Interest on mortgage

[loulou1994]

I know everyone's circumstances are different and we all live in different areas just wondering what your interest rate is if you've changed your mortgage/fixed/ new mortgage or even if you've been fixed for a while?
We are looking to buy we have 20% deposit and ours is looking at around 5% fixed for 5 years in the north east.

You lucky lot who bought before the sht hit the fan!!

We locked in 3.1% fixed term 5 years, LTV 55% and borrowing 410k in July. Think it’s probably gone up since.

Our previous mortgage offer of 1.6% ran out in January, comparing the numbers on the interest was tragic

Wondering about the people who fixed in 10 years, what was the reasoning behind it? And did you get a better rate?? Now Im thinking we should have gone longer as 5 years may not be long enough to ride out the impending doom☹️

You win the thread! Why didn't you fix for ten years?

Fixed at 1.74% earlier this year for 7 years which was I think the most on offer at the time. Valued certainty over the possibility rates will fall in that period. We do need to borrow to do work on the house and wish I’d done it then as I assume any additional borrowing rates are likely to be a bit crap now.

1.49% fixed rate for 5 years which expires in 2025. I've always fixed, as for a long time I was paying by myself and I needed the certainty. It does mean that when credit first went really low, I was paying a much higher interest rate than everyone else I knew of. So swings and roundabouts.
I'm now trying to overpay to mitigate what might be available in the future. We owe about 40% of the house value at this point.

5 year fixed at 1.14% in March 2022 (although we had agreed our mortgage offer in October 2021). Feel hugely lucky.

We’re in the process of securing a five year fix at 75% LTV at 3.36% - basically double our current rate. Our current deal isn’t up till December but I’ve been panicking about what the rate will be by then so we’re going early.

Just fixed a month ago for 5 years at 2.29% and paid ERC to do so because previous 5 year fix was due to finish next June (at 2.5%). LTV is around 50%. Same deal now is about 3.5% so glad we went for it.

Mines at 2.19% ending next year. I fixed for 5 years when I got it - I think the LTV rate was about 75% ? I'm hoping to save enough to just pay the mortgage off rather than remortgage next year because I just resent the idea of rate rises really.

It's normal for ftb rates to be significantly higher than remortgages. We paid around 5-6% on our first mortgage in 2010. Then benefitted from an increase in property prices which gave a better LTV after only 2 years. Currently fixed on 2.09 but have a huge mortgage so will massively struggle if faced with 6% again, thankfully have some time before it's an issue.

I’ve just pad off my mortgage but before that I was on a tracker of 0.18% above Bank of England base rate.

@TopGolfer 😱😱😱

The rates are rising fast so fast in the UK. Here in Ireland we're hoping to fix for 1.9% for 4 years. When we first got our mortgage we were 2.90% and the rate was due to expire Sept 2023 but we paid a break fee of €600 to get out of the fixed rate.

We fixed for 7 years last week- 2.7 with Barclays. Think it’s about 50% loan to value.

We were fixed at some absurdly low rate. Then went onto variable to move (didn’t happen) and went to fix again and the best was 3% so we’ve decided to ride the variable wave. Reason being that to actually fix it would cost 1000 and we still want to move so plan on trying again next year.

were just paying down the mortgage as much as we can and if the interest rates really start to rise well throw our savings at it and get it right down.

i honestly think though that the BofE can’t increase rates that much as people will basically lose their homes. You can’t have a recession, out of control energy costs AND 13% interest rates unless you want he collapse of society.

We got mortgage offer back in March at 2.04%

Fixed at 2.5% for 10 years, about 18 months ago.

We fixed last year at 1.7% for 5 years. So glad I did but it was really borne out of laziness as I couldn't be arsed dealing with it for the next few years! So my laziness has paid off for once.

Same, 1.29% and 4 years left to go.

In a twist of "luck" my sale took 18 months to complete (vendors couldn't find anywhere, covid, then probate = infuriating at the time). I got 3 mortgage deals in place, each one lower than the last. Fluke timing.

It's my priority pay the lot off by the end of the fixed deal, otherwise it could be painful.

Fixed for 10 years at 2.48% in April, and thanking our lucky stars! 10 years gets us to the children leaving school and we are going to be in a long term house. We fixed for so long partly because of where it would get us to in life, but also I couldn’t really see interest rates being much lower.

That seems high, we fixed a few months ago at 2.6%, FTBs too

We've just fixed today for 5 years at 3.34%, we came out our current fixed of 1.99% to do it. Figured waiting until next May was a bad idea...

We only did 5 yrs though (as the plan was too move), I think deposit was about 28%

Oh & planning to overpay as much as possible as who knows the landscape in a few years time.

1.39% fixed for 5 years. I paid an exit fee on my previous mortgage which was due to end Jan 23 and got the last of the offers at 1.39%.

I'm also planning over overpay as much as I can if at all possible over the next 5 years.

40% deposit just fixed for 5 years interest only at 5.34% as borrowing on a property to buy land elsewhere is considered high risk hence higher rates.