To ask questions you have about the mortgage market?

[ineeduourhelp]

I'm NOT a journalist, but I am putting together a blog on frequently asked questions about the mortgage market and what people want to know with all the madness currently happening.

Happy to also answer the questions you ask here but what would you want to know in relation to your own mortgage right now?

NC for this to keep it anonymous

Posting for traffic too btw as other areas of the site don't se to attract as many responses!

I would like to know what to do if on standard variable rate because don't want to be tied in because moving plans. But don't want to fix and caught with repayment charge. Thinking of moving in 12/18 months. No idea what to do

This is a long shot, but.. are you able to do any modelling on how much mortgage rates are likely to rise (or change in either direction!) by?

Sorry - no idea if that’s even in the remit of your job!

I’d just be curious about that, as I’m hoping to buy in the next couple of years, but with pretty big caveats - a) if prices settle a bit, and b) if mortgage rates settle or fall. I can’t afford current mortgage rates, so would be interested to know if any predictions are being done on future rates.

@Nadal I would ensure you are on the best option - some fixed deals can have no early penalties but majority do. Even if you do not go into a fixed deal ensuring you are on the best variable rate is also worth shopping around for

I would fix for 2yrs we did the same. Got a good rate of 3%. We’ve reduced the term by 5yrs to pay off as much as we can in the next two years whilst we find what we want. It takes ages to move as you can see from threads on here, so 2yrs looked good for us, well put our house on the market in 14m and go from there, hoping to complete by the time the 2yr fix ends, but a month or so on the variable would be doable.

@TheCatsPyjamas1 really good question! Bank of England base rate is predicted to rise to 5.5 - 6 percent but banks have remodelled their fixed rates recently to take this into account so while I do think they'll rise a little more I think most rates currently are priced to take all this into account so I don't think (or hope!) there will be any further dramatic increases I believe they'll be subtle.

But of course I don't have a crystal ball!!

I'm a finance blogger btw

@Nadal you can usually port across a fixed rate mortgage to a new property which doesn't trigger early repayment charges

@SummerSazz and @Nadal that's correct about porting but it's very limited.

If you need to borrow more money to make the move happen and the existing lender says no, you'll likely have hefty fees to pay so arguable it's better to keep things flexible. But of course this really need looking at specific to your situation because it depends how much your mortgage is, what variable vs fixed rate options look like based on your situation.

Impossible to answer on an open forum, sorry!

Ahh that’s really helpful - thanks @ineeduourhelp! Good luck with your blog, and feel free to post a link here to it when you publish your post - I’d be very interested to read it!

@TheCatsPyjamas1 thank you so much! And thanks for the question 👍

@ineeduourhelp thanks. It's a tricky one Definitely link your blog to the thread. Would be interested to read.