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.

5.5% without a product fee sounds pretty decent right now for a 2 year fixed rate without a product fee. 5 year rates are currently cheaper.

I was just quoting from the article I posted a link to, haven’t checked the details personally on the Halifax & HSBC websites. I expect the rates listed must be available now or very soon if the article says they are available, but whether there is a product fee or not is not stated.

can't find them either.
they were probably only up for about an hour then pulled down just to make headlines.

Just checked the HSBC website @afterdropshock @whyisitallsohard and found the 5.34% deal clearly listed?

It's the second one down with a booking fee of £999

https://www.hsbc.co.uk/mortgages/our-rates/

Interesting. I see 5.59%. I'm looking at remortgage.

Ah - the 5.34% is for FTBs

Looks like people with an existing HSBC mortgage can get 5.27% when they remortgage whether other remortgages are as you say 5.59%

situat

Thank you for clarifying. That rate for existing mortgage holders is so good. Natwest are only offering me over 6%.

That isn't good. I hope for your sake they start coming down a bit soon (surely they must do to be competitive?)

I will just move. I have one in place already but am still shopping around. Quite happy to do it all again in 2 years too, just to save a bit long term. Only looking at 2 year fixes.

it's with 40% deposit 🙄not everyone has that

Don't blame you at all for shopping around, especially if you can find one like the 5.5% you mentioned with no fee, that is significantly better than what Natwest are offering their existing mortgage customers.

Oh look. The BoE are trying to cover their arses with a warning. Perhaps they're only just now catching up with MN?

https://uk.finance.yahoo.com/news/bank-england-sounds-alarm-over-152720988.html?guccounter=1

Funny that when they have been instrumental in creating the current mess and their PM was positively encouraging people to increase their term and pay many £££ more into retirement very recently.

I don’t like 35 year mortgages. After 5 years, you’ve paid off 5% of your mortgage and this only increases to just 12% after 10 years.

Neither do I. Was horrified when my daughter took out a 33 year mortgage because to my mind, normal is 25 years. Her broker asked her how much she “wanted” to pay and then told her she could achieve that on a 33 year mortgage. In my day, (sounding about 80 now) the broker just told you what repayments would be over 25 years, and if you couldn’t afford it you had to find a cheaper property.

35 year mortgages are still very much a minority (about 12% I believe) but there is a worrying trend towards longer terms. it’s about time it was flagged as a concern.

I have signed up to the 5.54% 2 year fixed with Nationwide (no fee). My current fix does not expire until next year so I still have time to change if I need to, but wanted to secure something just incase. I was tempted by the 5.2% 3 year fix but went with 2 years in the end.

That sounds like a decent rate for a 2 year fix with no fee. Hopefully it will have reduced a bit by next year, but if not, at least you have that one agreed.

It’s certainly prudent to have a mortgage deal in place that can be amended.
Personally, I’ll be looking at a 10 year fix if I can find something decent next year.

Exactly. And the repayments aren't even much lower with higher rates of interest.

Me too if I were looking for a mortgage product now.

wow that is shocking! Didnt realise this!
We originally had a 30 year. Remortgage is about to kick in now 5 years in!

The figures will be different in your case assuming that you have been on a low interest rate, but I'd definitely want to remortgage on a 20 year term if you could afford it (5 years paid off and 20 years to go).

Mate.. i wish i could afford it. But with rates rising...
the re-Mortgage is going from 31% of net household income to 38%.
which is already scary, (without a reduction in term)

I hear what you're saying. That's a high proportion. I only hope that you get a decent fix and that your income grows to the extent that the proportion reduces back down.

Wow thats a lot. I think financial eduction should be taught in school x

Lessons in Finance and Investing in this country would be a disaster for the rich and the general economy. Its why it doesn't happen. (Cynical view)