Bank of england base rate increase...

gerbiljo

i voted mortgage too small to be concerned...
it could at most i reckon add a few months to us??
i work on the basis that i presume it will be low for the rest of this year and maybe up to 2% for most of 2011?? we will be at about 70k end of 2010 and 40k end 2011...we cant pay it off really any quicker than we are at current as really we are throwing everything at it. Had we never of gone on the tracker id never of considered overpaying (was going to do a fixed rate 6.21 for 10yrs yikes!) so everythings a bonus, were currently over paying over £2.2k a month so to get upset about the slight increase in interest is silly, i treat this opportunity as a bonus, the amount we save overall is almost like winning 5 balls and the bonus ball:)
even if it went up weve enjoyed a good ride the last 15months:j

pawlala

Mortgage too small for rate changes to have a significant effect

hillcats

The way things currently stand, I have no concerns at all. I voted: Other.
We are on a lifetime OFFSET tracker mortgage of which is detailed below...

I do however believe that I will never change my mortgage product again....

LilacPixie

I voted mortgage too small to have a significant effect as its now sub 50K BUT my deal tracks the 3 month LIBOR and we are upsizing in the near future and our now deal will probably be a fix for 3-5 years.

Lynn11

We are increasing our mortgage beginning of next month to £115,500 (scary as never had a mortgage this high). Anyway we have part 1 mortgage fixed at 4.59% until July 2012 and part 2 fixed at 3.99% until June or July 2012.

I have a bit put by for overpayments in June after the move and will continue to overpay probably only £60 a month (small amount) but will keeping on raiding my mortgage bank for other top ups.

Not worried about the rate rising this year as we have fixed but hope it is reasonable mid 2012.

Barneysmom

I'm on SVR now and I've been saving about £100 a month so I wouldn't like to see them go up

Debt_Free_Chick

Not concerned ... my repayments are only a third of what they were two years ago, so I can definitely afford a good few bps increases.

shangaijimmy

We've got an offset mortgage and took the decision to keep paying at the highest amount when the rate started to drop. So we've been taking advantage of overpaying significantly with our payments now being all but 50% of the highest value.

So overall we'll be gutted when it rises more due to the reduced overpayments, but it won't be a concern for quite a while (we hope)!!

uzubairu

I voted 'Not concerned' as we took out a 10 year fix at a reasonable rate (4.79%) in 2006 with Nationwide.

We wanted to be certain of our payments each month and budget accurately and we didn't fancy looking for new deals every few years, or worrying about interest rates.

The Nationwide mortgage even though fixed, had several features that appealed to us (Overpayment Reserve and unlimited free term reduction/extension), and this has probably saved us more money in the long term, as we hope to have paid the mortgage within the next 3.5 years and saved ourselves a lot of interest.

Gloomy_Past_Bright_Future

inspector_monkfish wrote: »

After yesterday's BOE Inflation Report, it doesn't look like the rate will be rising anytime soon.

Maybe try doing this poll again in about 12mths

HMMMM not too sure about this?

Our Individual debt now stands at £1,460bn which is more than the whole country produces in a year. Along with the government debt which is costing us £404,000,000 a day in interest and debt increase. We are in effect more or less "bankrupt" (look at Iceland).

Stats took from here:-
http://www.creditaction.org.uk/debt-statistics.html

Do you really think that the people who are lending us the money (BOE) are going to keep lending on minimal interest rates??? - Errr NO!

So as a result do you think BOE will lend money at interest rate cheaper than what they get it at??

Belt up its going to be a rocky ride!