I've still got 2 years and 3 months until my 5 year fixed deal ends. Really hope mortgage rates fall before that as I won't be able to afford it, especially as my wife is now long-term sick and not working. I supposed I can hope to 2 inflation busting pay rises between now and then though right?
1 part of mine expires next October so hoping will go down a bit but expecting it around 4% or so. Other part I luckily took out an 8 year fixed when interest rates were stupidly low a couple years ago so has plenty time to run on it.
We were extremely lucky this time around... our first house we lost a lot of money on, despite living in it for years, we had to write a cheque to the bank when we sold the house to get out of the mortgage, money was already really tight then too- we were young, had medical debts from a couple of failed pregnancies and struggling... this time we managed to fix in while rates were low and before a land value boom in our area- the land alone is worth far more than we paid combined to buy the land and build the house- we could demolish the house and still make a profit! Not that I intend to do that. Our luck balanced out over the two houses. Can't move again, don't want to tempt fate.
some mortgage lenders had cut the interest rate following the drop in inflation but then the BoE goes and raises interest rates by another 0.25% for some bizarre reason so any cuts will more than disappear . In a sensible world i would say things would be in a much better position re mortgage rates by your renewal date but with these clowns who knows .
inflation is still about double where it needs to be to even consider stopping increasing the interest rates the war is total stalemate by the looks of it all the price of gas and oil are going to shoot back up again dig in is my advice.
Petrol prices shot up 5p in matter of days round here as well. Was about 135/136 at Tesco but shot up to 140p this week
The house is entirely in my name so I've got the option of adding the other half to the deeds so that the "income" is higher but really don't want to do that
That's over double what I pay $3.40-$3.50 a gallon (about 75p a litre). Of course most of that difference is taxes, and we get milked by the government in other ways... so I'm paying the extra 85p a litre to the government, just not when I fill up.
Yeah, Biscan is on the south coast whereas I'm on an island 75 miles away,so they put the extra down to 'transportation costs'
We'd only been dating a short amount of time when I bought my first house. When we moved, she had a **** credit rating; if it's added her it made what I could borrow less She signed paperwork to say she had no right to the house (when I bought both houses and when I remortgaged last time); mortgage companies insisted
My wife and I have a right of survivorship clause in ours, so that if one of us dies the other owns the house 100%. (Not that it matters since we're both each other's sole heir). But it does mean I won't keep a gun in the house.
