What remortgage rate have you manged to lock in recently?

[ABigBlueWhale]

Our wonderful 1.29% 5 year fixed rate is due to end in August, the date that was 6 months before this is literally 2 days before the Iran war started.

It took me a few days to realise I had to start a mad scramble for a deal before rates shot up. Talking to our current lender, they only allow you to lock in a new rate 3 months before the end of your current deal which is June.

So I quickly realised we would probably have to go through faff of a proper remortgage with a new bank.
I found a 3.89% 5yr fix deal with Barclays on a Friday almost 2 weeks ago, but in the few days it took to get payslips etc together to do the initial application, that rate had been pulled and the next best was Santander at 4.08% for 5yrs so I started the application with them which has been now approved - but which I see has now jumped to 4.58%!

Just wondering what remortgage rates anyone else has manged to grab in the last few weeks of madness?

4.2% for 2 year fix. It will increase our monthly payments by what we sort of predicted it would. Hopefully in 2 years time we will live in a lovely stable world , yeh right!

Our cheap rate ends of of May. We managed to lock in 4.04% for 2 years with no arrangement fee. Could have got 3.80% , I think, but there was a £1495 fee. I have noticed our 4.04% now comes with a fee and no fee was 4.29%

3.92% for a 5 year fix with Halifax, but it went up the next day to I think 4.18%, so we were lucky.

Sorry I forgot to add that our arrangement fee was £999!

So torn over 2yr vs 5yr fix. I went for 5yr as I am starting to think rates will take an age to go back down.

In the same boat, our 1.26% fixed 5 year finishes in September. Just to make matters more awkward I’m in the process of taking ill health retirement 😵‍💫 … I can’t stress about the mortgage at
the moment til my retirement is locked in

3.81%
Had a 3.86, got it down quickly now same deal is 4.24%!

3.7% a couple months ago. Only two years as I have the mortgage in two parts and want to remortgage into one, and that’ll be the shortest time on SVR between the two. Or I might be able to pay the small one off.

4.1 for 2 years fixed. Then we sell and downsize to be mortgage free. Cant bloody wait.

4.03%, purchased in January and fixed for 5 years - I think the fallout from the war will be significant for years to come unfortunately.

3.89% two weeks ago for a 5 yr fix, thankfully with our current mortgage provider so the application was quick and easy via their app. That deal was pulled a couple of days later and there was nothing under 4%. There was an application fee of £1499 for it though.

4.19% 5 year just 2 weeks ago, product transfer, 999 fee, 60% ltv

4.08% for a 5yr fixed. Was on 1.3%
Stayed with the same provider so no fees.

What?? Surely there was a still an arrangement fee for a 5yr fix even if you are staying with the same bank? I'm sure I paid one last time? What provider is this?

3.67% with HSBC a few weeks ago. I called the team to tell me how I remortgage as I have never done it before and the guy really was making quite obvious steer for me to lock in that day. I am so glad I did as the following day it had all shot up. Have gone for 2 years as may want to borrow more for an extension. We have just come fo 1.5% for the past 5 years.

4.05% with HSBC earlier this month, 5 year fixed and no arrangement fees which I also assume is because we didn’t change provider.

I unfortunately think we missed out on better rates available just a few days before this but oh well.

Some of these arrangement fees are brutal and a sneaky way to increase the cost without affecting the headline rate, especially for smaller mortgages and/or 2 year fixes. £1499 is equivalent to an extra sixty odd pounds a month.

It definitely sounds like mortgage rate luck has finally run out for a few people . Anyone coming off a 5 year fix this year will have signed up to it in the ultra low rate COVID doldrums just before the start of the war in Ukraine and the Liz Truss era.

@ABigBlueWhale Mortgage is with Lloyd's.

You can choice no fees with firstdirect as well, even as a new customer, usually a higher rate than the one with fees. Smaller mortgages usually work out cheaper without fees even with the increase in the rate, you just have to do the maths to work out which one is best

4.04% with no fee - booked on Saturday, rates increased on Tuesday so would have been 4.11 if we’d waited

Mine is up in October and I’m nervous
current rate is 4.73 from 5 years ago as I had to use an adverse lender but I’m now back in normal lender brackets so hoping it might be similar?

3.95% 5 year fixed with NatWest. Our current 2 year fix at 4.74% ends in June.

3.99 % fixed for 5 years, with HSBC. Up from 1.2 %. If we'd had our act together and looked as soon as we could have I think we could have had a slightly better deal. I didn't think to connect all the current middle East madness to my mortgage deal though! It's gone up slightly now (4.54), so I'm grateful to the guardian article that prompted me to get it sorted.

3.84% fixed for 5 years last June £999 fee at what I thought was a bad time as it looked like the rates would fall further in the following months.

People do need to realise that in the long term, 4% is a low rate. Even if things stabilise eg wars etc, we are unlikely to see a return to rates as low as 1-2%, these were exceptional.

Property prices are already falling as they were pushed up by the low rates. They may not fall massively in £ terms but have absolutely fallen in real terms. Lots of sellers where I live (expensive south east commuter belt) are sat stubbornly on the market for months or years, especially people selling empty inherited properties, because they have failed to accept how much prices have dropped, especially for dated looking houses in needed of reno or redecoration.

Ps mine was 3.8% ish before Christmas. 5 year fix. We were only about 40% LTV.