aju
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Post by aju on Oct 11, 2019 21:42:46 GMT
Just curious how many days ago did you request 5.2 though or is it just that the queue is not that large. (I wish they would bring back the queue position view) Can't remember precisely but I think I set it on Monday when the queue in front of me at the time was around £150k. So I put £28 onto the 1Y @ 5.2% this morning and it lent out very quickly indeed. I'd be happy on the 1Y @ 5.2% than 6.0% on the 5Y in the current climate I feel. If I could get all my funds over to the 1Y at that rate. I could also sit back and perhaps just come in every month or so just in case there are any early payoffs. Bet it won't be that easy though
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bulletbill
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Post by bulletbill on Oct 12, 2019 3:14:26 GMT
I’ve had 4K on the 5Y @5% GR for well over a week. It’s still not lent out. I just looked at “market data” and it shows almost 10 million pounds waiting to be lent out and only 7k in the borrowers column. 10 million quid chasing 7k in borrowing seems severely skewed . I really don’t understand this new system.
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benaj
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Post by benaj on Oct 12, 2019 8:04:04 GMT
I’ve had 4K on the 5Y @5% GR for well over a week. It’s still not lent out. I just looked at “market data” and it shows almost 10 million pounds waiting to be lent out and only 7k in the borrowers column. 10 million quid chasing 7k in borrowing seems severely skewed . I really don’t understand this new system. Try the 5.3% on the old product. Going rate is going to take at least 4 days atm Current Market Rate on the old product is 5.4%, £3.9 mil piling on the market rate. Matching speed unknown, my market rate bid placed 5 days ago has not matched yet.
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Post by stuart543 on Oct 15, 2019 13:31:36 GMT
Just been matched at 5.3 in 1 year - currently £66k available @ 5.3
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upperdeane
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Post by upperdeane on Oct 15, 2019 16:44:14 GMT
Just been matched at 5.3 in 1 year - currently £66k available @ 5.3 Dam... Missed it. Nothing left now. Thanks for the info though.
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sl75
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Post by sl75 on Oct 16, 2019 7:34:10 GMT
5 year "market rate", together with a queue of £4.5M of unmatched funds, has just dropped to 5.3%.
Mildly annoyed as I was just teetering on the decision to go for 5.3% with my unmatched re-invested funds, but stopped short of actually pressing the button. I think I'll still join the back of the queue anyway, and re-assess in a few days.
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robski
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Post by robski on Oct 16, 2019 7:54:23 GMT
5 year "market rate", together with a queue of £4.5M of unmatched funds, has just dropped to 5.3%.
Mildly annoyed as I was just teetering on the decision to go for 5.3% with my unmatched re-invested funds, but stopped short of actually pressing the button. I think I'll still join the back of the queue anyway, and re-assess in a few days.
Yeah was always going to happen, I am not sure that much is going through 5 year now, some clearly is. Interestingly most of the loans I have had written (I have grudgingly allowed some at 5.3% recently) have nt been 5 year though, but 3 and 4. I was actually happier with that, as the shorter term meant I wasn't so annoyed at the rate. I think its only a matter of time until 5 year is down to 5% Personally I decided for this tax year I would reverse my decision, not withdraw and keep moving everyday into my ISA, and keep reinvesting. Next year I will be allowing the ISA to reinvest, but everything from everyday will be on drawdown.
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Stonk
Stonking
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Post by Stonk on Oct 16, 2019 8:11:33 GMT
I think its only a matter of time until 5 year is down to 5%
And probably below 5.0%, do you think? There's nothing to stop it. Once that happens, then RS will have justification (as they see it) to retire the 5 Year market. Job done.
I think it is inevitable, but will take a few months because of the lag caused by the MR calculation. Fill yer boots!
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robski
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Post by robski on Oct 16, 2019 9:22:16 GMT
I think its only a matter of time until 5 year is down to 5%
And probably below 5.0%, do you think? There's nothing to stop it. Once that happens, then RS will have justification (as they see it) to retire the 5 Year market. Job done.
I think it is inevitable, but will take a few months because of the lag caused by the MR calculation. Fill yer boots!
