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OnlyMe

Mortgages: Here Comes The Real Crunch

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Got fed up with pointing out that the stability created by people moving to fixed rate mortgages was nothing of the sort because most seemed to be going to 1 or 2 years fixes.

Well it now turns out it was the vast majority.

What a surprise, not.

http://www.citywire.co.uk/News/NewsArticle...rsionID%3d96740

In 2005 over 60% of all borrowers took out a fixed-rate mortgage – the vast majority two-year fixes. That means that up to 1.3 million homebuyers could be looking for a remortgage in the next few months. Given that many who took out fixed-rates two years ago were probably paying around 4.5% for their borrowing, today the best prime rates stand at around 5.5% to 6.0%.

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Colleague moved up the 'ladder' last year. I told him to fix his mortgage for five years minimum as he is unlikely to move away, let alone move jobs (even though they seriously take the p*** by not promoting him and paying him way below his job title).

He took a 2 year fix, which expires in 6 months. Ooops.

Edited by OzzMosiz

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