this happens (memory is a bit sketchy, sorry) there will be a HUGE spike in the % of household costs because about a third of mortgages have basically doubled.

Unfortunately that will push inflation right back up, and the BoE may be forced to raise the base rate again.

But there is also competition with the pound versus the dollar, so if they do that, and America drop their base rate (which they are talking about), it could cause a big economic fallout amongst businesses.

It's a hard one to call and it really could go either way.

Do you mind me asking how long coop took to return to you after you sent away your signed paperwork?

Hi, what was the rationale for interest rate rises? Inflation is falling.
What annoys me most is ISA rates are below the interest rate, just ridiculous!

I remortgaged 6 months ago and got 4.89% with a LTV of about 60/40.

@KievLoverTwo surely Sunak would intervene to prevent the formula change so he can say he's reduced inflation by by doing sod all.

What's the date of the BoE meeting, is it 6th?

I posted the possible reason elsewhere in the thread.

I assume what I have heard about is their rationale anyway.

One thing that is absolutely clear is economists keep screaming BOE WILL BE LOWERING RATES and the BOE are serious enough about it to issue press releases saying 'no, no, we really are not.'

Dunno. Stopped paying attention to dates as don't really intend buying in the first half of the year now.

They are already fudging the numbers. He doesn't say it on this video but it is literally impossible for housing costs to have dropped by 0.1% when remortgage costs are sky rocketing. His last two inflation videos are... Well, they lead to disappointment.

Yes this is what it was in relationship to. I work in construction and it was to do with prices for new builds etc and forecasting. Due to number of people in ops situation inflation is likely to rise and boe have to do something. Election is likely to be November so potentially 9 months of roses to come before the election and then see what changes are made.

4.9% ours dropped from about 5.3% about a month before we started our 5yr deal and the bank change it to the lower rate. You can always phone up and do a rare a check up to a few weeks before it starts. We used a broker but then I found a better rate myself and we went with them. It went down again a couple of days before, to 4.7% but I called and they said it would delay the start of our new deal and we didn’t want to go on to the SVR, so stuck with 4.9%.

Thank you for all the comments so far on recent rates people have obtained.

I need a new broker really - mine has just retired, in his 80s…

Depends how savvy you are, you don’t need a broker if you are willing to spend a few hours looking to through websites / comparisons etc.

We got 3.91% with 50% LTV bracket (thanks to the house prices increasing). This was our current lender and locked in 4.15% feb 23 rates decreased slightly to 3.91% around April so I kept checking cancelling re securing the lower rate. Mortgage went through Aug 23.

I kept checking comparison websites to make sure it was the best deal. We did secure a mortgage with a different bank through a broker too but let that lapse. This was oct 22 incase the rates increased again we had the option of paying our ERC to secure a lower rate early 23.