corsasport.co.uk
 

Corsa Sport » Message Board » Off Day » House Day » mortgages


New Topic

New Poll
  Subscribe | Add to Favourites

You are not logged in and may not post or reply to messages. Please log in or create a new account or mail us about fixing an existing one - register@corsasport.co.uk

There are also many more features available when you are logged in such as private messages, buddy list, location services, post search and more.


Author mortgages
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
16th Jan 07 at 19:03   View User's Profile U2U Member Reply With Quote

Fixed and capped rate one to be stopped?

dont think ill bother unless im offered 5year fixed rate. how can the jusify stopping them?
C2RL R
Member

Registered: 28th Mar 02
Location: Redcliffe, QLD
User status: Offline
16th Jan 07 at 19:05   View User's Profile U2U Member Reply With Quote

where did you hear that?
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
16th Jan 07 at 19:06   View User's Profile U2U Member Reply With Quote

on the 6 oclock news today
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
16th Jan 07 at 19:07   View User's Profile U2U Member Reply With Quote

only for new ones. if your already in one your fine. just they wont offer them soon
BlueCorsa
Member

Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
16th Jan 07 at 20:55   View User's Profile U2U Member Reply With Quote

There's gonna be some repossessions in a few years time when people's fixed/capped start to run out and their payments jump.
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
16th Jan 07 at 21:20   View User's Profile U2U Member Reply With Quote

im glad i got my fixed rate fixed for 10 years in that case lol
richardworrall
Premium Member

Registered: 20th Sep 05
Location: Derby
User status: Offline
16th Jan 07 at 21:45   View Garage View User's Profile U2U Member Reply With Quote

Homeowners facing increased mortgage repayments following the shock bank rate rise have been hit by a double whammy - with lenders pulling the plug on the best fixed rates.



GOING GOING GONE: Lenders have pulled the plug on the best fixed rates

So far, 12 lenders – mainly building societies - have either axed top fixed rate deals or removed all their fixed rates from offer without giving any replacements, according to financial data specialist Moneyfacts.co.uk.
Lenders' motives in halting the sale of their best fixed rate deals so swiftly have been questioned by Moneyfacts, which has suggested they are seeking to profit from the chance to raise rates.

Julia Harris, mortgage analyst at the group, said: 'So has there been a flurry of customers snapping up these 'cheap' deals, causing the societies to exhaust their tranches of fixed rate funds? Or could it be an opportunity to reprice, allowing a larger profit margin?

'With a further rate rise still on the cards for 2007, those consumers on a tight budget will need to act quickly before more of the current best buy fixed rate deals vanish.

'The next few months will be an interesting time in the mortgage market. We could see short term fixed rates of under 5% vanish, or alternatively see associated arrangement/product fees increased in an attempt to keep them low, as lenders are forced to buy their funds at the now much higher rate offered by the money markets.'

The biggest name to pull the plug on fixed rates is Portman Building Society, which according to Moneyfacts halted the sale of its entire range yesterday, pending new rates. Portman was offering two of the better deals on the market, a 4.83% two-year fixed rate with a £999 fee and a 4.99% two-year fixed rate with a £499 fee.

Internet bank Egg axed its best buy 4.74% two-year fixed rate, while Kent Reliance stopped its three, five and ten-year fixes.

Mortgage experts have warned those looking for a new homeloan to act quickly if they want the best deals.

Louise Cuming, head of mortgages at Moneysupermarket.com, said: 'My advice, if you will not incur a penalty to switch mortgage products, is to shop around urgently, especially if you are paying the lender's standard variable rate of around seven per cent. In the first instance borrowers should approach their existing lender to see if they can transfer onto a more competitive rate.

'Where possible, those with a mortgage likely to be affected by this rate rise and who fear they will struggle with any further increases in payments should consider remortgaging to a better or fixed rate product.'

Lenders who have pulled some or all fixed rates
• Barnsley BS, Cumberland BS, Egg, Kent Reliance, Mansfield BS, Newbury BS, Portman BS, Progressive BS, Saffron BS, Skipton BS, Stroud & Swindon BS, Tipton & Coseley BS.



[Edited on 16-01-2007 by richardworrall]
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
16th Jan 07 at 22:39   View User's Profile U2U Member Reply With Quote

i was going to buy in the summer aswell.
p4uls corsa
Member

Registered: 2nd May 05
Location: BRADFORD
User status: Offline
16th Jan 07 at 22:52   View User's Profile U2U Member Reply With Quote

i took a 3 year fixed mortgage out in december, and i was wondering if anyone knows if it would be possible to extend the fixed rate period to a 5_10 year one?
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
16th Jan 07 at 22:55   View User's Profile U2U Member Reply With Quote

not now unless your quick, i should imagine loads of people will try that
Jules S
Premium Member

Avatar

Registered: 24th Dec 03
User status: Offline
16th Jan 07 at 23:28   View Garage View User's Profile U2U Member Reply With Quote

Lots of scaremongering going on here....
John_C
Member

Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
16th Jan 07 at 23:31   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by p4uls corsa
i took a 3 year fixed mortgage out in december, and i was wondering if anyone knows if it would be possible to extend the fixed rate period to a 5_10 year one?


i wouldnt worry by the time u need to remortgage inflation will be at the bottom of the cycle
Jules S
Premium Member

Avatar

Registered: 24th Dec 03
User status: Offline
16th Jan 07 at 23:39   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John_C
quote:
Originally posted by p4uls corsa
i took a 3 year fixed mortgage out in december, and i was wondering if anyone knows if it would be possible to extend the fixed rate period to a 5_10 year one?


i wouldnt worry by the time u need to remortgage inflation will be at the bottom of the cycle


Again,

A major assumption.

