Current Affairs Mortgages

[john jako]

Just fixed for 5 years and due to complete at beginning of next month. Really nervous that it'll still fall through but advisor thinks it can't. If it doesn't go through then things will be interesting!

Mines fell through but wasn’t that far advanced. I had a mortgage deal presented, my mortgage advisor put all the info in and passed all the calculations. Sent to Santander and they have now said no and blamed income. He said it’s rubbish and they have got nervous and pulling most of their good deals.

You should be fine if your at a certain part of the process.

 

[GlosBlue]

Mines fell through but wasn’t that far advanced. I had a mortgage deal presented, my mortgage advisor put all the info in and passed all the calculations. Sent to Santander and they have now said no and blamed income. He said it’s rubbish and they have got nervous and pulling most of their good deals.

You should be fine if your at a certain part of the process.

Sorry to hear that. Hopefully you can sort it with a different lender. It's a pretty worrying time but hopefully somehow the idiots in charge can get it under control soon!

 

[Yarrgh]

Luckliy have 2 years left on our fixed rate, if interest rates stay as predicted our repayments will be bananas

Hopefully will be all sorted by then lol, what's everyones thoughts/plans???

Don't need to pay a mortgage if your homeless!

 

[coollino]

The only lucky ones I believe who are the ones on 5+ fixed rates agreed early this year. Everyone else will feel the pain at some point over the next 5 years.

me, in March phew

 

[Martin Alvito]

Mines fell through but wasn’t that far advanced. I had a mortgage deal presented, my mortgage advisor put all the info in and passed all the calculations. Sent to Santander and they have now said no and blamed income. He said it’s rubbish and they have got nervous and pulling most of their good deals.

You should be fine if your at a certain part of the process.

Same thing happened here in September 2008. You're not liable for a discrimination lawsuit if you kill all the deals by temporarily changing your underwriting standards. Where it gets tricky is with the advanced deals, as you say, because at some point buyers and sellers make decisions on a reasonable expectation of closing and they could face a class action over that.

Now, if they wanted to be underhanded they could order their appraisers to lowball appraisals without ordering them to lowball them, if you catch my meaning, to kill some of the more advanced deals.

 

[WA Toffee]

Our mortgage is split in two - part is fixed rate just locked in for 2 or 3 years, the other part is variable, but we can (and do) make extra payments on it.

Our mortgage isn't huge though, so we will be able to cope with an increase in rates.

I am aware that I am in a very fortunate position though, it looks like there is going to be a lot of pain for a lot of people over the next couple of years, with no obvious or easy solution

 

[roydo]

Fortunately, have the resource to pay off most of the mortgage. Have had for a few years, but with rates so low, it seemed daft to do so. Will wait a bit and see how this all pans out for now.

 

[john jako]

Going to be a landlords paradise in two years. Rent will be sky high for people renting. Lack of properties in the UK as a whole. A lot of private rental properties have been sold over the past year as landlords took advantage of market being sky high. Basically leaves a smaller amount of properties for rent which in turn equals a higher demand. With more guidelines coming in for landlords like Pat testing etc rent will shoot up.

People will say the market will crash so house prices will be cheaper but problem is, mortgages will be sky high and people will still need deposits.

Foreign investors will be purchasing all the repossessed houses for cheap and making mass profits from renting out.

Welcome to tory Britain.

 

[Lobster Johnson]

Bought in January and my working class guilt at getting a massive deposit from my wife's rich parents and getting a fixed rate for the full term is mysteriously evaporating this week.

 

[orchard]

Don't need to pay a mortgage if your homeless!

or pay for the energy/heating

 

[Yarrgh]

or pay for the energy/heating

Also I have enough bodily reserves that hibernation might be possible. I will wake up to the apocalyptic UK in spring fighting fit.

 

[woomy]

Got a rental property that is coming up soon for renewal. Decided today to stick it on the market.
I just don't have the balls to say to the tennants Sorry, but your rent is going up several hundred £s. They are already paying £700 a month. Which I don't actually make any money on. Once morgage, tax and contingency money are all factored in. Can easily see that getting closer to 4 figures.
It sucks for them. But it's either them finding somewhere else, that has a longer term mortgage on it, buying, or me sticking them with a silly rise. I certainly couldn't take the hit.

My own home has a 7year mortgage signed in March @ 1.56%. Got really lucky.

 

[GlosBlue]

Bought in January and my working class guilt at getting a massive deposit from my wife's rich parents and getting a fixed rate for the full term is mysteriously evaporating this week.

A fixed rate for the full term? For the length of the whole mortgage? Nice work!

 

[LinekersLegs]

Won’t have as much impact on cost of living as UK as many people with mortgages have long term fixed mortgages but going to hit housing market and new buyers very hard.

 

[Tennessee Blue Mike]

Won’t have as much impact on cost of living as UK as many people with mortgages have long term fixed mortgages but going to hit housing market and new buyers very hard.

It is unbelievable how quickly this has increased. I just refinanced last year at a fixed 2.5% and I am thankful I did. This will put a lot of stress on variable rate holders that don't have a cap.