Lenders prepare to hike mortgages rates

stueyhants

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=496760&in_page_id=8&ct=5

Tens of thousands of homeowners face higher mortgage bills in the New Year as a result of lenders pushing up interest rates.tion this year.'




Not a good start to the year for mortgages.

1984ReturnsForReal_2

Tell me..

How old is David Hollingworth "Mortgage Expert"?


He doesnt look old enough to be out of school & into brokering by the time the recession started?...

HammerSmashedFace

stueyhants wrote: »

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=496760&in_page_id=8&ct=5

Tens of thousands of homeowners face higher mortgage bills in the New Year as a result of lenders pushing up interest rates.tion this year.'




Not a good start to the year for mortgages.

Mortgage rates going up, nah, didn't ya know low rates and money printing are now permanent.:rolleyes:

stueyhants

1984ReturnsForReal wrote: »

Tell me..

How old is David Hollingworth "Mortgage Expert"?


He doesnt look old enough to be out of school & into brokering by the time the recession started?...

Quite agree he does look a bit wet behind the ears.

But I'm not sure how that changes the fact that the products quoted are going up in price. This is at a time when everyone is expecting rates to come down due to competition etc.

1984ReturnsForReal_2

stueyhants wrote: »

Quite agree he does look a bit wet behind the ears.

But I'm not sure how that changes the fact that the products quoted are going up in price. This is at a time when everyone is expecting rates to come down due to competition etc.

What it tells you is the sensible mortgage lenders who didnt need & didnt get our money to get them out of a big hole (about the size of several Fred Goodwins because of playing nothing more than roulette with the economy) are struggling to meet their costs due to the size & length of the downturn.

You can gain 2 pieces of information from this:

1) This recession is more serious than some would have you believe

2) The building society mentioned expects this to either get worse or carry on for a very long time.



If 1 or 2 are not correct the society has committed commercial suicide.

Somehow I suspect they will be around for years to come especially as they are advertising business deposits of 2.5% Apr (courtesy of the mortgagees).

They are spreading their risk.

chucky

1984ReturnsForReal wrote: »

You can gain 2 pieces of information from this:

1) This recession is more serious than some would have you believe

2) The building society mentioned expects this to either get worse or carry on for a very long time.

or 3) you should rush off you comfy and cheap SVR/tracker and quickly take out a 2 year fix and bring these lenders new business. VI anyone??

michaels

Interesting to see commercial reality making it a very unfair world - those with good credit histories and decent equity can get a new mortgage at 199 basis points over base, those without may well get stuck on an svr at 500 basis points+ over base. Somehow seems against the spirit of fair contracts but such is life.

carolt

Will be interesting to see what efects raising rates have on numbers of houses for sale and repossessions.

Graham_Devon

carolt wrote: »

Will be interesting to see what efects raising rates have on numbers of houses for sale and repossessions.

Doubt it will have any impact on reposessions in all honesty.

Barneysmom

So does it mean the rates will stay put for a while longer?

silvercar

stueyhants wrote: »

http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=496760&in_page_id=8&ct=5

Tens of thousands of homeowners face higher mortgage bills in the New Year as a result of lenders pushing up interest rates.tion this year.'




Not a good start to the year for mortgages.

Won't effect those on lifetime trackers or those on fixed rates. Maily effects FTBs and those trying to grab a new mortgage deal.