Current mortgage rates

[Decafflatteplease]

Can anyone whose recently changed their mortgage eg their fix has ended give me an idea of that sort of rate they are offering now?

Ours is up for renewal in the summer which I know is quite a while away but I'd like some sort of idea of how much extra we are going to be paying each month and I need to see if we can afford it or if I need to get a job which will be impossible as I'm already a full time carer for DC.

We tried ringing our provider but they literally wont talk to us until it's within 12 weeks of the old one finishing.

I've heard talk of 6-8% by summer 2023. We currently are on 2.8 or 2.9.

Anyone got a crystal ball 🤣

Thanks

Have a look at comparethemarket. When i renewed a few weeks ago, the rates on there were the same as those my lender was offering.

It obviously won't tell you what they'll be in summer but will give you an idea. Also maybe use a interest rate calculator and add on 2/3‰ to what is available now. It might help with what they could be in summer

Search "mortgage rates" and use an online calculator to get an idea of your repayments and rate based on your house value/equity.

As pp said, the Compare the Market one is great.

I checked last night and being offered around 4.8%, that's at around 55% LTV so may be different if you LTV is higher.

Our fix expires in Feb and really hoping it won't have gone up too much by then.

Work it out for 6%. You can use a calculator on money saving expert to calculate your repayments.

No one has a crystal ball but we can track historical averages. Rates are still historically low and in a time of high inflation are very likely to rise higher (even more so if the government keep printing money as they are doing).

Here is a chart of rates from 1985 until earlier this year.

I locked in at 4.54% for 5 years could lock in 6 months before nationwide

Organised mother makes a v good point, many lenders will let you book the rate 3-6 months before your current fix ends. You aren't tied in with many if you decide when the time comes the rate isn't one you want.

Your current lender might not let you book a new fix until 3 months before the end of your current one, but plenty of other lenders will let you book something 6 months before the of your current fix. If you're changing lenders you will have to go through their affordability assessments again though.

We fixed in April at 2.2% for 5 years but completed the re mortgage process in October (long story). We're currently paying £920/month. I had a look at one of the comparison sites and plugged in the same term, borrowed amount, same years fixed etc etc and we were looking at 5%ish at about £1,300 a month.

Thanks all that's really helpful. I've looked at compare the market and it's saying about the same price, some where actually lower but they can't be right surely?

Also sorry forgot to add, really need an edit button, it says how much is your home worth ao I typed on our postcode and clicked our address and it gave a price but I think it's worth less than than as It needs alot of work eg new kitchen new bathroom new windows etc so do I put in the valuation given or lower it. If I lower it we get fewer offers and they are alot higher.