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equity release verses volitile economic climate

  • dragonfly
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19 Aug 07 #2179 by dragonfly
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Silly question. Can anybody help. I am hoping to buy the STBX share of the property. With the recent stock market doing so badly, should I seek a re-mortgage or hold out for another month or so. In case interest rate fall.
Would really appriciate any input from anyone with an inside view.

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20 Aug 07 #2182 by Fiona
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20 Aug 07 #2184 by divwiki
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And don't forget, the Central Bank didn't cut the general lending rate for the average American citizen just the emergency lending rate that the Bank's are reluctant to use.

No one can predict the markets and, even if they could, it doesn't mean they could predict what the Bank of England would do about it.

If you get a variable rate mortgage that might answer your concerns, but it can still go up of course so consider it as a repayment, not endowment. After all it's a place to live first, investment second so you want to know where you stand at the end of each year.

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21 Aug 07 #2210 by dragonfly
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Thanks for the prompt replies. Just got an offer from high street bank on a 5 years fix at 6.48% repayment. Would you think it's good rate or I should shop some more. Maybe as you said, I should think about shorter term of 2 years. So I dont have to be tied down in case interest rate should fall

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21 Aug 07 #2215 by divwiki
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Capped rates are often even better than fixed, but where you gonna find them?

Let's be honest though, does anybody out there believe that interest rates are going to fall SUBSTANTIALLY in the next few years. Answers in an e-mail, please.

We've been spoiled over the last 10-15 years with historically low borrowing rates; the party had to end some time.

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21 Aug 07 #2225 by OBEs 1 canoodly
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Dont hold out for another month if you need this to be resolved because there is positive talk that interest rates, without a doubt, will have at least one further rise this year - possibly September!

Before walking into any Building Society or High Street Bank you must consider that they are very biased towards their own products. I would strongly advise you to get a good financial adviser. They take all your personal details and have the right software to scan all the different products available that would most suit you personally. Most advisers work on a commission basis where they are paid out by the lender with none or very little cost to you there is no hidden agenda they must let you know what they will be paid. It's usually around £3-£500.

I was highly recommended to mine earlier this year and he has been an absolute diamond! I have a reasonably good understanding of the mortgage market but have learnt even more since meeting him. For instance don't always go for the lowest interest rate because you will end up paying in another way i.e. high fees added to the mortgage. Sometimes a slightly higher interest rate works better i.e no fees.

Also, you may be better off going for a fixed 2 years term rather than tying into a 5 year term this is because your circumstances may change and if you needed to sell for whatever reason you would probably have a huge early settlement to pay to get out of a 5 year term. At the end of the 2 year term there is nothing stopping you from re-mortgaging again. We all seem to think that we get a mortgage and have to live with it that's not true and a good financial adviser will always work in your interest.

It's not the done thing to put his details on here but I would be willing to give you his details by private email if you would like that? Always happy to help;)

OBE

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22 Aug 07 #2273 by dragonfly
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Thanks for all your advises. I may speak with an independent advisor before taking on the high street bank offers which is noe at 6.38% over 5 years.

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