Anyone else sh***ing themselves in case the interest rate goes up on morgage?

2011_will_be_debt_free

Anyone stuck on variable rate and crapping themselves in case the interest rates go shooting up on morgages?

geoffky

I cant wait because as a saver i have had to bail out !!!!!!!!s who can not be trusted with money..personally it has cost me over 40k in lost interest...i hope they rise and rise...

shortchanged_2

HAMISH_MCTAVISH, Sibley and RennovationMan to name a few.

Malky

Not really. Got plenty of a buffer for now.

TC1

2011_will_be_debt_free wrote: »

Anyone stuck on variable rate and crapping themselves in case the interest rates go shooting up on morgages?

Why are you stuck on a variable rate ??

Paulgonnabedebtfree

2011_will_be_debt_free wrote: »

Anyone stuck on variable rate and crapping themselves in case the interest rates go shooting up on morgages?

Yes this is a concern for me too.
0.5% base rate seems to equate to about 2.7% - 2.9% mortgage for me when things are fairly settled with interbank lending (I'm on quarterly LIBOR + 2% tracker). I managed when I was able to get a fixed rate at 5.5% some time ago. To pay that now base rate would need to be around 3%. So even if rates do start climbing, it would probably be a fair while until I started paying what I used to pay when on the fixed rate. I have lowered my other outgoings since then too (something which is ongoing). My plan Z is take a lodger. A horrible thought as I'm used to having the place to myself - but I would rather share it than not have it. I suppose that Plan Z2 would be to start defaulting on the unsecured debt and make sure the essential stuff is paid. That really would be a very last resort.

FATBALLZ

Well as I am about to buy I'd rather they stayed where they are, but after that I'm not too arsed. I'm not going to be borrowing so much that my financial future hangs in the balance based on what that doddery old fool Mervyn King does after flipping his coin each month.

hcb42

not really, got a fixed rate, and would prefer if my savings rate did go up!

WellKnownSid

Nope, stuck on 3.99% for five years...

2011_will_be_debt_free

shortchanged wrote: »

HAMISH_MCTAVISH, Sibley and RennovationMan to name a few.

eh?

sorry don't get that

Why are you stuck on a variable rate ??

lost job, up for renewal and cant get new deal

My plan Z is take a lodger

same, not in great place to find lodger and also not sure if you can trust....you hear all sorts....plus used to having the place to myself and I have pets so would need to trust the person - who would be a total stranger!

smitchy73

I'm bothered slightly, but I've gone from a 5 yr fixed of 5.85% to SVR of 3.5%, so I've got an increase of 2.35% to get to where I was at two months ago, plus the fixed I could get just now are somewhere around 6-7%(high ltv) plus the fee to get that usually around £1k, so there's got to be a fair amount of difference there.
Plus everyone knows if they put up interest rates too much, a large majority of home owners are going to be in severe dire straits with their mortgages if it goes up too much, that's just my personal view though, and can't see the BoE putting them up too much in the near future, although plenty of folk will tell me i'm wrong, which I probably am, but hopefully not more than 4%.