Mortgage deal ending and trying to move

busybusy10 · 2023-09-07T03:15:48+00:00

Hi Mortgage deal ends in March and we are trying to move. Silly offers on our house and not much choice for us to buy. I know you can port a mortgage if we renew but how would that work if we bought a house cheaper than what we sell ours for? We are trying to lower our mortgage. Many thanks

Anotherdayanothermoodswing · 07/09/2023 05:27

We have just ported our mortgage - You can only do so with a property of equal or greater value so if you're planning on downsizing you'll have to just let it run into variable I think?
Also are you sure the offers you're getting are 'silly' or do they just reflect the downturn in the market?

PickledPurplePickle · 07/09/2023 05:30

Can’t you just go on to the variable rate until you move?

KimGa · 07/09/2023 05:34

Yes we sucked up the variable rate for an around a year whilst sorting selling and moving, then got a fresh fixed rate in the new property. Avoiding porting advised by multiple mortgage brokers.

Edwardandtubbs · 07/09/2023 05:58

Totally false that the the new house/mortgage has to be the same or higher value…
We’ve just ported a mortgage to a house of lower value and are borrowing less but they allowed us to port it keeping our rate and terms. We had to pay the ERC only on the portion we were paying off. Also, bear in mind that porting isn’t actually a product in itself - you basically put in a whole new application and have to provide all your details and do credit checks all over again. Then near completion we had to phone the lender to tell them it was a port and they calculated the ERC. Ours actually ended up as a handwritten note in our purchase documents!

What you can do might depend on the lender, we used a mortgage broker who dealt with it all and they were brilliant.

UndercoverCop · 07/09/2023 06:02

We've just signed for a tracker rate mortgage with no exit fee or early repayment fee other than a £40 admin charge, we're not moving but it's cheaper than fixing at this point and if things change we can get out of it very easily

Edwardandtubbs · 07/09/2023 06:02

Our fixed rate is less than 2% for another 2 yrs, the ERC was £400……SVRs are what, 6%? No brainer.

whirlyhead · 07/09/2023 06:04

I’m in the process of moving overseas and my early repayment charge is £7k…!!

KievLoverTwo · 07/09/2023 08:05

Edwardandtubbs · 07/09/2023 06:02

Our fixed rate is less than 2% for another 2 yrs, the ERC was £400……SVRs are what, 6%? No brainer.

Average SVR is closer to 8% right now.

Edwardandtubbs · 07/09/2023 13:30

KievLoverTwo · 07/09/2023 08:05

Average SVR is closer to 8% right now.

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I feel even better about keeping my rate then! Feel awful for people getting mortgages/renewing.

KievLoverTwo · 07/09/2023 13:59

Edwardandtubbs · 07/09/2023 13:30

I feel even better about keeping my rate then! Feel awful for people getting mortgages/renewing.

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Look at the column on the far right:

https://www.landc.co.uk/mortgages/svr-watch/

The latest SVRs

Keep track of the changes to lender's Standard Variable Rates with L&C's SVR Watch

https://www.landc.co.uk/mortgages/svr-watch

CrashyTime · 07/09/2023 14:13

KievLoverTwo · 07/09/2023 13:59

Look at the column on the far right:

https://www.landc.co.uk/mortgages/svr-watch/

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Older folks will be familiar with those rates, it is prices that are the problem not borrowing rates.

KievLoverTwo · 07/09/2023 14:15

CrashyTime · 07/09/2023 14:13

Older folks will be familiar with those rates, it is prices that are the problem not borrowing rates.

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Prices plus horrific cost of living.

HopelesslyOptimistic · 07/09/2023 14:17

UndercoverCop · 07/09/2023 06:02

We've just signed for a tracker rate mortgage with no exit fee or early repayment fee other than a £40 admin charge, we're not moving but it's cheaper than fixing at this point and if things change we can get out of it very easily

Undercover cop who do you have your tracker with. That's my thoughts 😀

UndercoverCop · 07/09/2023 14:19

@HopelesslyOptimistic we got ours through London and country who were great and free. I can't remember the name of the lender offhand, it's not a main high street bank, it's a building society, maybe Westbrom?
5.4% two weeks ago, tracks 1.4% below their SVR which is also decent in the circumstances

CrashyTime · 07/09/2023 14:30

KievLoverTwo · 07/09/2023 14:15

Prices plus horrific cost of living.