Fixed rates are a healthy gamble, but it's a gamble at the end of the day
Colin
Member

Registered: 4th Apr 02
User status: Offline
16th Jan 07 at 23:51   View User's Profile U2U Member Reply With Quote

Went up to 17% in the early/mid 90's....now that is scary
John_C
Member

Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
16th Jan 07 at 23:52   View User's Profile U2U Member Reply With Quote

assumptions yes but what isnt in financial markets. In a market like this i would say variable is a much bigger risk.

interest rates are still relatively low compared with historical rates. 15% anyone

rates will still need to increase 1 or 2 times more to quell inflation imo
Ian
Site Administrator

Avatar

Registered: 28th Aug 99
Location: Liverpool
User status: Online
17th Jan 07 at 01:59   View Garage View User's Profile U2U Member Reply With Quote

I fixed at 5.39 18 months ago. Its up after two years, best the lender has currently is 5.8, that will be 7 by the time I need to fix again at this rate.

mav
Member

Registered: 19th Jun 01
Location: Scotland
User status: Offline
17th Jan 07 at 02:03   View User's Profile U2U Member Reply With Quote

I'm on a fixed rate for 2 1/4 years yet...Just moved into new house in April last year.

Northern Rock.
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
17th Jan 07 at 07:38   View User's Profile U2U Member Reply With Quote

imagine if the tories won next election and they put the interest rate back up to 16% like last time wouldnt happen though.. i hope
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
17th Jan 07 at 08:42   View User's Profile U2U Member Reply With Quote

well considering Labour has inflation at its highest in 10 years they havnt really done anyione any favours
MarkW
Member

Registered: 19th Mar 04
Location: Orpington, Kent
User status: Offline
17th Jan 07 at 19:55   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
I fixed at 5.39 18 months ago. Its up after two years, best the lender has currently is 5.8, that will be 7 by the time I need to fix again at this rate.




there's still some good deals to be had, as i'm looking into it at the mo;

http://www.fool.co.uk/mortgages/compare-mortgages.aspx

upto 2009 that's a fairly decent rate....obviously after then who knows?


also with the above article pasted in, all those are small building societies who will have realtively small funds (in comparison to massive banks) and therefore have to take measures like that, i will personally only worry when someone big goes down the same route
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
17th Jan 07 at 21:37   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by topshot_2k
well considering Labour has inflation at its highest in 10 years they havnt really done anyione any favours
please tell me your jokin, i know ur a spurs fan so are probably jewish but be serious
Ian
Site Administrator

Avatar

Registered: 28th Aug 99
Location: Liverpool
User status: Online
18th Jan 07 at 02:13   View Garage View User's Profile U2U Member Reply With Quote

A lot of those that are fixed at below 5 go a lot higher after the end of the fixed term which means setup fees on a move if you change providers after your fixed term is up.
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
18th Jan 07 at 07:29   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Ian
A lot of those that are fixed at below 5 go a lot higher after the end of the fixed term which means setup fees on a move if you change providers after your fixed term is up.
but alot of lenders also wave those fees ot get ur business
topshot_2k
Banned

Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
18th Jan 07 at 09:14   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Russ
quote:
Originally posted by topshot_2k
well considering Labour has inflation at its highest in 10 years they havnt really done anyione any favours
please tell me your jokin, i know ur a spurs fan so are probably jewish but be serious


I am neither joking nor jewish

They have fooked this country over BIG time
Russ
Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline
18th Jan 07 at 20:51   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by topshot_2k
quote:
Originally posted by Russ
quote:
Originally posted by topshot_2k
well considering Labour has inflation at its highest in 10 years they havnt really done anyione any favours
please tell me your jokin, i know ur a spurs fan so are probably jewish but be serious


I am neither joking nor jewish

They have fooked this country over BIG time
labour have???? lol not gonna turn this into a political debate, but if labour charged us for farting still would be better than anything the tories did for the country

 
New Topic

New Poll

  Related Threads Author Forum Replies Views Last Post
Do you rent or own your own house? Chump House Day 108 7997
29th Apr 12 at 16:31
by Corsa_Sport21
 
Mortgages & Being self employed 1_Litre_Porsche_Beater House Day 11 1455
25th Sep 05 at 16:50
by nik
 
2nd mortgages AK House Day 12 1943
5th Mar 06 at 21:51
by John_C
 
Buy to let mortgages James House Day 53 3152
24th Oct 07 at 03:43
by Ian
 
shared ownership question gwil0283 House Day 16 2385
12th Jan 07 at 22:48
by Ally
 

Corsa Sport » Message Board » Off Day » House Day » mortgages 29 database queries in 0.0267911 seconds