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IR to rise again next month
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It looks like Realwildone was wrong: Interest rates wer kept on hold for this month; however, I think they will be raised in November.
http://news.bbc.co.uk/1/hi/business/5409596.stm
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realwildone wrote:A 1% rise adds 25% to your mortgage payments.
That's a misleading statement, as it only applies to interest-only mortgages.
As an illustration, my £115k mortgage (30 years) is currently £616.64 per month, while fixed at 4.99%. If the rate on it were 5.99%, my payment would be £688.74, a rise of 11.7%.
For anyone wanting to see what their repayments will be at different interest rates, quickest way if you don't want to do the sum yourself is here:
http://money.guardian.co.uk/calculator/form/0,,603156,00.html0 -
I doubt very much that they will go up again before next year, but then they will rocket.0
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realwildone wrote:Expect IR to rise again in October.
Ed Balls gave clues to a 'unexpected' rise in August in a speech he made.
Gordon Brown gave a speech this weekend warning of further IR rises.
Whilst the BOE is supposed to be independent. Brown and Balls seem to warn the markets just before a rise.
5.5% by April next year. A 1% rise adds 25% to your mortgage payments. If you have BTL don't even think about passing the rise on.
It's time to pay the piper.
Well, this went a bit wrong, didn't it?Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
A bitter pill to swallow.Pawpurrs x
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