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Depends how you are living, if you have big mortgage debt and cars etc. on monthly payments it is going to be very difficult to adjust, I think the general COL thing is overblown by the media though, there are always ways to make cutbacks and shop more cheaply etc.

KievLoverTwo · 07/09/2023 14:34

CrashyTime · 07/09/2023 14:30

Depends how you are living, if you have big mortgage debt and cars etc. on monthly payments it is going to be very difficult to adjust, I think the general COL thing is overblown by the media though, there are always ways to make cutbacks and shop more cheaply etc.

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If you've got a big disposable income in the first place, sure.

People never expected shopping to go up 50% in a year (I don't care what inflation bullshit of 10-20% they keep pushing at us, we all know what a bag of food used to cost).

When my energy prices go down on 1st October it will still be more than 100% more costly than my energy in 2020.

Then the cost of everything increases: vet bills, insurance, white goods. Things that actually can't be scrimped on - just life stuff.

KievLoverTwo · 07/09/2023 14:35

UndercoverCop · 07/09/2023 14:19

@HopelesslyOptimistic we got ours through London and country who were great and free. I can't remember the name of the lender offhand, it's not a main high street bank, it's a building society, maybe Westbrom?
5.4% two weeks ago, tracks 1.4% below their SVR which is also decent in the circumstances

Edited

And they didn't force you into a fixed term for the tracker?

Interesting. This is exactly what we need.

UndercoverCop · 07/09/2023 14:48

KievLoverTwo · 07/09/2023 14:35

And they didn't force you into a fixed term for the tracker?

Interesting. This is exactly what we need.

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No, exit anytime tracker rate below SV agreed for two years . You can also over pay up to 100% with no fees

CrashyTime · 07/09/2023 14:53

KievLoverTwo · 07/09/2023 14:34

If you've got a big disposable income in the first place, sure.

People never expected shopping to go up 50% in a year (I don't care what inflation bullshit of 10-20% they keep pushing at us, we all know what a bag of food used to cost).

When my energy prices go down on 1st October it will still be more than 100% more costly than my energy in 2020.

Then the cost of everything increases: vet bills, insurance, white goods. Things that actually can't be scrimped on - just life stuff.

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I don`t buy that the 50% is a set cost, you can shop around and get that down by a LOT, the Nectar card/Tesco card etc. deals are still pretty cheap and IMO people should keep receipts for every item and record spending each month to keep track of their personal inflation/deflation, a basic cut back is takeaways and alcohol, focus on that and your monthly bill starts to drop, then prep more meals from scratch and it drops further etc.

A good example is soya milk, the best one, Alpro, can be £2 or even £2,25 a carton now, but the Sainsburys version is £1.25 and it tastes ok, plus if you shop around you can still find Alpro brand at 2 for £2, so even LESS than the supermarket brand, so far we are not in a 1970`s inflation spiral, but if you noticed what the sugar prices did yesterday on commodities markets maybe there is more inflation coming down the pipe?

KievLoverTwo · 07/09/2023 15:00

CrashyTime · 07/09/2023 14:53

I don`t buy that the 50% is a set cost, you can shop around and get that down by a LOT, the Nectar card/Tesco card etc. deals are still pretty cheap and IMO people should keep receipts for every item and record spending each month to keep track of their personal inflation/deflation, a basic cut back is takeaways and alcohol, focus on that and your monthly bill starts to drop, then prep more meals from scratch and it drops further etc.

A good example is soya milk, the best one, Alpro, can be £2 or even £2,25 a carton now, but the Sainsburys version is £1.25 and it tastes ok, plus if you shop around you can still find Alpro brand at 2 for £2, so even LESS than the supermarket brand, so far we are not in a 1970`s inflation spiral, but if you noticed what the sugar prices did yesterday on commodities markets maybe there is more inflation coming down the pipe?

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You're making some massive assumptions here: that people have the time and the mobility to do all of this. Shopping around is fine if you've got a car, or all the necessary supermarkets on the doorstep. D'ya know that car insurance is likely to go up by 30-40% for a lot of folks next year? A car is going to become an absolute luxury if price rises continue.

I very much doubt people with families and full time jobs have the time to do all this anyway.

Not to mention the absolute emotional exhaustion and depression having to live in such a way brings.

I can't stand up long to cook. I also can't sit down for long in the same chair to even do prep right now. What's your cost effective solution for me?

Assumptions Crashy - you love them - I do not.

CrashyTime · 07/09/2023 15:20

KievLoverTwo · 07/09/2023 15:00

You're making some massive assumptions here: that people have the time and the mobility to do all of this. Shopping around is fine if you've got a car, or all the necessary supermarkets on the doorstep. D'ya know that car insurance is likely to go up by 30-40% for a lot of folks next year? A car is going to become an absolute luxury if price rises continue.

I very much doubt people with families and full time jobs have the time to do all this anyway.

Not to mention the absolute emotional exhaustion and depression having to live in such a way brings.

I can't stand up long to cook. I also can't sit down for long in the same chair to even do prep right now. What's your cost effective solution for me?

Assumptions Crashy - you love them - I do not.

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No, not assumptions, practical positive steps that almost anyone can take, although admittedly it works better if you are in a town/city with all the different stores accessible but online shopping can yield plenty of bargains as well, use the loyalty cards for discounts and points on what you spend.

Emotional exhaustion and depression from cutting your spending and saving/ investing more?? Not sure I get what you are saying there. The emotional exhaustion and depression in this society comes mainly from having to service massive debt for basic shelter, people 30 years ago were much more carefree and relaxed IMO, although on the surface they had "less" (holidays, cars, clothes and the other stuff that hasn`t made people any happier)

If you cant prep food the starting point is to buy less or cheaper the food that you do use, and to shop around online (as everything is saved to the website you can compare the same shop at different stores) I just dont buy into the idea that most people in the UK couldn`t cut back their shopping and save money, sorry.

KievLoverTwo · 07/09/2023 15:32

CrashyTime · 07/09/2023 15:20

No, not assumptions, practical positive steps that almost anyone can take, although admittedly it works better if you are in a town/city with all the different stores accessible but online shopping can yield plenty of bargains as well, use the loyalty cards for discounts and points on what you spend.

Emotional exhaustion and depression from cutting your spending and saving/ investing more?? Not sure I get what you are saying there. The emotional exhaustion and depression in this society comes mainly from having to service massive debt for basic shelter, people 30 years ago were much more carefree and relaxed IMO, although on the surface they had "less" (holidays, cars, clothes and the other stuff that hasn`t made people any happier)

If you cant prep food the starting point is to buy less or cheaper the food that you do use, and to shop around online (as everything is saved to the website you can compare the same shop at different stores) I just dont buy into the idea that most people in the UK couldn`t cut back their shopping and save money, sorry.

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Oh, for the love of cod.

that almost anyone can take

Do you know how many people still have long covid? Do you know what that does to mobility? In that, I mean the ability to walk, and stand up. Imagine being 75. That should do it.

but online shopping can yield plenty of bargains as well,

With a minimum spend of £60 for delivery

use the loyalty cards for discounts and points on what you spend

18 months ago Sainsbury's used to spit out 'spend £60 and get £15 off your next shop' - now I get 'sign up for pet insurance and get 3,000 points' - all loyalty schemes are a massive con but they've got far, far worse these days

Emotional exhaustion and depression from cutting your spending and saving/ investing more?? Not sure I get what you are saying there

Yes, from the physical effort it takes, the time, the organisation, and by the pure fact that you have to invest so much of your time and emotional energy into simply being able to afford to live rather than enjoying life

If you cant prep food the starting point is to buy less or cheaper the food that you do use, and to shop around online (as everything is saved to the website you can compare the same shop at different stores)

So, you're saying, eat junk? Or spend £60 a time on supermarket deliveries in order to eat junk? Yeah, that's not a real life solution.