Certainly wouldnt rule it out. I found it interesting though my mix of term length, if it remains mainly 3 and 4 year I would probably be ok at about 5%. I was happy to lend on the 3 year at 4.5-5% and only switched to 5 year when they got rid of 3 year. I am sure people will accept 4.9% for an instant match. At 5% though, 5 year is worse than Max, since 5 year is 1.5% to withdraw and MAX is circa 1.25%. Not that I plan on drawing down with sell out fees, but its still a point. Plus I am not sure how 5 year will work with closing out at a later date, if its basically not functioning, and you decided to sell out a lot of loans, how would they be funded... a tricky equation With MAX the queue or not of available cash is clear to see, I can't see how RS could prevent giving you the cash and matching to other investors. I dont know, but suspect the MR will fall quickly. Look at the last time in happened, rates fell weekly practically. I suspect the same again, as soon as the big volume of higher rate falls off the rate will drop. IMO we will be at parity between 5 year and MAX before the end of Nov. Hope to be proven wrong, but thats my suspicion. I am in a quandry if rates fall to 5% and it requires best part of a week to match.
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sl75
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Post by sl75 on Oct 16, 2019 9:23:18 GMT
I think its only a matter of time until 5 year is down to 5% And probably below 5.0%, do you think? There's nothing to stop it. [...] Perhaps. Depends how well they manage to balance the new markets. If there are still long queues there too, lenders will have little incentive to switch from "5 year" to "max" even if the rates are the same.
It's also possible that RS may toss enough buns to the 5 year that the queue there gets exhausted exposing higher rates - comments here suggested that already happened in "1 year" since I stopped being able to access it.
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robski
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Post by robski on Oct 16, 2019 9:24:50 GMT
Just to add, I make an assumption that RS do not and have no plan to move sell out loans from one market to another. Of course if the do stop 5 year and allow sellouts still, they would have no choice but to move the loan from 5 year to the combined deep (now looking like a very deep) pool
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robski
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Post by robski on Oct 16, 2019 9:30:19 GMT
And probably below 5.0%, do you think? There's nothing to stop it. [...] Perhaps. Depends how well they manage to balance the new markets. If there are still long queues there too, lenders will have little incentive to switch from "5 year" to "max" even if the rates are the same.
It's also possible that RS may toss enough buns to the 5 year that the queue there gets exhausted exposing higher rates - comments here suggested that already happened in "1 year" since I stopped being able to access it.
Dont see any evidence of 5 year going up, only down. The queue of money is going up, at this time of the month its normally going down. Could be they timed it here, and arranged for a load of extra cash to arrive in line with the new markets to ensure they keep the rates suppressed so they become the "new norm" 1 year has always been spiky. Its nothing new. To be honest I am surprised they didnt already kill that one. Although for RS there is little difference I guess in which market is used for lending, they are surprisingly poor at balancing the queues and not spotting when they shouldn't list something on a certain queue. I picked up high rates on 3 year plenty of times that exceeded rolling, 1 year and 5 year. My guess is there isn't particularly good matching code taking place to match the new loans to high liquidity low rate queues. My gut feel is the different sources of loan origination feeds different queues, which was historically mainly length based.
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coogaruk
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Post by coogaruk on Oct 16, 2019 14:36:32 GMT
Personally I decided for this tax year I would reverse my decision, not withdraw and keep moving everyday into my ISA, and keep reinvesting. That's what I'm continuing to do at present but it's a moveable feast... once those rates drop below my minimums I'll start heading for the exit.
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benaj
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Post by benaj on Oct 16, 2019 15:40:51 GMT
My "market rate" @ 5.4% on the old product is yet to be matched yet, that's been queuing more than a week!!!
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sl75
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Post by sl75 on Oct 16, 2019 16:30:04 GMT
My "market rate" @ 5.4% on the old product is yet to be matched yet, that's been queuing more than a week!!! "market rate" on the old product is now 5.3%.
There's an important difference between an offer at "market rate" and one at a rate that happens to be numerically equal to "market rate" at the time it was created. A genuine "market rate" offer would have been automatically changed to 5.3% when the rate changed, whereas a "your rate" offer at 5.4% will be left where it is.
Either your offer is stuck at 5.4% and won't be matched any time soon (it'll likely be a month or two before the 5.4% queue gets touched again if it ever does), or your offer is indeed "market rate" in which case it's now at 5.3%.
The same distinction is almost certainly also present for the new products... i.e. a "going rate" offer in "max" would be treated differently to a 5.0% offer when the "going rate" is changed.
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