Gnash Posted March 7 Share Posted March 7 2 hours ago, throbber said: thanks gnash - I didn’t get any reminders from my provider to tell me I was coming out a fixed term and just forgot about it. Neither me or the mrs were very good with our finances back then. Interesting, I thought that getting a reminder was required. Now we have Consumer Duty, I think at the very least would be considered as treating customers fairly, although that was only implemented last year. 0 Quote Link to comment Share on other sites More sharing options...
die hard doonhamer Posted March 7 Share Posted March 7 I got quite a few reminders when my last fixed term was coming to an end, starting from 6 months before it finished as I could take a new deal from my existing lender at any point in the last 6 months of the fix. 0 Quote Link to comment Share on other sites More sharing options...
throbber Posted March 7 Share Posted March 7 There may have been numerous reminders then. This was 2016/17 time I didn’t know if it was Pancake Tuesday or Sheffield Wednesday back then. 1 Quote Link to comment Share on other sites More sharing options...
Loonytoons Posted March 7 Share Posted March 7 4 hours ago, die hard doonhamer said: I got quite a few reminders when my last fixed term was coming to an end, starting from 6 months before it finished as I could take a new deal from my existing lender at any point in the last 6 months of the fix. My mortgage term is due to end in a couple of months. Heard feck all from Halifax. 0 Quote Link to comment Share on other sites More sharing options...
Trogdor Posted March 7 Share Posted March 7 My mortgage ends in July but my current provider won't send a new offer until April (3 months before). @throbber are you using a mortgage broker? I used to think they were a scam as I'm financially literate but they are well worth it. Even if mine did use LOL in an email to me which should be a sackable offence imo. 2 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted March 7 Share Posted March 7 The above chat has prompted me to look at my own options through Nationwide. Regarding the automatic renewal talk (which is June for me), they're currently saying I'd go into a variable rate of 7.99%. That's in contrast to 2yr @ 4.84%, 3yr @ 4.79%, 5yr @ 4.34%, or 10yr @ 4.9% A tricky choice between the 2yr and 5yr option I'm thinking seeing as there are murmurings of a fall to 3.X% later in the year. 1 Quote Link to comment Share on other sites More sharing options...
Savage Henry Posted March 7 Share Posted March 7 5 minutes ago, Hedgecutter said: The above chat has prompted me to look at my own options through Nationwide. Regarding the automatic renewal talk (which is June for me), they're currently saying I'd go into a variable rate of 7.99%. That's in contrast to 2yr @ 4.84%, 3yr @ 4.79%, 5yr @ 4.34%, or 10yr @ 4.9% A tricky choice between the 2yr and 5yr option I'm thinking seeing as there are murmurings of a fall to 3.X% later in the year. We went 5 years. Whichever way we went it was a leap from the 1.8% we spent the last two years on, so we went with the most certainty. Seems to me nobody ever picks the three year option! 0 Quote Link to comment Share on other sites More sharing options...
Hedgecutter Posted March 7 Share Posted March 7 (edited) 1 hour ago, Savage Henry said: We went 5 years. Whichever way we went it was a leap from the 1.8% we spent the last two years on, so we went with the most certainty. Seems to me nobody ever picks the three year option! Aye, it's a decent period of certainty. After all, there's a general election in the pipeline and I don't fully trust the British electorate not to vote in the MRLP. ETA: looking at it a bit more, if I went for the 2yr option then I'd need the rate to have fallen to <3.94% by 2026 to make it worthwhile paying 0.4% more for the 2yr fix. Probably worth settling with the 5yr option for security, instead of gambling in the hope of saving ~£20pm. Anyone else find themselves being a little bit flippant about such things and then opting for a different brand of beer because of a 20p difference? Edited March 7 by Hedgecutter 0 Quote Link to comment Share on other sites More sharing options...
'WellDel Posted March 7 Share Posted March 7 3 hours ago, Loonytoons said: My mortgage term is due to end in a couple of months. Heard feck all from Halifax. Think you should have mate. I'm Halifax too and think it's end of next month my fixed deal is up, got email with breakdown of personalised offers in a few weeks back. 0 Quote Link to comment Share on other sites More sharing options...
Loonytoons Posted March 7 Share Posted March 7 1 hour ago, 'WellDel said: Think you should have mate. I'm Halifax too and think it's end of next month my fixed deal is up, got email with breakdown of personalised offers in a few weeks back. Cheers, I'll have a dig about in my emails. Need to chase up my financial advisor anyway. He said he'd be in touch roundabout now. 0 Quote Link to comment Share on other sites More sharing options...
TxRover Posted March 8 Share Posted March 8 8 hours ago, Hedgecutter said: Aye, it's a decent period of certainty. After all, there's a general election in the pipeline and I don't fully trust the British electorate not to vote in the MRLP. ETA: looking at it a bit more, if I went for the 2yr option then I'd need the rate to have fallen to <3.94% by 2026 to make it worthwhile paying 0.4% more for the 2yr fix. Probably worth settling with the 5yr option for security, instead of gambling in the hope of saving ~£20pm. Anyone else find themselves being a little bit flippant about such things and then opting for a different brand of beer because of a 20p difference? I'd absolutely be all over the 5 year. It's effectively about 5% lower payments over the other three options. The gamble on a 2 year term is if rates sank to below 4% at the end of the 2 year term, you would break even over 3 more years at about 3.99%. If they go lower, you save more...but if they don't, you're looking for another loan at a higher than breakeven rate for the next three years. Financial markets are showing an expectation of 3.5% to 4% UK rates for the next five years...and we all know there is a premium charged above these rates. 1 Quote Link to comment Share on other sites More sharing options...
throbber Posted March 8 Share Posted March 8 13 hours ago, Trogdor said: My mortgage ends in July but my current provider won't send a new offer until April (3 months before). @throbber are you using a mortgage broker? I used to think they were a scam as I'm financially literate but they are well worth it. Even if mine did use LOL in an email to me which should be a sackable offence imo. Yeah I am - all the brokers are the same tbh they just bash your details into a computer algorithm and tell you the best deal that comes up. Just like car insurance quotes but a few more factors included. 0 Quote Link to comment Share on other sites More sharing options...
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