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How many would be in trouble if rates went to 10%?
Comments
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Peelerfart wrote: »I think Getmore4less got it spot on -
"Getting your borrowing down is the best protection against higher rates long term "
And we all better hope and pray that interest rates don't hit the magic 10 % figure or it's george's ar53 for all of us !
:doh:
Who says there is anything wrong with GG's backside - maybe it is a pleasant sight!
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I can't get over the number of working large CRTs being freecycled in my area, presumably by people buying large LCDs...
Coughs and makes a hasty exit. I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
2latenow wrote:I think that's hit the nail on the head. Anyone benefitting at the moment by the low BoE rates can do 1 of 2 things... spend spend spend the money saved.
There is a difference between spend on one off items and entering long term financial commitments relying on the lower mortgage payments continueing.
My mortgage rate is now 1.75% so there seems little point in reducing the mortgage. I have sufficient savings set aside. So I may as well help GB:).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Quote:
Originally Posted by 2latenow
I can't get over the number of working large CRTs being freecycled in my area, presumably by people buying large LCDs...
Errrrr !!!! Guilty as chargedSpace available for rent0 -
I suspect that you (and people that post on here generally) are in the sensible minority though. You've already got your "cushion" for higher rates.My mortgage rate is now 1.75% so there seems little point in reducing the mortgage. I have sufficient savings set aside. So I may as well help GB:)./me0 -
If IR went up to 10% our repayment would rise to £750. As it is we are currently paying 0.74 & and so payment should be £300 (we actually pay £600). In answer to the question yes we could cope if IR went up to 10%. It would be a struggle though. However I would quantify this by saying our car is 9 years old, we have no loans, sofa is in urgent need of replacement but we have made do for bad times, which will hopefully see us through to good times and mortgage free status.0
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Apparently most UK sub prime mortgages are currently on rates of 9 - 10%0
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