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Amarillo

Amarillo

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We have a call next Friday with Barclays to see what they have available. Early indications look like a 5y fix is cheaper than a 2y :rolleyes:
Trouble is, I want to extent the Mortgage to finish the current renovation which we were due to start next spring. However, with the economy looking gloomy, I’ve decided to hold fire and wait 24 months, to see how things pan out…

Barclays 7 year fix looks quite good.

2 year fix 4.3% no fee 60% LTV
5 year fix 4.45% no fee 75% LTV
7 year fix 3.49% £999 60% LTV

 
Lambeth Cali

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In 2008 we signed up to 5.15% for 10 years. My financial advisor was impressed. Then rates dived.

I never minded. 5% is very cheap debt in the real world. How many people have credit card debts?? Loony rates.
 
soulstyledevon

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Barclays 7 year fix looks quite good.

2 year fix 4.3% no fee 60% LTV
5 year fix 4.45% no fee 75% LTV
7 year fix 3.49% £999 60% LTV


Thanks @Amarillo .
Food for thought…
I tend to veer towards Barclays because we’re premier customers they offer more favourable rates than what they advertise to the open market.
It will be interesting to see what they offer us next week.
Our current rate is 1.8% which we had fixed for 5 years though them.
 
Amarillo

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Thanks @Amarillo .
Food for thought…
I tend to veer towards Barclays because we’re premier customers they offer more favourable rates than what they advertise to the open market.
It will be interesting to see what they offer us next week.
Our current rate is 1.8% which we had fixed for 5 years though them.

I use Barclays too - and RBS.

7 years (84 months) can be repaid in as little as 28 months without penalty, if you have excess cash hanging around. You are allowed to pay up to three times your monthly repayment without penalty. And once you have built up a healthy overpayment account you can make underpayments if you suddenly need the cash.

We’d built up a £55,000 overpayment account. I’ve now reduced my repayments to zero (and can hold it at that for four years without falling into arrears) to focus on paying down my buy-to-let mortgages.

However, for longer term fixed rates the penalty for bulk repayments are severe which is a problem if circumstances change and you want to move home.
 
willwander

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Personally I've never seen the attraction of fixed when there are still good trackers available, with fixed you are making a bet with the bank, odds are usually in bankers favour.

We recently took a mortgage to act as a bridging loan when moving house, base rate + 0.68% with the Skipton no early repayment charges. So ideal to act as a cheap bridging loan.

Everyone's needs/circumstances are different, so many variables. We used a broker to check the market. Used an online one called Trussle.com and was actually pretty impressed with their service.
 
The Tall Luthier

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This morning’s mini budget will increase consumer spending, by the wealthy, £3k if you earn £200K, £75 if you earn £20K

The Bank of England are seeking to suppress inflation with interest rates, this is in direct conflict with government policy of chasing growth through spending.

A real risk of BofE hiking rates quite a bit more. It might be worth moving quickly on a mortgage change before they rise again.
 
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willwander

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Whats going on now is ludicrous. The BofE and Treasury are at loggerheads, with mutually destructive approaches to the economy. I'm glad I'm not based in the UK at the moment.
I see $ parity in Sterlings future. Its already reaching new depths. The only bright point is that the Euro is getting equally hammered.

Raise rates to curb growth, cut taxes to boost growth.
I think they've lost control of inflation. Rate rises are more about propping up the pound.
 
soulstyledevon

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Just switching on Vine he’s about to discuss the current shambolic situation…
 
The Tall Luthier

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Just switching on Vine he’s about to discuss the current shambolic situation…
Oooh i don’t know what’s worse, that radio show or the governments budget. :)
Saying that I’m listening to James obrien and I’m have to hide the sharp knives. :)
 
soulstyledevon

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Those sheets, where's my VAT reduction....
 
Amarillo

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Personally I've never seen the attraction of fixed when there are still good trackers available, with fixed you are making a bet with the bank, odds are usually in bankers favour.

You pay for certainty.

We knew that at 2.49% over a ten year fixed term we could repay our residential mortgage in full comfortably.

I still remember the horror of a 15.75% mortgage rate on a £40,000 loan: my gross salary was about £11,500.
 
willwander

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Mini-budget stamp duty changes.
Now 0% up to £250k
Was 2% from £125k to £250k
Just bought out new house 3 months ago.
So that’s £2.5k we just wasted :(
 
soulstyledevon

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They said on the Vine,
Average house price rise in the last 12 months was £50k.
£2.5k stamp duty is a drop in the Ocean ;)
 
The Tall Luthier

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They should of done a vat drop not inflate a crazy housing market even more!
They need a crazy housing market, home owners with equity pay for extensions to be built.
It’s the same boost we enjoyed under Labours tenure.
 
Amarillo

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They should of done a vat drop not inflate a crazy housing market even more!

Increase in disability benefit
Increase in child benefit
Free school lunches for all children < 19 in full time state education

They would all have put money directly into the pockets of those who are most likely to spend it.

Instead they scrap higher rate of tax so the wealthy can stuff their pension funds.
 
GrumpyGranddad

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They need a crazy housing market, home owners with equity pay for extensions to be built.
It’s the same boost we enjoyed under Labours tenure.
And every new home purchase means lots of new ‘stuff’ needs to be bought. Appliances, carpets, curtains, furniture, etc, etc. I guess that stimulates the economy.
 
The Tall Luthier

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Increase in disability benefit
Increase in child benefit
Free school lunches for all children < 19 in full time state education

They would all have put money directly into the pockets of those who are most likely to spend it.

Instead they scrap higher rate of tax so the wealthy can stuff their pension funds.
It's unpopular politics with the Tory voting middle classes, but if you wanted to spend £50 billion and put it straight into the economy you should do exactly that.

Give £1,000 to every unemployed, disabled, gig working, two jobs, down and out, poor pensioner that is out there.
They would only have one choice, to spend! It doesn't even matter what they spent it on, it really doesn't. The end result would be that the rich people who sell 'stuff' would sell more and that would give our economy kick.

Instead they gave 629,000 people who earn over £150,000 pa a tax break. They will bank it and buy a few more weeks in the Seychelles or another Italian car.

KamiKwasi politics.
 

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