We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Interest rates go up! Now 4.75%

vishpatel
vishpatel Posts: 184 Forumite
100 Posts
in House buying, renting & selling
YES!!!

Finally.
«13456789

Comments

  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    10,000 Posts Combo Breaker
    Great .... having just added £50k to my mortgage :(

    But have a plan to pay the whole lot off over the next seven years .... starting with March 2007. Long story, not for here. But spare a thought for those struggling with personal debt.

    Wonder what the effect will be on the house market :confused:
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • sanfrancisco
    sanfrancisco Posts: 645 Forumite
    I am utterly shocked!! I think the medja will be too. BBC were saying rates on hold this morning. It'll be interesting to see how the voting went.
  • mystic_trev
    mystic_trev Posts: 5,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I expect another rise by the end of the year, particulary as CPI does not look like coming down in the near future. Good news for us with savings, not so good if you're in Debt or struggling to pay a mortgage.
  • F_T_Buyer
    F_T_Buyer Posts: 1,139 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I'm a little shocked they moved too, I didn't think they would have the balls.

    But this will go only a little way of controlling inflation. A few more a definately on the cards. But when...
  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    That's a surprise. Proved me wrong. I was beginning to doubt the MPC's independence.

    Clearly there's some not very nice inflation data on the horizon.

    Although the bank did state that inflation would only remain around 2% if rates went up to 4.75%, so not a complete surprise.

    Let's hope our savings accounts go up, although you can bet the banks won't be in any hurry - except when it comes to raising variable mortgages...
  • Bargain_Rzl
    Bargain_Rzl Posts: 6,254 Forumite
    Well, I have to say I'm pleased that my fixed-rate mortgage application went in yesterday :D
    :)Operation Get in Shape :)
    MURPHY'S NO MORE PIES CLUB MEMBER #124
  • F_T_Buyer
    F_T_Buyer Posts: 1,139 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Bargain_Rzl wrote:
    Well, I have to say I'm pleased that my fixed-rate mortgage application went in yesterday :D

    You've done the right thing, but fixed rates are based on money markets, so they were pricing this increase in anyway. It will be the minutes a week on wednesday that will give a clearer picture.

    Edit: Swap rates are rallying on this news, lucky you!
  • susieb
    susieb Posts: 1,512 Forumite
    1,000 Posts Combo Breaker
    Bargain_Rzl wrote:
    Well, I have to say I'm pleased that my fixed-rate mortgage application went in yesterday :D


    Me too, did mine last week
    Always on the hunt for a bargain
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    1,000 Posts Combo Breaker
    Also got a fixed rate for 5 years at the start of the month. :T Good news for my NS&I ISA too, guaranteed to stay 0.55% above BOE base rate!!

    At least the doom and gloom merchants will have some more ammunition for their "world is coming to an end" rants :p

    M
  • Plasticman
    Plasticman Posts: 2,548 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm now feeling very smug as I predicted it in a previous post http://forums.moneysavingexpert.com/showthread.html?t=228822
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture