MSE News: Base rate held at 0.5%

Devs_2

So you make my point (RICKBONAR)
Thanks

rickbonar

That's what I said all along wasn't it??

rickbonar

New housing benefits rates kick in this month.

People renting their houses to people on housing benefits or housing benefits supplements may have to move if the rents are too high by the government’s definition; especially as the average wages for the occupants could easily be quite a bit less than these rents.

These may be paying their (house owners) mortgage and if they can’t find someone else well…
Could be time to hand the keys over to the lender!

♫ there may be trouble ahead ♪♫

alilou82

One problem for prospective new buyers is that mortgage rates are still massive in comparison to the base rate.

I bought my house 18 months ago when the base rate was 0.5% (as now). I had more than a 10% deposit, but not quite 15% and the average mortgage rate available to me was 6.5% - THIRTEEN TIMES THE BASE RATE!! :mad:

My fixed rate runs out in 5 months time and still I cannot find a rate lower than 5% for the 85% I will by then need to borrow. So I see the base rate going up as my mortgage payments going up, end of.