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

Niksan

Orpheo wrote: »

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

Could, yes.

Orpheo wrote: »

What is your point, exactly?

That not everyone is paying peanuts on interest on mortgages even the fact base rate is so low. And that SVR's are not as low as people would like to believe, so not everyone is benefitting from 0.5%.

As for the sheeple, think or hope?


I think the gripe I have, is people thinking 0.5% is just because of those with mortgages, or those who are struggling with them.

Orpheo

Niksan wrote: »

Could, yes.

OK, people's circumstances change, I accept that, but it is irrelevant to rising and falling interest rates if they have agreed to a fixed rate mortgage, until their fixed rate ends. If you agree to a fixed rate mortgage, you do so with the awareness that your circumstances may change. I am still failing to see what your point is. Surely you don't think that IR policy should be determined on the circumstances of individuals?

Niksan wrote: »

That not everyone is paying peanuts on interest on mortgages even the fact base rate is so low. And that SVR's are not as low as people would like to believe, so not everyone is benefitting from 0.5%.

As for the sheeple, think or hope?

I never suggested they were paying peanuts, nor did I say that SVRs (plural, no apostrophe) were particularly low. I said that if they were struggling with base rates at 0.5% then they would be in trouble when interest rates rise.

Niksan

Orpheo wrote: »

Surely you don't think that IR policy should be determined on the circumstances of individuals?

Not at all, although the savers would seem to imply that.

And thanks for pointing out my apostrophe error, I got it right everywhere else I used it, I shall now sit on the naughty step.

Orpheo

Niksan wrote: »

I think the gripe I have, is people thinking 0.5% is just because of those with mortgages, or those who are struggling with them.

Adam Posen, BOE:

“My view is two things have supported the U.K. housing market in the last couple of years,” Posen said. “One is our interest-rate cuts and quantitative easing directly affecting mortgage affordability” and the second that the level of U.K. homebuilding was “relatively small for the size of the economy compared to Spain or Ireland or the U.S.”

Wake up.

neverdespairgirl

kingstreet wrote: »

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?

Or ISAs? they are tax free too.

kingstreet

neverdespairgirl wrote: »

Or ISAs? they are tax free too.

True. Just thinking about those with a mortgage and savings and who've used up their ISA allowance.

Paulgonnabedebtfree

rothers 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..."

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!!

Wow !! That is one hell of a mortgage deal .
Good luck to you too.

Spartacus_Mills

kingstreet wrote: »

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?

I closed a few of my accounts and paid my mortgage down. I have a buffer for a rainy day and that is it now.

tod123

I'm with the people that say interest rates aint going to change much in the long term , in the same vein as the last 10 years in Japan.

.25 this year maybe

The problem is , leave them unchanged and we are up s^^t creek in the future , put them up and we are up it today.

And on a cynical note , until house prices start to rise again , the last thing the banks want is a bunch of repo'd stagnating assets on their hands.

If they do put them up , and they see things starting to go pear shaped, its also very likely they will come straight back down

globalds

It's much more than just interest rates.

I have done as much as I can by overpaying and taking advantage of this last couple of years.

but every time I fill up with fuel or pay a utility bill I am aware that it would not be a case of just going back to previous rates ..Life costs more now.

The downside is that with most people facing wage freezes at best and some losing well paying jobs, then when I say I am not too worried about interest rates going up ..Does not mean that I am not worried about paying my bills in the future.