I am same with bank of Ireland was hoping to lock in 1st December 6 months early and now it states 1st February so now 4 months hopefully won’t make any difference as hopefully better rates in feb onwards 🙏
Be useful when stating "the lowest rate available" if its with or without a fee... In October Natwest offered us a fixed 2yr with at 4.39% with £0 fee, or 4.34% with a £999 fee...that was after securing a 4.37% with a £999...so we switched our full application to the 4.39% So they give with one hand but take with another.
The average interest rate on a five-year fixed mortgage has jumped by the most in more than a year in the wake of Rachel Reeves’s record-tax raising Budget, data shows. Average five-year deals rose by 0.19 percentage point in October, according to Moneyfacts, as the Chancellor’s maiden Budget and the US election pushed up borrowing costs. The increase, which comes even as the Bank of England cut interest rates, marks the largest monthly jump since August 2023, the findings showed. It takes the average interest rate on a fixed five-year home loan to 5.28pc, up from 5.09pc at the start of November. As a result, the average buyer purchasing a £250,000 property on a five-year fixed rate will pay £335 more than a month ago or £230 if fixing their deal for two years. Two-year fixed rates also rose by 0.13 percentage points to 5.52pc.
TheMorgageWorks, part of Nationwide, allow switch deal selection to 90 days only. Also lenders will reduce the deal term if you secure early; for example a 2year fix selected early, may be only for 20 months from renewal (deal fee remains the same!) So beware when making comparisons.
@@allykhan8594 thanks for the reply. I’m not currently concerned about job securitity. I was more referring to house prices, mortgages and stuff related to the house buying process.
My lender only lets me fix 4 months before my current fix expires, so I should be able to agree a new rate in March. If Bailey is right, and I'm not sure I believe the mumbling old so and so, the BoE should have cut twice by July.
I mean I’m just about getting a 10% deposit together with some savings kept to one side and everyone else is talking 25-40% deposits… did I miss something or am I the only person who isn’t rich?
Most people could never save a 40% deposit. How you get that is after you own the first property you would build equity you could use for the second purchase.
Base rates will be above 5% by the end of 2025. All bets off for 2026 but I can see rates back to the long term average of 7%. Yes kids rate’s average was 7%. We hit 15% in 1991. Hold on to your hats it gonna be bumpy Labour are making a real dog’s dinner of the economy. Inflation will boom causing interest rates to follow
It's not in a bank's interest to make it easy for people to buy houses because bank's need landlords to borrow to buy houses using debt which creates money and landlords needs tenants to pay their mortgages for them so the landlords can borrow more money to buy more houses etc The bank's need people to be tenants The bank's just play games with tenants by increasing the deposit to more than tenants can afford which is why it's called The Property Game because it's a game that the bank's control
I challenge you to post a 10 minute video on any topic I bet you wont. Also if you dont like the channel why bother watching there are billions of videos on RUclips.
Read MORE about it on our new blog: property-accelerator.co.uk/high-street-cuts-rates-market-rises/
@James I’m with the Halifax and they won’t let me lock in 6 months early, they’ll only do it 4 months early.
thanks for the update appreciate it.
I am same with bank of Ireland was hoping to lock in 1st December 6 months early and now it states 1st February so now 4 months hopefully won’t make any difference as hopefully better rates in feb onwards 🙏
Be useful when stating "the lowest rate available" if its with or without a fee...
In October Natwest offered us a fixed 2yr with at 4.39% with £0 fee, or 4.34% with a £999 fee...that was after securing a 4.37% with a £999...so we switched our full application to the 4.39%
So they give with one hand but take with another.
👍
The average interest rate on a five-year fixed mortgage has jumped by the most in more than a year in the wake of Rachel Reeves’s record-tax raising Budget, data shows.
Average five-year deals rose by 0.19 percentage point in October, according to Moneyfacts, as the Chancellor’s maiden Budget and the US election pushed up borrowing costs.
The increase, which comes even as the Bank of England cut interest rates, marks the largest monthly jump since August 2023, the findings showed.
It takes the average interest rate on a fixed five-year home loan to 5.28pc, up from 5.09pc at the start of November.
As a result, the average buyer purchasing a £250,000 property on a five-year fixed rate will pay £335 more than a month ago or £230 if fixing their deal for two years.
Two-year fixed rates also rose by 0.13 percentage points to 5.52pc.
👍
TheMorgageWorks, part of Nationwide, allow switch deal selection to 90 days only.
Also lenders will reduce the deal term if you secure early; for example a 2year fix selected early, may be only for 20 months from renewal (deal fee remains the same!) So beware when making comparisons.
Seems some are shortening the time to swap which is a bit unfair.
Recession ahead! Banks see it; movement of money or not moving. A 0.5% dip 3rd qtr and a further 0.5% 4th qtr.
100%. Rough seas ahead
👍
maybe a naive question but I’m currently saving for my first house which I will likely be buying next year.
How would a recession impact me?
@Steven-qi4gm job security! How healthy is the company you're working for? Prices will dip, but more on the top end not the average.
@@allykhan8594 thanks for the reply.
I’m not currently concerned about job securitity. I was more referring to house prices, mortgages and stuff related to the house buying process.
My lender only lets me fix 4 months before my current fix expires, so I should be able to agree a new rate in March. If Bailey is right, and I'm not sure I believe the mumbling old so and so, the BoE should have cut twice by July.
Fingers crossed, might as well fix early and if rates drop you can swap prior to it starting.
Nationwide now four months before.
Thanks for sharing, shame they cut back.
Whatbthe rate for 15% deposit for first time buyer
I have some lenders in this video mate - ruclips.net/video/Mcd9T44JL6g/видео.htmlsi=J0iDPyZwGkoDByPx
James do you think we will get a rate cut next week?
I think they will pause again, due to wanting to see Trump get started and how the budget here plays out.
I mean I’m just about getting a 10% deposit together with some savings kept to one side and everyone else is talking 25-40% deposits… did I miss something or am I the only person who isn’t rich?
Most people could never save a 40% deposit. How you get that is after you own the first property you would build equity you could use for the second purchase.
Base rates will be above 5% by the end of 2025. All bets off for 2026 but I can see rates back to the long term average of 7%.
Yes kids rate’s average was 7%. We hit 15% in 1991. Hold on to your hats it gonna be bumpy
Labour are making a real dog’s dinner of the economy. Inflation will boom causing interest rates to follow
I think more likely is recessions around the world which would cut rates.
It's not in a bank's interest to make it easy for people to buy houses because bank's need landlords to borrow to buy houses using debt which creates money and landlords needs tenants to pay their mortgages for them so the landlords can borrow more money to buy more houses etc
The bank's need people to be tenants
The bank's just play games with tenants by increasing the deposit to more than tenants can afford which is why it's called The Property Game because it's a game that the bank's control
🙌👍
Bailey is talking up the market. It won’t happen
👍
God your videos are boring
I challenge you to post a 10 minute video on any topic I bet you wont. Also if you dont like the channel why bother watching there are billions of videos on RUclips.