Rant!! Extortionate mortgage increase.

ILW

4.99% seems pretty reasonable to me.
Doubt if you will get much better.

beecher

I hope you were overpaying significantly while paying such a low interest rate. You couldn't have thought that the rate you were paying was the 'norm' so I don't know how you can complain about it going up to 4.99% which is still low. 'Extortionate' is a bizarre way of describing it, particularly when you can take your business elsewhere anyway.

Cannon_Fodder

It was a choice to go for a tracker. It worked out in the short term.

Had you fixed for 5 or 7 years, a couple of years back, you may have been paying 4% and now thinking, "blimey that's not fair, I want to be tracking..."

At least be grateful that you have had more cash in hand from BoE+0.35%. Whether you chose to overpay, to reduce your capital outstanding and therefore your future monthly interest, was another choice...

Anything under 5% is pretty reasonable, over the lifetime of mortgages. To base your future expectations on a once in 300 year event seems a tad ambitious.

Trollfever

OP may like to visit the Bankruptcy and Debt Fee Wannabee Boards.

^^^^^^^^^^^^^

vet8

Trollfever wrote: »

OP may like to visit the Bankruptcy and Debt Fee Wannabee Boards.

^^^^^^^^^^^^^

UMMM Why? I am complaining about a huge rise in my mortgage, not saying I am virtually bankrupt.

Bob_the_Saver

Historically still very low (see link) people have forgotten what interest rates were not so long ago. start preparing now! 2011/2013 ????

http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp?Travel=NIxIRx

vet8

Cannon_Fodder wrote: »

It was a choice to go for a tracker. It worked out in the short term.

Had you fixed for 5 or 7 years, a couple of years back, you may have been paying 4% and now thinking,

Anything under 5% is pretty reasonable, over the lifetime of mortgages. To base your future expectations on a once in 300 year event seems a tad ambitious.

I have had tracker mortgages for the past 10 years and always done very well out of them. I have never fancied a fixed rate, that's my preference.

I am surprised that you think under 5% is good as looking around I see loads of mortgages offered at far less than that. Of course I realise that there is not a great deal of chance of actually getting them at the great advertised rates! Even my bank offers a much lower rate than that and they are usally c**p at mortgages.

My complaint is still what I said earlier that with base rates and the bank swop rate very low it is a joke to be charging virtually the same SVR as they were over a year ago when rates were much higher.

It is not only the comic Daily Mail that is moaning about this, good papers are too.

dmg24

vet8 wrote: »

UMMM Why? I am complaining about a huge rise in my mortgage, not saying I am virtually bankrupt.

There is one area where you do appear to be virtually bankrupt - manners! :rolleyes:

vet8

dmg24 wrote: »

There is one area where you do appear to be virtually bankrupt - manners! :rolleyes:

I take REAL exception to that. Where are YOUR manners? I asked a straightforward question about that post, if you cannot understand it that is your fault.

One of the worst things about this forum is the number of frequently rude, holier-than-thou, smug posters who rip apart anyone who has the temerity to say anything they disagree with. I have not been rude at all, just trying to make my point.

If you have nothing constructive to say - go away.

opinions4u

vet8 wrote: »

My complaint is still what I said earlier that with base rates and the bank swop rate very low it is a joke to be charging virtually the same SVR as they were over a year ago when rates were much higher.

I gave you a link to the bank swap rates. Here it is again.

http://www.swap-rates.com/UKSwap_extended.html

A mortgage is not a short term funding requirement for a bank. It is a long term funding requirement. The swap rates are an indicator of how much banks raise the money at before lending it on to me and you.

Click on the link above, look at the swap rates for 3 years+ and compare the rates now with the rates 12 months ago.

You can choose to ignore it and repeat your point over and over, but it goes a long way to explaining what you are complaining about. Those banks that can actually raise funding to lend to you are paying more for it now than they were a year ago.

the base rate is 0.5% and the bank swop rate is at its lowest ever

There are other factors in pricing too, but you originally referred to swap rates being at an all time low. They're not.