CrashyTime · 07/09/2023 16:02

KievLoverTwo · 07/09/2023 15:32

Oh, for the love of cod.

that almost anyone can take

Do you know how many people still have long covid? Do you know what that does to mobility? In that, I mean the ability to walk, and stand up. Imagine being 75. That should do it.

but online shopping can yield plenty of bargains as well,

With a minimum spend of £60 for delivery

use the loyalty cards for discounts and points on what you spend

18 months ago Sainsbury's used to spit out 'spend £60 and get £15 off your next shop' - now I get 'sign up for pet insurance and get 3,000 points' - all loyalty schemes are a massive con but they've got far, far worse these days

Emotional exhaustion and depression from cutting your spending and saving/ investing more?? Not sure I get what you are saying there

Yes, from the physical effort it takes, the time, the organisation, and by the pure fact that you have to invest so much of your time and emotional energy into simply being able to afford to live rather than enjoying life

If you cant prep food the starting point is to buy less or cheaper the food that you do use, and to shop around online (as everything is saved to the website you can compare the same shop at different stores)

So, you're saying, eat junk? Or spend £60 a time on supermarket deliveries in order to eat junk? Yeah, that's not a real life solution.

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You are returning a negative statement in response to every single positive suggestion I have made, I dont know the reasons for this but a positive mindset is one of the absolute necessities to get through tough times (my Grandmother used to tell me about really tough times - walking five miles to school every day at primary school age, even in heavy snowstorms, no NHS or Social Security, if you got ill or couldnt work you went hungry or maybe died of things that are easily preventable now, and later seeing men coming back from the Western Front with bits of their bodies gone still smiling and joking around with the kids, one guy taking his false glass eye out to scare them then chuckling to himself.......and she would still say things like "we thought we were very lucky compared to people born in parts of Africa or places with leaders like Stalin", she would have been absolutely gobsmacked at the rise of credit card use and the birth of super cheap flights where ordinary punters could jump on planes like Hollywood stars did in her youth that got really under way in the 1990`s)

The average person now in the UK is not under much stress (except the financial stress of too much debt) and can afford to buy £60 worth of reasonably healthy groceries, the last time I did a Tesco online shop I think it was £40 minimum and £2 delivery, so taking a positive mindset you could buy a big freezer and get £200 worth of goods delivered for £2?

KievLoverTwo · 07/09/2023 16:09

CrashyTime · 07/09/2023 16:02

You are returning a negative statement in response to every single positive suggestion I have made, I dont know the reasons for this but a positive mindset is one of the absolute necessities to get through tough times (my Grandmother used to tell me about really tough times - walking five miles to school every day at primary school age, even in heavy snowstorms, no NHS or Social Security, if you got ill or couldnt work you went hungry or maybe died of things that are easily preventable now, and later seeing men coming back from the Western Front with bits of their bodies gone still smiling and joking around with the kids, one guy taking his false glass eye out to scare them then chuckling to himself.......and she would still say things like "we thought we were very lucky compared to people born in parts of Africa or places with leaders like Stalin", she would have been absolutely gobsmacked at the rise of credit card use and the birth of super cheap flights where ordinary punters could jump on planes like Hollywood stars did in her youth that got really under way in the 1990`s)

The average person now in the UK is not under much stress (except the financial stress of too much debt) and can afford to buy £60 worth of reasonably healthy groceries, the last time I did a Tesco online shop I think it was £40 minimum and £2 delivery, so taking a positive mindset you could buy a big freezer and get £200 worth of goods delivered for £2?

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You live so far outside of reality that it’s not really worth my time writing a reasonable response. You are so dead set on house prices being the only problem in life, for anyone, ever, that you can’t see what’s going on around you.

Spend some real time in some deprived areas with single mums who have no car and then come back and tell me how an online shop and having a spare freezer and the time is no problem at all.

CrashyTime · 07/09/2023 16:20

KievLoverTwo · 07/09/2023 16:09

You live so far outside of reality that it’s not really worth my time writing a reasonable response. You are so dead set on house prices being the only problem in life, for anyone, ever, that you can’t see what’s going on around you.

Spend some real time in some deprived areas with single mums who have no car and then come back and tell me how an online shop and having a spare freezer and the time is no problem at all.

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"Spend some real time in some deprived areas with single mums who have no car and then come back and tell me how an online shop and having a spare freezer and the time is no problem at all."

You just seem to be latching onto generalised negativity (the media is a lot to blame for this) and throwing it at any positive noises that you hear, sorry but that is how I am seeing it.

Anyone can change their shopping habits to be more economical, the biggest cost people face (housing) is bloated out of control by cheap debt, and that is making middle class people more unhappy than people getting generous benefit handouts IMO.