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

PasturesNew

geoffky wrote: »

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...

Me too, put me down for a lost £30-40k too. I'm brassic. Having to stay at my parents as that was my income to pay for rent/utilities and feel I could afford to rent.

originalmiscellany

Not too worried to be honest - I think it'll be a slow increase in interest rates, to say 2% by 2012. My hope is that by that time with continued overpayments, we will have a suitable buffer zone to ensure that we're able to survive increased rates. What will happen post 2012, I'm not sure but I imagine back to 7% will not be out of the ordinary by 2015. The sad thing is that loads of my friends haven't used this time of record low interest rates to clear their mortgages but have spent their "extra money" on expensive holidays etc. Very sad.

rothers

"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..."

So have you never had a mortgage? That is my only debt, why does that make me a "!!!!!!!!s who can not be trusted with money"??

Your post appears to be more than a little arrogant, were you born with a silver spoon in that big mouth of yours??

PS I'm not s**tting myself, I was lucky enough to move house and mortgage at the right time and got a lifetime tracker at Base Rate + 0.17%, saving extra to pay off mortgage!!

undetterred

geoffky wrote: »

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...

I'm sure 0.25% rise will make all the difference,get it spent minge bag instead of trolling in here.

haras_nosirrah

PasturesNew wrote: »

Me too, put me down for a lost £30-40k too. I'm brassic. Having to stay at my parents as that was my income to pay for rent/utilities and feel I could afford to rent.

eh? How can you be so broke that you are living with your parents and can't afford to pay rent if you have lost 30-40k interest in 2 years?

To make that much in interest over two years you would need to have around 250-300k in the bank. That does not make you poverty stricken by any means.

kingstreet

Hopefully those with high savings are using offsets to equalise their mortgage and savings interest and removing the effects of taxation on the interest they were receiving?

Orpheo

Those mortgagees who are treading water at a base rate of 0.5% are in trouble. When base rates were dropped to 0.5% they were thrown a life-line. They should have sold while the life-line was there to keep them afloat; instead they continued to tread water in the vain hope that everything will be alright. Soon the lifeline will be taken away. Instead of controlled sales there will be repos.

jpwhittle

nope, i am in the last 6 months of my fixed rate and we wont be able to change either as we will be in negative equaty ever so slightly when our fixed rate finishes.
But i have been overpaying on my mortgage and am in the fortunate position that my rate will drop at the end of my fixed rate, wich means id be overpaying even more and interest rates would have to come back up to above what im paying now for it to be to bad. Plus im not mortgaged to the eyeballs and know that up to a certain degree we will be fine.

I do believe in overpaying where possible so there is a small cushon for any difficulties in the future.

Niksan

Orpheo wrote: »

Those mortgagees who are treading water at a base rate of 0.5% are in trouble. When base rates were dropped to 0.5% they were thrown a life-line.

This is the problem though isn't it? In real terms how has a base rate of 0.5% affected peoples mortgages? How would this help someone on a 5% 5 year fixed for example? Exactly.

Orpheo

Niksan wrote: »

This is the problem though isn't it? In real terms how has a base rate of 0.5% affected peoples mortgages? How would this help someone on a 5% 5 year fixed for example? Exactly.

If you are on a fixed rate, presumably you agreed to a fixed rate you could afford? No?

According to recent research by Legal and General around 90% of mortgagees are on variable or tracker rate mortgages, around 30% of mortagees are on their lender's SVR. The base rate has been at 0.5% for 25 months, two years! The sheeple now think that this is normal.

What is your point, exactly?