Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Interest on mortgage

86 replies

loulou1994 · 26/08/2022 17:15

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.

OP posts:
Roominmyhouse · 30/08/2022 16:59

We fixed at 1.04% last October but only for 2 years. Really wishing we’d gone for 5 years. Dreading what it’ll be by next October!

mast0650 · 30/08/2022 17:03

Rates that people fixed at a year more ago are pretty irrelevant. Economics circumstances (i.e., inflation) and expectations of interest rates have changed enormously since then.

BerryTiredMama · 30/08/2022 17:15

@mast0650agreed seems to be bragging 😭or am i just jealous (i am)

although the rate the OP posted sounds slightly high the LTV is also high. We had 3.1% at a lower LTV 2 months ago and the rate has increased since so it makes sense that the OP is closer to 5%

DIanaRiggFan · 30/08/2022 17:15

1.29% for 5 years so expires 2027

once works done to house (cash set aside for most of that) and nursery fees over (sept 2025) plan is to pay down as much as poss if interest rates are still rubbish

RudsyFarmer · 30/08/2022 17:26

DIanaRiggFan · 30/08/2022 17:15

1.29% for 5 years so expires 2027

once works done to house (cash set aside for most of that) and nursery fees over (sept 2025) plan is to pay down as much as poss if interest rates are still rubbish

Where did you find a rate of 1.29%?

pinkpirlie · 30/08/2022 17:44

Just fixed for 5 years at 3.41%, will start next March.
Currently on 1.89%.

Wish I'd got a deal last year when rates were low to start March 22, and paid the 1% ERC.
But so many things in life I would have done differently with hindsight, so no point getting wound up about it.

FurierTransform · 30/08/2022 17:55

Currently fixed for 5 years at 1.18%. paid the ERC on a portion of our old mortgage to get them combined into one - in hindsight it was a very good move obviously but it was ultimately luck.

We ran out finances considering future rises & are good to pay up to 7% or so, beyond that it starts to mean actual cutbacks

TooMuchToDoTooLittleInclination · 30/08/2022 18:12

forgut · 30/08/2022 16:40

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

It's a whole different world from a few months ago. Unfortunately!! You're lucky your timing was good!!

TooMuchToDoTooLittleInclination · 30/08/2022 18:15

forgut · 30/08/2022 16:44

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

@forgut

Did they not explain how porting a mortgage works or are you thinking about moving overseas.

TooMuchToDoTooLittleInclination · 30/08/2022 18:15

forgut · 30/08/2022 16:45

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

@forgut
very very sensible!

pensionconfusion · 30/08/2022 19:15

1.89 fixed for 5 years and own over 40%.

Not the best deal at the time but was the easiest as I stayed with the same lender.

I plan to pay off more than my monthly mortgage when I can afford it to save on the interest in years to come.

ThelastRolo20 · 30/08/2022 19:22

Roominmyhouse · 30/08/2022 16:59

We fixed at 1.04% last October but only for 2 years. Really wishing we’d gone for 5 years. Dreading what it’ll be by next October!

Maybe look at the early repayment charge and consider re fixing now?

whenindoubtgotothelibrary · 30/08/2022 19:44

PP are right - deals struck even a few months ago bear no relation to what's being offered at the moment. We have just over 3 years left on our 1.49% 5 year fix, which we agreed during the pandemic when they were practically giving money away. Not remotely possible now.

Despairingof · 30/08/2022 19:45

Fixed 2.6% in May for 5 years, 8 year term
but hope to pay off within the 5

MeanMrMustardSeed · 30/08/2022 19:52

One of the key bits of information missing in all these are how much people paid for these fixes. Some would have been fairly cheap, others may have cost a few thousand. If you have borrowed a lot, a high initial cost might be worth it. If you only owe a smaller amount, paying thousands in fees isn’t usually the best thing to do.

Michellexxx · 30/08/2022 20:32

We fixed last November for 0.9 for 3 years. We did have a 5 year offer but decided on 3 (kind of regretting it too) but hoping interest rates will settle over the next couple of years.
also planning to save and overpay each year too- just in case interest rates are still mad.

Michellexxx · 30/08/2022 20:33

LTV is about 65% I think

Nidan2Sandan · 30/08/2022 20:44

We got our mortgage this time last year at 2.83% for 2 years. So now it is up in June 2023 and I am bricking it.

I just dont know what to do to protect ourselves from crazy rates in a years time.

No idea how to work out LTV. House is worth around £500k and mortgage is £338k.

BooksAndChooks · 30/08/2022 20:57

Remortgaged in March 2022. 1.86% for 10 years, the product fee was £999. Itis a high fee, but rates had just started rising and we wanted the security. LTV 50%.

It's scary how much rates have gone up from then to now. We intend to overpay as much as we can over the next 10 years.

I do think 5% sounds quite high....have you spoken to a mortgage advisor and put all your info into some of the mortgage comparison sites?

TangoWhiskyAlphaTango · 30/08/2022 21:08

Best I could get in March was 2.2% so fixed for 50% equity for 5 years and also hoping to massively overpay to get the term down. Very fortunately I have energy bills fixed until October 2023 so not going to feel the full effect of this horrendous shit storm thats coming. I have just gone from 30 hours to full time to try and save so I have a buffer for when the energy bills rise.

fufulina · 30/08/2022 21:13

1.69% fixed for ten years. Booked in Feb, completed the remortgage in July.

DeadHouseBounce · 31/08/2022 00:53

Augend23 · 27/08/2022 15:27

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.

Did you think rates should just stay low forever, or go even lower so that society could continue to be utterly destroyed by the banker`s debt bubble? Hopefully this property crash will be a biggie, and judging by the absolutely ludicrous borrowing rates being discussed here it is going to be a cracker!

caringcarer · 31/08/2022 01:55

I have only got 18 months left to pay on my mortgage, but it's a tracker tracking at 0.75 above base rate. We overpay anyway but planning on biting the bullet and using savings to pay it off in 10 months to avoid the interest hikes. I am very very thankful we repaid most of this mortgage off when rates were so low.

PeloAddict · 31/08/2022 02:31

I fixed at 5% mid lockdown. Adverse credit mortgage so it's higher, for 5 years fix

Lucyintheskywithrubies · 31/08/2022 03:31

Fixed at 1.29% earlier this year for 5 years. Cost us 999 pounds product fee. I am so glad we did now.