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Original poster

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

39 replies

AngryBirdsNoMore · 28/12/2023 23:25

…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.

OP posts:
Floopani · 29/12/2023 09:05

KievLoverTwo · 29/12/2023 00:02

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.

We just got 5.1%, was about to request a rate check which would have taken it down to 4.8% but suddenly our house purchase sped up and didn't want to risk losing the house.

Agree with @KievLoverTwo on L&C though, I wouldn't use them again. They were quick on getting rates, but incredibly pushy on getting something signed and no help when it came to liasing with mortgage provider. The account manager wasn't very knowledgeable, they just run the figures in the system and push whatever provider comes out cheapest on that day rather than whatever one is best for you. They got a bit shitty too when I said I didn't want to go with the suggested provider (bad experience with them in the past).

Charcol · 29/12/2023 10:08

70% LTV..... we got 4.1%. Started in Nov... but secured it back in june.

neverclockwatching · 29/12/2023 11:53

We use London and Country as brokers
They are really good
We just locked in 4.75 for June but can change if they go lower
We own approx 70% of the house
It's still a massive jump but not so bad as childcare is ending for us

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neverclockwatching · 29/12/2023 11:55

Seen other people have had a bad experience with L and C. We have used them for years and no issues

WhosBob · 29/12/2023 12:24

45% LTV
4.64% with Nationwide

RubySundayy · 29/12/2023 12:29

We bought in August. 4.17%, 75% LTV with First Direct.

Torchdino · 29/12/2023 12:33

4.2%- our fixed rate ended last month and so just stayed with the same lender and went for the 4.2 for 5 years. Risky as rates might fall, but honestly I find it less stressful to know where we stand.

DocOck · 29/12/2023 12:37

4.9% last week, 15/85 LTV. 5 year fixed as I need the certainty of what I am paying over the next few years. Broker was able to get a lower rate with my existing lender than the existing lender would offer me. Go figure.

Original poster
AngryBirdsNoMore · 29/12/2023 19:19

So it looks like 4% is the rate to beat to feel pleased with a mortgage. Ouch.

Please do keep experiences coming, it is really very helpful.

FWIW, my LTV will be a bit under 40/60 - depending on how the valuation goes, house prices have been doing some very strange things too, of course. We need to upsize in the next few years - this place is really too small for a family of four although it was perfect for a family of two - but that may need to be put on hold for a few years!

OP posts:
Original poster
AngryBirdsNoMore · 29/12/2023 19:22

WhosBob · 29/12/2023 12:24

45% LTV
4.64% with Nationwide

My last two mortgages have been with Nationwide. I’ve no complaints, anf this is a reassuring rate I guess.

OP posts:
DocOck · 30/12/2023 10:20

I feel okay at anything with a 4 in front of it which seems 'normal'. What everyone forgets is how abnormal the rates were. 4.2% is what my first mortgage was in 2002 and we didn't blink an eye at that.

Torchdino · 30/12/2023 10:54

DocOck · 30/12/2023 10:20

I feel okay at anything with a 4 in front of it which seems 'normal'. What everyone forgets is how abnormal the rates were. 4.2% is what my first mortgage was in 2002 and we didn't blink an eye at that.

Our previous fix was 2.7% so for sure we paid above the actual rates (but wanted the stability), its biting more for those who thought 1% or whatever it was would stay the same for the next few decades which was never going to be the case. Our advisor did say this and you'd hope others were given the same reality that it would likely go up- went up a bit too far though, I suspect high 3s is the very lowest we will see again.

user1471538283 · 30/12/2023 11:21

Mine is 4.2 fixed for 5 years last May which was a really good deal at the time. 60/40.

L&C were brilliant for me and found the cheapest and best option as I wanted security rather than a tracker.

The rates have been kept artificially low. My first mortgage 20 years ago was 4.0.

NextPrimeMinister · 30/12/2023 11:22

In 2004 I was paying 5.8% and that was classed as a great rate. So interesting to see how people got used to much lower rates.

L&C did all my remortgages and would recommend them.

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