What’s your mortgage interest rate?

[Howworriedarewe]

Our rate goes up next year, we have the option of choosing the new rate now. It will go up by 0.5%, meaning an extra £85/mknth. That is not an insignigicant amount for us, but it seems like perhaps a good rate if we can hold it for a number of years. What is your current mortgage rate?

4.38% fixed for 5 years in 2023. Dreading the next one. God knows what rates will be by 2028.

@HowworriedareweI think you’re right. In all honesty the <2% rates that have been around over recent years were unprecedented. Crazy low.

I know people remember the horrendous time of when they went up to 15% (and believe me it was grim) but I think what’s less well remembered is that anything between about 7 and 11% was absolutely the norm for decades.

Our mortgage literally doubled 3 years ago. £550 was affordable, £1100 has been more difficult. It's 4.5% now.

We fixed back in January at 3.78% for five years. We had previously been on 1.64% so we ummed and ahhed about it but are very glad we locked that rate in when we did. I think the days of super low interest rates are over (at least for a long while.) The rates of 4 and 5% were seeing now are much more usual.

4.85% fixed for 5 years. Term ends Nov 2028.

OP, only you know your situation but if I was in a house that I had no plans to leave, I personally would be tempted to fix at 4.2 for 10 years. But I think it would be nice to know what we’d pay for that long with no stress of remortgaging.

Im actually more curious to know how long people have left on their mortgages and what they owe 😆 I’m nosey. We have £90k to pay and are currently making overpayments BUT I hate our house. Desperately want to
move but would probably need to double our mortgage to get something big enough for us and we are mid 40s so feel like we need to pay it off sooner rather than later….

I’m not a financial whiz but I’d have thought if you could get say 4% return on investing the money it might be better than paying down a mortgage that’s at a much lower rate?

2.7% until 2032

@calishire We only bought in 2023 so loads left to pay. We are a bit meh about the house, it has its pluses and minuses (reasonable location and excellent transit connections, older house with some charm but needs quite a bit of refurb and some modernisation...) We made a reasonable down payment but still have £250k to pay 😥It was our first step on the property ladder and we felt at our ages it was now or never. So we took the leap.

I would love to do some refurbs and sell it in 10 or so years when the DC are a bit bigger and perhaps off on their own. It feels wild to set 4.5% for ten years, but when I see friends abroad (US, Canada, EU) with interest rates in the 6-8% range I feel lucky to have the option for 4.5%! We also bought below our means so hopefully if our incomes increase (or if they at least keep up with inflation!) the payments will be a smaller part of our annual income.

Just fixed at 4.87%, starting next month, for two years.

4.59, which we were sure would come down when we remortgaged in Jan but then the Orange Twat happened. We've secured 4.97 to start next year - it's a 3 year fix.

DM talked me out of paying the ERC in Feb this year and fixing at 3.67 for 5 years. I'll forgive her eventually....

Just came out of a 5 year fix at 1.05%

Exactly! Remember the 15% years well, but average over the last 50 years is probably around 6%.

I wonder why the cut off for LTV is always 60%. Surely 50/40/30% is less risk and deserves a lower rate as well?

3.99% from June 2024 until June 2029. It felt high at the time, I think we were on 2%-ish before but now I wish we had gone for the 10yr fix!

My five year fix at 1.75% is coming to an end in January. I’ve just agreed another five year fix at 5.29%. Thankfully - barring a disaster - the mortgage will be paid off at the end of that term. I’ll be in my sixties by then and frankly cannot wait.

The bank cares about whether it can recover its full debt in a distressed sale. Below a certain % LTV, it almost certainly can, so lower LTVs don't reduce the already low risk by much.

4.11 fixed until 31 Jan 2030.

in theory I could pay the mortgage off now because I have a similar amount as the mortgage in a bank account at a savings rate of 4.5%.

when the renewal comes up I plan to look for an offset mortgage and offset 100% of the mortgage debt.

I only have a mortgage equivalent lump sum due to bereavement and it’s the only time I’ll ever have a lump sum like that so thinking this is the best plan for now.

Our mortgage LTV is 33.6%. It will be at 28% by the time the fixed term is here

2% since 2022. Ends next year and just clearing the balance instead of remortgaging. Then selling so I can rent for a while!

Fixed in late 2022 (thanks Liz Truss) at 4.5% for 10 years. Had been on an ancient low base rate and left it too late to get a lower rate earlier that year so scrambled and paid half of it off then fixed the rest. I try not to think about how close we came to a 2% fix earlier that year; decided to view it as the cost of doing business as it were. But the extra amount of interest we’ll end up paying pisses me off.

I just googled and the average over the last 50 years is actually more between 8 and 9 %. When you think how that average will have been skewed by the exceptionally low rates of recent years, it makes you realise how high rates were throughout the 70/80/90s

4.81% for 5 years just come out 5 years fixed at 1.22% and we have a lot of equity.
check the early repayment terms on 10 years often steep if need to move. 10 years is a long time though hindsight we should have done ir!

4.25% 5 year fix taken out in 2023 so has 2 years left at that rate

You could lock in a rate now and then keep an eye on rates before your renewal date in case they go down. If they do go down you can ditch and switch If they dont then you have locked in as good a rate as you could

2.3% which is up next summer. We are overpaying by £900 a month anyway so the extra will just reduce the overpayments.

4%, remortgaged 2 years ago and have 3 years left in this rate

2.69. Not looking forward to the remortgage next year. We had luckily not long fixed when Liz Truss happened. So avoided the rises until now.

Good thing is there’s will be just over £42k left. We’ve overpaid it. Yes i know the arguments about savings v overpaying and it may not make as much sense financially. ( we also have savings)

I saw a parent lose a home and struggle renting. The security as we are getting older and bought later is very important to me and we want the mortgage paid before we retire. But now we’ve less mortgage so at least the rates increase won’t make it unmanageable.