After Nationwide's increase yesterday.... the rest follow today.

ad9898_3

Mortgage rates on the up, will this put the brakes on the green shoot ?

A fresh wave of increases to mortgage interest rates by Britain's biggest mortgage lenders is set to hit hundreds of thousands of homeowners and buy-to-let landlords.
Cheltenham & Gloucester, the mortgage brand owned by Lloyds Banking Group, increased its residential and buy-to-let deals by up to 0.3 percentage points today.


A three-year fix for borrowers with a 25 per cent deposit has risen to 5.59 per cent.
Northern Rock has also raised its five-year fixes and buy-to-let deals by up to 0.2 percentage points today. The Principality building society is also pushing up costs of its fixed rates mortgages while The Nottingham has withdrawing deals this weekend and is likely to raise mortgage rates next week.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6485650.ece

System

Ah, the sweet feeling knowing I fixed at rock bottom.

Unlucky all you dawdlers.

Dan:_4

ad9898 wrote: »

Mortgage rates on the up, will this put the brakes on the green shoot ?

I can't see how.

inspector_monkfish

ad9898 wrote: »

Mortgage rates on the up, will this put the brakes on the green shoot ?


http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6485650.ece

dunno how they all sleep at night

chucky

ad9898 wrote: »

Mortgage rates on the up, will this put the brakes on the green shoot ?


http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6485650.ece

many will be hoping that the green shoots will be stopped but mortgage rates are still historically cheap - aren't they Ad?

ad9898_3

chucky wrote: »

many will be hoping that the green shoots will be stopped but mortgage rates are still historically cheap - aren't they Ad?

Absolutely chucky, when I first bought my rate was 7.7% and I thought that was a great deal, but we must remember the amount of people out there who have leveraged on very cheap rates, even though today's rates, and even rates slightly higher, to the likes of you and I are cheap.... to many they are not.

FWIW, I don't see any scenerio that would see double digit mortgage rates at this time, so as long as people factored in 8%ish when they took their mortgage out, they will be fine.

chucky

ad9898 wrote: »

Absolutely chucky, when I first bought my rate was 7.7% and I thought that was a great deal, but we must remember the amount of people out there who have leveraged on very cheap rates, even though today's rates, and even rates slightly higher, to the likes of you and I are cheap.... to many they are not.

absolutely but you're assuming about how many people are over-leveraged otherwise the negative equity numbers would have been much higher than the reported 1 in 10.

maybe the correct subject to your thread should be to let people know to "Fix your Mortgage Rate asap if you're looking to buy property as rates will be rising"

mewbie_2

ad9898 wrote: »

as long as people factored in 8%ish when they took their mortgage out, they will be fine.

That should be part of the process when applying for a mortgage. Could you afford this at 8%? Or whatever the long term average is, plus a couple of % for when it's higher than average.

Most of the people I seem to come across would be lucky to factor in the day of the week.

Reaper

Shouldn't savings interest rates be going up too for the same reasons? Not much sign of that yet.

PasturesNew

Joeskeppi wrote: »

Ah, the sweet feeling knowing I fixed at rock bottom.

Unlucky all you dawdlers.

Oh, you had to borrow ... unlucky.

System

PasturesNew wrote: »

Oh, you had to borrow ... unlucky.

Curses! :mad: