6% mortgage rates

[spring33]

Old thread https://www.mumsnet.com/talk/property/4813815-5-mortgage-rates?page=1

New thread, let's hope the next one won't be 7% interest rates or higher.

A child at 34 is very very normal in most of England.

I didn’t realise having a child at 34 was weird… that’s about the standard age for having a first child in my circle.

I'm never sure with this poster whether the things they post are serious or not.
Having children in the 30s is very average nowadays. Average age for a first time mum is around 30, not sure about dads. Lots of people are supporting their young adults children well into their 50s now with so many attending University. Quite a lot also have adult children living at home afterwards and end up supporting them even later in life. This is all very standard now.

Because even just 4/5 months ago Charlie was still very much one of the few people willingly to stake their reputation on saying that property prices would go down.

He's been ridiculed repeatedly and still is, but when posters wanted to point people to another point of view other than "house prices only ever go up" & "interest rates will go back down again soon" he's the ideal YouTuber to point towards.

He's far from perfect and likes to waffle on, but he'll admit when he's wrong. I along with many many others am glad to hear someone openly saying 8 months ago what I was thinking might hopefully happen.

Charlie (and Alex) may well be just a couple of guys from HPC forum who finally timed it right, but they do appear to have solid data for his reasoning.

And Martin Lewis has never said he's a property expert, money saving yes, property not so much.... in fact so many times when I click on martins tweets I get a "this tweet has been deleted" message

That's nonsense about Martin's tweets being deleted.
Totally disingenuous.

Saying that I've only heard of this other person being mention this thread and I'm definitely not looking at the channel because so many people have said he talks a lot of chat and nonsense too rather than getting to the point and i really can't stand small talk!

It was perfectly obvious months ago that property prices were stagnating/falling (depending on area) and that this trend would continue for quite a long time. My daughter bought in May 22, we knew then that property prices were going to be falling soon in London, but she did it anyway as it suited her circumstances. Pretty much all the financial experts were forecasting property prices to fall, especially in the South East. Martin Lewis was forecasting it, everyone was forecasting it. The only difference with Charlie was the more extreme forecasting which is looking now like he went too far with his dire predictions. Which was of particular appeal to the guys on the HPC site & others who, for their own reasons, hoped he was right.

It doesn't make much difference to him whether he was right or wrong in the past, by being so dramatic he has still gained lots of followers including the ones willing to pay for the extras he charges for. I'm not saying he doesn't have some solid data or some useful advice for FTBs. But I do think he is someone who has found a niche in the market and is exploiting it relentlessly by trying (successfully) to monetise his message.

I'm not shocked you're spouting nonsense again.

The people who wet their pants at the idea of a huge House Price Crash look up to him enormously but to a normal person, he's just another YouTuber trying to make money out of posting tedious videos.

At one time his name was mentioned on almost every thread on the Mumsnet property forum, so I took a look for myself at one of his videos. That's half an hour of my life I'll never get back. 30 minutes to say what could have been said in 2 minutes 🙄

Oh jeez, no. Nope, not got time for that!

Its actually crazy to me people can't see when wool is being pulled over their eyes!

I agree - they’re making him a millionaire which he happily admits 🤷🏼‍♀️

I came back to this thread to see what people were making of the recent inflation figures but it's just another long sell for this Charlie guy. 🙄🙄🙄

I posted an article from the Guardian re the recent inflation figures. Potentially good news for borrowers, as they say:

"If the rate had stayed above 8% then some economists had suggested the Bank may have gone for another half-point increase in interest rates next month. Instead, they are now betting that a quarter-point rise is more likely.

But with inflation still almost four times the Bank’s target there are likely to be further interest rate rises that will in turn lead to higher borrowing costs.
Mortgage rates linked to the base rate will go up if it is increased again. However, the latest inflation figures may mean that fixed-rate deals, which are tied to expectations of future rate rises, start to drop slightly"

And you just contributed to it too. Well done :)

Will the bank of england put up the base rate again, even though the inflation numbers were lower than expected?
(the rate of inflation is slowing)

It's always odd when people who can't stand Charlie (and HPC forum) persist in talking about them constantly on these threads and seem to know an awful lot about both.
I think he has some very useful messages and provides a lot of worthwhile data. Sure he has his motivations, all of the 'experts' do and most have far more bias. Alex, Charlie's friend is excellent for data and worth listening to.

I forgot to add that Martin Lewis was mentioned constantly last year when he was lobbying for support with energy bills. There were several threads all about him!

Let’s just move on shall we?

@SaturdayGiraffe yes the Bank of England is expected to put the base rate up again. A quarter of a percent in August is most likely followed by other small increases in future months. The peak is forecast to hit 5.8-6% in February 2024.

Form what I was reading @SaturdayGiraffe it's expected that rates will rise by 0.25%. The projections also now say that the rates will remain below 6%. But given what was being projected not so long ago (max 3-4%) I would take it all with a pinch of salt.

More than happy to do that Twiglets. It's you who keeps talking about Charlie though so perhaps just don't raise the topic again.

I’ve never heard of Charlie before but I’m already fucking bored of him.

That’s good news.

I agree hopefully rise once more. and thats it. I recommend they leave it at 5.25% and wait for the full impact to be felt, and if by Nov/ Dec... no significant reduction in inflation, then another 0.25% may be required

They will go .5%, then it’s ‘done’.
Inflation is not beat yet.

HSBC is the first major lender to cut mortgage rates according to the Telegraph.

The article states that "HSBC will cut its standard two-year fixed mortgage rate from 6.24pc to 6.14pc for those remortgaging – a drop of 0.1 percentage points. Its five-year fixed mortgage rate for those remortgaging is expected to fall by 0.2 percentage points, from 5.84pc to 5.64pc.

Smaller lenders are also now cutting costs for borrowers.
Platform, owned by the Co-operative Bank, will reduce its rates by up to 0.29 points on Thursday. Accord Mortgages, which is owned by Yorkshire Building Society, cut rates on Tuesday by up to 0.45 percentage points, while Pepper Money reduced rates by up to 0.95 points in its biggest reduction of the year".

https://www.telegraph.co.uk/personal-banking/mortgages/hsbc-first-high-street-bank-to-cut-mortgage-rates-inflation/