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"Thousands" with BOE trackers face mortgage interest rate rise

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Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    shortchanged wrote: »
    These low rates as I've said before are a danger because people get lulled into seeing them as the 'norm'.

    You can see that some posters on here are saying that a rate of 4.49% is going to cripple them. I'm sorry but..........
    That's lovely but that doesn't explain what you're saying, that higher rates will help the housing market. Care to explain?
  • armour
    armour Posts: 311 Forumite
    Graham_Devon wrote: »
    I guess the difference is, if the reports are correct, without doing this, the bank will go under.
    Let the BoI go under.

    That involves a lot more hardship to a lot more people. So is it better to enact a clause, or to have the whole bank go under?
    .
    The mortgage book would be sold on at a discount and the Irish state guarantees all deposits, so who do you expect to lose out.
  • PaulF81
    PaulF81 Posts: 1,727 Forumite
    shortchanged wrote: »
    These low rates as I've said before are a danger because people get lulled into seeing them as the 'norm'.

    You can see that some posters on here are saying that a rate of 4.49% is going to cripple them. I'm sorry but..........

    They are the norm.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    chucky wrote: »
    That's lovely but that doesn't explain what you're saying, that higher rates will help the housing market. Care to explain?

    It will help bring some reality back to the housing market in the form of prices.

    Think about it chuckles. Normal interest rates, very few IO mortgages, sensible earning multiples, normal deposits of 10% plus. Doesn't that sound great?
    Why are we here?......................because we are not all there.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    PaulF81 wrote: »
    They are the norm.

    Sure about that?
    Why are we here?......................because we are not all there.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    armour wrote: »
    The mortgage book would be sold on at a discount and the Irish state guarantees all deposits, so who do you expect to lose out.

    Erm, the Irish tax payer?
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    shortchanged wrote: »
    It will help bring some reality back to the housing market in the form of prices.

    Think about it chuckles. Normal interest rates, very few IO mortgages, sensible earning multiples, normal deposits of 10% plus. Doesn't that sound great?

    What sounds greater to me is if I could have a few more years paying only 1% mortgage interest, but I am realistic I know it can't last forever. However don't expect me not to use the 'f' word if I get a letter like those BOI customers did. I would like to think that I could at least get another 3 years out of it.
    Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    edited 28 February 2013 at 10:23PM
    shortchanged wrote: »
    It will help bring some reality back to the housing market in the form of prices.

    Think about it chuckles. Normal interest rates, very few IO mortgages, sensible earning multiples, normal deposits of 10% plus. Doesn't that sound great?
    You're confusing yourself shortie and reading this forum is distorting your perception of reality.

    Mortgage rates at the moment aren't low for the majority of people, there is nothing wrong with I/O mortgages, there were sensible earning multiples, there is nothing wrong with 95% or 100% mortgages. What you miss consistently is the real problem and it's not interest rates.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    chucky wrote: »
    You're confusing yourself shortie and reading this forum is distorting your perception of reality.

    Mortgage rates at the moment aren't low, there is nothing wrong with I/O mortgages, there were sensible earning multiples, there is nothing wrong with 95% or 100% mortgages. What you miss consistently is the real problem and it's not interest rates.

    Don't tell me chuckles, is the answer either mortgage rationing or.........lack of supply?
    Why are we here?......................because we are not all there.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    shortchanged wrote: »
    Don't tell me chuckles, is the answer either mortgage rationing or.........lack of supply?
    It's not mortgage rationing or lack of supply and if you're going to be like that, I definitely won't be educating you.
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