4.8 • 2K Ratings
🗓️ 26 July 2022
⏱️ 7 minutes
🧾️ Download transcript
Rob & Rob are back to answer more of your questions!
The Bank of England have been increasing interest rates, and there’s no signs of this slowing down anytime soon – that's why Tom wants to know what he should do about his mortgage.
One of Tom’s properties is on a 5-year variable rate mortgage with the possibility to leave at any time with no fees.
With the potential for interest rates to continue to soar Tom wants to know “Is now the time to switch to a fixed-rate mortgage?”.
Next up, we’ve got a question from Shaz in Derby.
He’s currently looking at purchasing a tenanted property, where the tenant is on a rolling, short-term contract. Shaz isn’t too impressed with the rent they're paying though, as it’s around 20% under market value.
He wants to know what his options are, and the best practice for raising the rent to meet the current market value.
Tune in to find out what advice the guys have got this week.
Do you have a buy-to-let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).
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Click on a timestamp to play from that location
0:00.0 | Hi, I'm Rob, and this is Ask Rob and Rob. |
0:07.0 | Hello everyone, and welcome to Ask Rob and Rob, to show where you give us your delightful |
0:12.4 | questions and we try and give you sort of delightful answers, at least useful answers anyway. |
0:17.1 | And we've got two great questions coming up from Tom and Charles, but before we get into |
0:21.9 | those questions, let's give you a quick reminder of how you can get your question on the |
0:26.3 | show. |
0:27.3 | If you need an 013808 triple 035 or you can go to property hub.net slash ask, either |
0:33.6 | way you can leave us a voicemail and hear your voice on the show, like Tom's just about |
0:37.6 | to. |
0:38.6 | Hi Rob and Rob, this is Tom, I have a really quick question about the current mortgage |
0:44.0 | situation. |
0:45.0 | On one of my properties, I am currently on a variable rate mortgage. |
0:50.0 | It was a five year deal with the possibility to leave at any time with no fee. |
0:56.3 | If the Bank of England continually raising the interest rates at the moment, do you think |
1:03.0 | it's time to move away from that variable rate onto a fixed rate mortgage? |
1:09.1 | Thanks very much. |
1:10.1 | Hey Tom, thanks for your question. |
1:11.6 | I'm sure there's going to be a lot of other people with questions that are similar |
1:14.5 | to yours because the rates are going up and people are looking at the products they've |
1:18.5 | got and going is this best. |
1:20.4 | I think a lot of people when they look at it will end up sticking with what they've got |
1:24.0 | because when you exit a mortgage during a product term, you normally pay a redemption |
... |
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