topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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Fixed and capped rate one to be stopped?
dont think ill bother unless im offered 5year fixed rate. how can the jusify stopping them?
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C2RL R
Member
Registered: 28th Mar 02
Location: Redcliffe, QLD
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where did you hear that?
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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on the 6 oclock news today
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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only for new ones. if your already in one your fine. just they wont offer them soon
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BlueCorsa
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Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
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There's gonna be some repossessions in a few years time when people's fixed/capped start to run out and their payments jump.
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
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im glad i got my fixed rate fixed for 10 years in that case lol
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richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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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]
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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 i was going to buy in the summer aswell.
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p4uls corsa
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Registered: 2nd May 05
Location: BRADFORD
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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?
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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not now unless your quick, i should imagine loads of people will try that
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Jules S
Premium Member
Registered: 24th Dec 03
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Lots of scaremongering going on here....
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
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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
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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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 
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Colin
Member
Registered: 4th Apr 02
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Went up to 17% in the early/mid 90's....now that is scary 
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
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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
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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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.
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mav
Member
Registered: 19th Jun 01
Location: Scotland
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I'm on a fixed rate for 2 1/4 years yet...Just moved into new house in April last year.
Northern Rock.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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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
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
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well considering Labour has inflation at its highest in 10 years they havnt really done anyione any favours
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
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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 
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Russ
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Registered: 14th Mar 04
Location: Armchair
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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
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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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.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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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
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topshot_2k
Banned
Registered: 1st Dec 03
Location: Northampton Drives: Pug GTi-6
User status: Offline
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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
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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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
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