I suspect it does matter if if you’re going to shift providers, because the amount of admin now involved in giving out a mortgage is large and takes a while to complete. Last time, I started the process several months in advance and they still didn’t finish their paperwork in time for the expiry of my existing deal. On the other hand, if you’re sticking with the same provider then they can update your mortgage deal pretty much overnight (which is what I then did instead, with one day to go).
teuchter I think the advice at the moment is to lock in the best rate you can get now should rates keep rising. If rates fall you can switch to the more favourable rate.
I'm not complaining, but it seems they are missing a trick. I originally got my mortgage when I was conventionally employed and could easily demonstrate a reasonable salary. That's no longer the case, which is why I've never bothered trying to switch to another provider - I expect it would be pretty hard for me to get anything. It means that my current provider pretty much have me captive. They don't know that but they would if they asked me a few questions at each renewal. It's surprising to me, because with that information they could charge me significantly higher rates - I'd not have much option.I've not known lenders to offer customised targeted rates for individual customers. IME the one rate offered by your lender for your LTV bracket and type of deal (FTB, remortgage, deal switch, fix/tracker etc) is the rate you get. The only reason you'll see that rate change is if they are revising their rates for everyone.
It would be hard for them to apply that kind of pricing discrimination on expiry of the initial deal without falling foul of their Consumer Duty requirements. I’m not saying it’s impossible, but they’d need to jump through a lot of hoops. The requirements of mortgage providers are described by the FCA in this letter to firms:I'm not complaining, but it seems they are missing a trick. I originally got my mortgage when I was conventionally employed and could easily demonstrate a reasonable salary. That's no longer the case, which is why I've never bothered trying to switch to another provider - I expect it would be pretty hard for me to get anything. It means that my current provider pretty much have me captive. They don't know that but they would if they asked me a few questions at each renewal. It's surprising to me, because with that information they could charge me significantly higher rates - I'd not have much option.
Speak to London and Country.I'm not complaining, but it seems they are missing a trick. I originally got my mortgage when I was conventionally employed and could easily demonstrate a reasonable salary. That's no longer the case, which is why I've never bothered trying to switch to another provider - I expect it would be pretty hard for me to get anything. It means that my current provider pretty much have me captive. They don't know that but they would if they asked me a few questions at each renewal. It's surprising to me, because with that information they could charge me significantly higher rates - I'd not have much option.
Yes - but after my Icesave experience I will avoid.3.82% Instant access is decent.
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I was caught by IceSave as wellYes - but after my Icesave experience I will avoid.
After Gordon Brown threatened to send inn the gun boats to Rekjavik!I was caught by IceSave as well
TBF, we all got put right by the FSCS after a few weeks - I got a check of the balance plus accrued interest along with a certificate or something that allowed me to pay it into an other ISA provider
FSCS is a good thing. ( by contrast, my mother had some sort of ISA though the Isle of Man for some reason (Kaupthing I think) - Took her over a year to get her money back
Funnily enough in my first student year we had a coupe of Icelandic guys on the course - in the middle of the Cod War. Kind of like a whale in the room!Britain & gunboats and Iceland - its a habit
I have chip and have been pleased it’s them.3.82% Instant access is decent.
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Which thread is that?Just a gentle reminder that we have another thread for discussing what to do with your money. Probably better to direct your questions there rather than taking this thread off-topic. Plenty of insights already on that thread too
Whoops, that IS thread. I thought that this thread was a different threadWhich thread is that?
There has been a lot of advice in this thread too.
A few things have happened in the last two and a half years, which have generated not a little turmoil. Ukraine being invaded with an oil price shock resulting in runaway inflation that has caused unprecedented increases in interest rates. And just when it might have been settling, the Middle East has kicked off again. Valuations have certainly had a big hit. I’m not surprised it’s currently lower than two years previously (although not much lower, right?).I've had my ISA for two and a half years now and it's lost money. And it still keeps showing me this graph with a line going up saying your money is predicted to get to £xxxxx by 2033!!!
Ive just got it in a fully managed Nutmeg, am I doing something wrong? I'm going to shift it into a cash ISA otherwise. This is stupid.
A few things have happened in the last two and a half years, which have generated not a little turmoil. Ukraine being invaded with an oil price shock resulting in runaway inflation that has caused unprecedented increases in interest rates. And just when it might have been settling, the Middle East has kicked off again. Valuations have certainly had a big hit. I’m not surprised it’s currently lower than two years previously (although not much lower, right?).
Meanwhile, however, companies carry on generating big revenues, and this will inevitably turn into dividends. Over the next 10 years, is it more likely that this pays you back, or that cash rates stay high? That’s the judgement call. However, there has pretty much never been a 10 year spell during which the best option wasn’t to have shares. But you do also need sufficient cash to keep you going during the downturns. You don’t want to sell at the bottom of the market.
Yeah, I have those feels too. Believe me! But when it turns, it turns quickly. If the market makes its fairly typical 8% in 2024, are you going to still be behind? The falls over the last two years have really been a balance of heavy reductions due to increasing interest rates balanced by surprisingly robust earnings. Once interest rates level out (and even slightly drop) and that headwind disappears, I’m expecting that the earnings growth will dominate.I keep telling myself all that, but I’m £22k down on when I set up my Interactive Investor account in 2021. £32k down on the peak it briefly hit. So yes, I will keep it all in there and repeat the ten year mantra but I really wish it had been in a biscuit tin under the bed.
Yeah, I have those feels too. Believe me! But when it turns, it turns quickly. If the market makes its fairly typical 8% in 2024, are you going to still be behind? The falls over the last two years have really been a balance of heavy reductions due to increasing interest rates balanced by surprisingly robust earnings. Once interest rates level out (and even slightly drop) and that headwind disappears, I’m expecting that the earnings growth will dominate.
You can’t compare actual results to what you would have got with pitch-perfect market timing. Of course you’d always have been better off buying at the bottom and selling at the top, but that’s never going to happen. Even if you’d sold at the top, when would you have come back in? During the summer peak before it dropped again? Now? In a years time after whatever happens between now and then has already happened? That’s why you need to look at things over a proper time horizon, and not one that has been cherry-picked.
It’s all just personal opinion, of course. I’m just believing that the entire capitalist system will continue to protect itself in preference to alternatives. And that makes that the stock market as a while the best long term bet. That doesn’t mean there would be one, three or five year spells when it goes the other way, though.