what's your mortgage rate doing?

[Amethyst]

Just thought it might be interesting, and probably a bit nosey, to see what terms.rates etc peoples mortgages are on.

Are they following the base rate, how many peeps are stuck on high fixed rates, that kind of thing.

I got a review letter through today.

Birmingham Midshires - SIL Tracker - current rate 3.89%, which is 0.89% above BBR, then changing on 13/8/9 (which i think is when ERC ends) to 1.75% above BBR which would give a rate of 4.75%.

[BBB]

Re: what's your mortgage rate doing?

I took out a 5 year fixed rate with the Woolwich, which started in February 2007, at 4.99%.

[Mochamoo]

Re: what's your mortgage rate doing?

I'm fixed on 6.7% till September then it goes to tracker

[TUTTSI]

Re: what's your mortgage rate doing?

We are presently on the Libor rate of 6.21% + 3.2% sub prime rate which has now dropped at a fantastic rate for us to 2.70 % + 3.2% sub prime rate and depending what the rate is on 15/1/2009 will determine our rate for the next 3 months. Presently, we have calculated our savings from February are working out at the last 3 months libor rate drop to just under £900 per month savings and we still have a few more days to achieve even a larger saving. This will now save us from moving as this is the savings we were trying to achieve. The interest rates are likely to drop again this coming Thursday so the libor is likley to drop again.

I cannot tell you what a huge relief it will be for us, trying to achieve a very high Mortgage each month and this has been cripling.

[Birdie]

Re: what's your mortgage rate doing?

Our mortgage deal comes to an end at this end of this month ie January 2009.

We're with Mortgage Express, so they are not doing any more deals.

Problem with us trying for another is we could end up with a horrendous rate as hubby is self employed and I do not have definite income each month (plus lots of defaults).

Needs a little investigation I think though, guess we would not have anything to lose by investigating................ and we would not have to accept a rotten deal would we?!

[Xena]

Re: what's your mortgage rate doing?

Just a precaution, you need to have 75% equity - 15/20% drop in house prices before lenders will consider doing remortgages etc.

Those fantastic deals that used to be on the market are long gone.

[BBB]

Re: what's your mortgage rate doing?

Xena,

I think you will find the required equity to get the good rates will be even higher (or is it lower?). When I got my current deal, you needed to have an equity of 80% or less. Now the major lenders are looking for an equity of 60% or less to give you their best rates. That is certainly the case with Woolwich/Barclays.

[Xena]

Re: what's your mortgage rate doing?

Xena,

I think you will find the required equity to get the good rates will be even higher (or is it lower?). When I got my current deal, you needed to have an equity of 80% or less. Now the major lenders are looking for an equity of 60% or less to give you their best rates. That is certainly the case with Woolwich/Barclays.

Well with the Abbey you have to have 75% taking into account the drop in house prices of 20%.

[BBB]

Re: what's your mortgage rate doing?

A quick scout around shows the following who will only give their best rates with a loan to value (LTV) of 60% or less:-

Nationwide
Barclays/Woolwich
Nat West (on their 2 year fixed rates, 25% LTV on 2 year tracker and 5 year fixed rate)
Abbey (http://www.abbey.com/csgs/Satellite?...to/GS_Producto)
Lloyds TSB
C & G
Halifax
Alliance & Leicester
HSBC

Most only appear to be lending with a maximum of 75% LTV, though Nationwide go up to 85% LTV with their fixed rate/tracker products, but there is a difference of about 1.5% in the interest rate when compared to a loan of up to 60% LTV.

It's a big difference compared to 2 years ago when I last remortgaged and the best rates were available on a LTV of 80% or less.

[StoneLaughter]

Re: what's your mortgage rate doing?

I was on a tracker with Northern Rock up until Jan 1st - it was guaranteed to be 0.85% below BoE Base Rate - which put me at 6.35 and then 5.85 in Nov and Dec. That finished on 1st Jan, and now we're floating - but the 1% rate cut in late Nov just came through, and now we're on 5.84% LMAO. That means that instead of the £640 we were paying most of last year, we're now paying £595...

p.s. We're stuck with Northern Rock - with my current financial status there is NO WAY I will get a new mortgage when people who exceeded their overdraft by £30, once, a month ago are getting turned down!

[BBB]

Re: what's your mortgage rate doing?

Tom,

How on earth can they justify a standard variable rate that is nearly 4% higher than the Bank of England base rate??? It is nearly 2% higher than Nationwides SVR. It is daylight robbery, though at least you are in a better position than you were.

[natweststaffmember]

Re: what's your mortgage rate doing?

This is the LIBOR rate
Libor: Latest inter-bank lending rate with charts | This is Money

[TUTTSI]

Re: what's your mortgage rate doing?

This is the LIBOR rate
Libor: Latest inter-bank lending rate with charts | This is Money

and hopefully still going down.

[BBB]

Re: what's your mortgage rate doing?

This is the LIBOR rate
Libor: Latest inter-bank lending rate with charts | This is Money

And the Northern Rock SVR is still 3% higher than the LIBOR rate.

[StoneLaughter]

Re: what's your mortgage rate doing?

They're trying to reduce their customer base; daylight robbery it may be but they're (in the meantime) a nationalised company because they nearly went under. Like I said - I'm stuck with them until other companies start lending to consumers.