Mortgage Rates Dropping - Should You Fix Your Mortgage Interest Rate Now Or Wait?
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- Опубліковано 19 вер 2024
- Mortgage Rates Dropping - Should You Fix Your Mortgage Interest Rate Now Or Wait?
In this video, we explore the recent drop in mortgage rates and whether now is the right time to lock in a fixed-rate mortgage or wait for further changes. With interest rates fluctuating, timing can make a big difference in your repayments. We’ll break down the pros and cons of fixing your rate now versus waiting, and what factors you need to consider before making a decision. Stay tuned to find out which strategy might work best for you!
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I personally think it’s best to wait till October /mid November if your fixed rates deal coming end now if not just fix it now!
that contradicts
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Two more months of pain, hold on a bit longer. The BOE will be forced to drop rates
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My 5 year buy to let mortgage ends late december next year so hope there will be a good few rate reductions by then.🤞
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Banks change mortgage rates faster than home buyers change their purchasing decisions. Hence, lets say you could get whole 1% better on a mortgage rate if you waited until it was at its lowest rate.... But by that time buyers would have bid up house prices beyond what you'd saved on that interest rate. Personally i think if you can get anything like 4% fixed for 2 to 5 years then go for it, because if mortgages go down to 3% then house prices will go up by more than waiting. Try to drive a good bargain price, that will save you more than 1% for 3-5 years.
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I personally wouldn't likely go for the tracker rate, I would fix at the best deal I can for 5 years as I am quite risk-averse and it has been a good decision so far.
And thats the right thing for you, I would do the same for myself. Whatever your risk levels are is what you should pick.
Currently in the process of buying and will be done in 4 weeks, I think I'll just miss the big drops. So either 4.55 at 2 years or 4.17 at 5 years, not sure.
Thats still much better than last year, enjoy your new property. 🙌
Maybe go for a 2 year and fix for 5 year when that ends? But it all depends on your yield?
My 2 year fixed runs out in January 2025 but I'm in no rush to take a new deal. Will wait until late November/ early December. Will remain with current provider Nationwide so quick and easy to remortgage.
Will definately be a 2 year, possibly a tracker.
You can go on Nationwide's mortgage calculator and see what sort of deal they will offer you even before the 4 months before your fix ends. Best they are offering me on a 5yr fix is 4.11 % with zero fee, which is not good enough! I want BETTER!
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What about the 10 year deal, at least less risk for quite some time on a 19 year mortgage, or would you say that’s not such a good idea?
I dont like the 10 year deals in this market. I think something will happen to drop rates again (Recession, Black Swan event) then I would consider 10 year fixed.
What are your predictions for March next year (when I can select my new deal) with 40% equity and July next year (when my current fix actually ends)?
I think 3.5% will be common.
Great video as per usual. Do you know if BM solutions have cut their rates? They always seem to be the last for some reason.
Interesting question I used to have 5 mortgages with them but never see them as competitive recently. Will take a look.
@@propertyaccelerator exactly. I have asked my broker 3 times over the last 6 months and no movement. Cheers and thank you
Fix for 2 years or 5 years for first time buyers?
Your broker will give you the best advice compared to your situation.
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