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.

If you own a £250,000 house and you have a 61% LTV then your outstanding mortgage is £152,000. If you want to have a 60% LTV then you need to pay £2,500 so that your outstanding mortgage is £150,000. £250,000 x 1% = £2,500.

If you own a £250,000 house and you chuck £800 at the outstanding loan amount (and you’re precious LTV was 61% on the nose) then you’re moving yourself from an outstanding loan of £152,500 to £153,300. Which moves you from 61% to 61.3%.

If you paid £800 to move yourself from 61% to 60% LTV then your house must be worth £80,000.

If you want to pay to move yourself into the next bracket, just check your maths.

Those posters weren’t being cunts; by mumsnet standards they were being trollhunters because there were queries over the truth of your posts.

Previous, not precious.

I'm intrigued to know where rates of 3.99% are on offer... I have a LTV of about 15% (not much left on it at all) but haven't been able to find anything as good as that. Which lender/product is this exactly?

Price comparison sites sometimes show products/rates that are out of date and no longer available, but 3.99% hasn't been obtainable for a little while now.

I mean, 3.99% is 1.26% below the current BOE base rate, which is why people are finding that claim somewhat incredible. If 3.99% was available, I'd be snapping it up.

Exactly.

I suppose you might be able to get something like that if it were foreign currency or had a massive "arrangement fee".

This is the problem and that’s what I have pointed out to you is if your mortgage is below a certain physical number, not a percentage you’re not gonna get the most attractive rate because you’re not in that sweet spot where they are making money out of you but your risk is low?

And yes, the maths in this post is correct. The LTV% is measured as a percentage of your overall house value.

If £800 changes your LTV by 1%, then the house must be worth £80k. There are areas in the UK where £80k will buy a small house, but it's certainly well below the average these days.

So you see the bit in that message where I put the extra 800 quid or whatever it was, that was because I didn’t want to give you the exact numbers as to what I owe because it’s none of your business. I was just literally highlighting that people can move in and out of brackets, sometimes for a relatively small amount

Can you give a link to the product you found?

People then to be commenting where the hell do you live? Is actually really rude. Cunty by anybody standards, Mumsnet’s or not.

Do your homework and you’ll find the deals, or pay a little bit extra on the standard variable for a couple of months so you don’t get locked in to shitty deals for two years. Whatever works for you.

I’ve given you the lenders names, you need to go to those sites and put your details in and see if you’re eligible for it, you may or may not be.

It obviously doesn't exist.
The Maths in the other claim was also way out as has been demonstrated by pps.

Except I've checked those lenders. And not seen any products with that rate, regardless of the LTV or mortgage amount I enter.

Oh well, it’s not for you then is it? Or maybe they’ve changed it since yesterday not out of the question who knows. Mine isn’t up for renewal until next year so I’m not particularly worried about it.

I can't say more as already had a post deleted for stating similar. It's not the first time!

I did find a very old article (from February) talking about HSBC and Virgin Money offering 3.99% rates.

But quite a lot has changed since February, hasn't it?

https://iaminsured.co.uk/blog-new-3-99-mortgage-rates/

I haven’t invented anything it was there and available to me if I wanted to secure it. Go and click on the link and have a play maybe you can have it too.

Your post was deleted, because as per usual, you were behaving as you always behave. And not for the first time.

I also checked Virgin money out of curiosity.

My LTV should put me in the most favourable bracket as we own 70% of the house and "only" need a mortgage for the remaining 30% of the house value.

I did not see this 3.99% deal. Best one I could see was 5.18% 10 years fixed.

Virgin Money hates me, obv.

Here is the latest document listing all mortgage products available from Monmouthshire BS (it hasn't changed since 9th August):
https://media.monbs.com/intermediaries/broker-bulletin/

It comes from the "intermediaries" section of their website (for brokers) here:
https://www.mbs-intermediaries.com/mortgage-products/

Same thing from Virgin Money (last changed 11th August):
https://intermediaries.virginmoney.com/virgin/assets/pdf/mortgage_update.pdf

You're obviously not as special as the PP 😂

Either the special one has arrived or it's a big chinny reckon. I know which one my money is on.

Anyway, in less sensational news, gilts are currently up about 2.5% on the day.

We are heading back to that mid July peak in yields, so everyone can guess what that means for mortgage rates. I suspect recent reductions are about to be reversed.

@3BSHKATS

So you see the bit in that message where I put the extra 800 quid or whatever it was, that was because I didn’t want to give you the exact numbers as to what I owe because it’s none of your business. I was just literally highlighting that people can move in and out of brackets, sometimes for a relatively small amount

But you were so sure when you posted this:

No, it’s not your maths is wrong. One percent is the outstanding Mortgage not the value of the property.

At least be consistent....

I found it strange the banks decided to start a price war just days before key data points.

I think they are very concerned about the housing market and felt it needed some quick liquidity to get it started again for Autumn.