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but now might be a good time to wait a few months
Hah, yeah, I did that, then interest rates went up again - and does anyone think they are coming down this year, now?
I'm also totally beholden to my current provider as my mortgage is in two bits, one part (the smaller, thankfully) rolling over end Jan, the other bit rolling over Jan 2025. The SVR is currently 6.25%, and they can offer me a fixed two year no fee at 4.8%.
HAPPY DAYS
Howard-
I am fully expecting interest rates to still be high by the time we re-mortgage in 3.5 years time.. I think I read in a few places predictions are it could peak towards the end of next year at 4.5%
That would be 2 years of interest rate increases - I really have no expertise but I cant see it coming down rapidly / quicker than it went up?
Im actually concerned that theoretically if it does peak in Q4 2023 that only gives 2.5 years for it to come down from the peak by the time I re-mortgage!!
Basically, I dont think there are any good options so pick your poison.
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Hah, yeah, I did that, then interest rates went up again - and does anyone think they are coming down this year, now?
The point is that they have already come down in the wholesale market, banks just haven't passed it on yet.
Famous last words but I think it's more likely we get an emergency rate cut due to a crashing economy than the Bank staying the course on tightening. A really warm European winter is bailing us out slightly on the energy side.
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Interest rates went up, but mortgage rates went down (except for variable/tracker rates, which were far cheaper than the fixed rates)
Which lender are you with? A lot of the bigger lenders dropped their rates at the end of last year, so I'm expecting some further rate decreases, though maybe not dramatic.
Having said that, 4.8% fixed for 2 years with no fee is significantly better than what you would have got in Nov 22. As an example, Natwest had a 2 year fixed with no fee at 6.74% at end of November.
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Hah, yeah, I did that, then interest rates went up again - and does anyone think they are coming down this year, now?
Dredging, but if anyone was waiting to remortgage I think now is the time to go. You've seen 20-30 bps cut off 5 year rates in the last month, which is most of the excess spread I was talking about previously.
Market consensus seems to be the Bank will raise 50 bps tomorrow but that it's also mostly priced into deals on offer.
apc
NickCJ
Acliff
When you compare mortgage rates to swap markets, they have done the "up like a rocket, down like a feather" thing. Put another way, the money market has almost normalised post-Truss whereas the mortgage market hasn't.
I don't usually say this, but now might be a good time to wait a few months (but then fix for 5 yrs if you aren't going to move). You might see the swap-mtge spread reduce a bit.