Mortgage rates

[2Dwife]

My broker has given us a rate of 8.1 % and one mortgage broker i have talked with recently said the last 10 days have been brutal and the best they have seen is about 7%. What rates have you seen?

I’m pretty certain it depends on a number of factors - what type of mortgage is it, how many properties do you own, the loan to value, the term of the mortgage, the term of the deal (2 year, 5 year) etc. We were quoted 4.8% for a 2 year fix but I assume all the above details were entered in the system by our broker and that was the resulting best rate for us.

We applied at the end of august and have just been approved. We chose Lloyds and got their club Lloyds account as it was the best deal at the time. We’re on 4.59% but we have the 60:40 loan to value.

4.45% which i thought was high so we will hold out.

There must be something high risk about your situation driving that rate.

I got one agreed last Tuesday but was urged by the broker to get all the paperwork over that same day as they were about to jump up the next day. It’s 4.56

Barclays are currently between 4.7 and 5.7. I presume there are reasons for your quotes being so high.

That said i fear they might go higher yet.

I've just got my first mortgage approved via Barclays at 5%

Yes we have a DMP that was cleared in January, previous adverse credit years ago although good credit reports now, and 97k joint income we were aware our rate would be higher end, was just curious. It’s a 25 year mortgage, we can either have 2 or 5 year, tempted to do the 2 year then remortgage when our files are even better and further away from DMP.

I’m sure it’s 6 years for adverse credit to drop off. My last adverse was over 4 years ago, just got a rate of 6.2%
if you haven’t tried them, simply lending are exceptional

First time buyers and aged 45 and 50 years so time is not on our side
5% deposit

Who is lending 25 years to a 50 year old? That alone would drive up the risk and rate.

Yes that’s right. I just meant you can still get mortgages even though it’s recently been paid off
my broker said even a 2 year fix we may not have better rates so unsure to fix in for 5 years with that in mind

Two mortgage companies we have agreement in principles for ? Of course that’s why our rate is so high

I would fix for 5 because I’m risk adverse and your credit should be much improved
mine was bad 5 years ago and I had a rate of 4.7%, even 5 years on with no missed payments I’m still classed as adverse

But literally two - one broker with one and another broker with another

Yeah that’s what the second broker advised us when we got a second opinion
thank you interesting points

4.65% with NatWest, no fees, fixed for 2 years. I have a small mortgage with only 7 years left so no fees were important.

All the signs are that the rates are going up. Fix now if you can.

I work in mortgages- this is quite high a rate even for someone with adverse.

but you are the intersection of two (arguably 3) areas of risk, adverse and high ltv (also age but you won’t be penalised for your age by the rate, it just will limit the term)

who is the mortgage with? sounds like this is with a specialist lender.

what is the broker firm, reason for asking is brokers can be swayed by the proc fee the lender is paying them.

hows your credit score?

Hmm, sorta, last few weeks, days specifically have been bad swap rate wise but there was a mild softening. It’s a fools errand to try and predict the market. Need to see what the fed does over night if that has an impact etc.

trump has a lot to answer for

why not?

later life lending is a thing.

probably not for your highstreet lenders but specialists will.

Try Skipton we just got our mortgage with them 0 deposit and on 5.4%, age 39 & 44, mortgage over 31 years.

It’ll be because you’ve only got a 5% deposit. That’s a big risk for a lender. If you had 10% they’d be slightly more favourable.

Skipton deal with much less adverse

i didn’t realise you could get a mortgage with 0 deposit. OP, how much are you hoping to borrow, and over what term?

Lots of lenders

Age will not affect your mortgage rate, just the term you can lend over.