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?

Kensington is who I’m going with this time. My last one was the Mortgage Lender

May I ask how many years was that for please?

I didn’t say you were setting yourself up for a disaster only that you would be IF you took out a high ltv adverse mortgage with plans to immediately retire because obviously your income would go down. I don’t know your finances or day to day life or your plans for retirement only you do.

but what I can say is your probability of default IS higher than average because you have adverse history, age (if you think it through statistically you have less time in your working life left, as we get older we are statistically more likely to experience poorer health which can impact ability to work, and to experience a drop in income) you also will have less of an equity cushion should anything happen.

facts aren’t attacks but it’s nothing to be ashamed of, you are where you are. But it’s a moot point to compare your situation to a prime or low risk borrower. Your rate won’t be the same as Joe bloggs who is with Barclays with a rate secured in Jan 2026 at 60% ltv.

Seriously bore off

Maybe get a grip and don’t ask strangers for their opinion on your rate when you’re comparing apples and oranges aka prime highstreet with subprime heavy adverse high ltv.

common sense really doll. Hope it all works out for you

For a ‘lender’ who can’t even read 🤔
anyway yawn 🥱

You are very rude.

@Conundrummum123

has taken time out to try to help you about something that is her profession and you have just been rude.

Yes, obviously the comment about your husband wanting to retire now was a joke and she didn't see it as such, but that's not the world's greatest crime. She's just trying to help you. You owe her an apology.

ok sure, I have dyslexia but carry on queen

As if you are even a lender
oh dear I actually do feel a bit sorry for you

Oh please 🙄

Thank you!

i was genuinely trying and I do work for a lender and set mortgage rates for a living

plus on the retirement thing my point is just it’s a eyes wide open sort of thing (ie a conscious choice that I may have to not only work but maintain my same level of income until I’m 75+) plus a lot of people say lol quite randomly (I’m one of them)

To be clear I am not ‘the lender’, that’s a bit of a silly comment an individual cannot be a bank.

i work for one and know this stuff like the back of my hand, but you can take information and do what you want with it.

dont feel sorry for me though love, my rate is 3.79% with 18 months left and a 60% ltv, I’ll be ok.

Again, they correlate.

You really are rather pedantic, and a bit rude. Calling yourself "a lender" made me chuckle though.

They are VERY pedantic aren’t they?! Perfect word. They said they ‘ work in lending’ then back tracked. As if they do 🙄
They clearly have other issues and really quite odd with their comments then blame it on dyslexia 🤔

rates do seem to be climbing which is scary. We are looking and just nothing on the market we like. Your rate does seem high and but I don’t know anything about adverse mortgages. I wish you good luck! Everyone keeps telling me it’s a buyers market but it feels very hard.
rates increasing and making affordability tricky is going to be a problem for anyone looking atm

not really they don’t a swap rate is the rate that financial institutions lend tranches of money to each other over a fixed term period. They are influenced by economic factors like for instance this Iran situation and inflation which is why rates have rocketed when the base rate has been static.

its not pedantic to be accurate, there is generally quite a lot of misinformation around how mortgages work and a lot of people think they are priced to the base rate but they simply aren’t.

i didn’t say I was a lender rather I work for a lender. If I did it was a typo. It would be rather silly for one person to be a lender, one person cannot be a bank / building society

No babe I do work in lending but I am not ‘a lender’

that is what mortgages are, lending- specifically secured lending because the loan is secured against an asset (your house)

personal loans are unsecured lending.

accuracy isn’t pedantry

i dont know why you’re so triggered. Mortgages aren’t priced off the base rate, and adverse customers pay more because your probability of default (PD as it’s called from a credit risk point of view) is higher.

still going….oh dear I just have no words 😂
I hope you are ok!!!😬

Seriously, all variable mortgage rates are priced as "plus" to the base rate. All fixed rate mortgages revert to base "plus" at the end of the teaser.
Are you just feeling argumentative for the sake of it today ?

No they aren’t some are linked to LRR which is not the base rate

but yes a variable BBR linked rate is linked to the BBR but fixed rates are not.

You’re just coming across as clueless. Good luck to ya, with that attitude you might need it

More rudeness 👏 really no need to get so worked up honestly. It’s a Mumsnet post, my post, just scroll on and enjoy your day.

Thank you 🙏

I honestly think there is something ‘wrong’maybe not feeling very well?
or like you say just looking for an argument who knows?!

That’s really foul but to imply and sort of mock mental health, that’s quite nasty.

No I’m just correcting you when you’re wrong, the more we know they more informed we are- generally speaking that’s a good thing.

not all variable rates are linked to BBR some are linked to internal SVRs and older ones can be linked to LRR. It’s just facts. They aren’t attacks

You need to re-train.

LRR is virtually obsolete, it died with Libor. Only a handful of specialist lenders still use it for older mortgages taken out years ago before policy cutoffs.