Interest rates to rise again

Alan_M_2

That's crystal ball time I'm afraid.

If it did hit 8% there'd be a lot of !!!!!! hitting a lot of fans.

In the bad old days when I was 18 and taking out a mortagage, we actually sat and calculated how much it would be and If I could afford it in the highly unlikely event that interest rates hit 9%, we even chuckled at the ludicrous idea that it could reach those heady levels.

Oh how we laughed the day Norman Lamont hiked rate from 10% to 12% to 15% then back down to 12% all within about 4 hours.

meanmachine_2

Alan_M wrote:

That's crystal ball time I'm afraid.

If it did hit 8% there'd be a lot of !!!!!! hitting a lot of fans.

In the bad old days when I was 18 and taking out a mortagage, we actually sat and calculated how much it would be and If I could afford it in the highly unlikely event that interest rates hit 9%, we even chuckled at the ludicrous idea that it could reach those heady levels.

What year were you 18? I ask, only because rates consistently went above 9% between 1972 and 1992.

If you honestly chuckled at the idea of rates hitting 9%, you were seriously deluded.

Gorgeous_George

Alan_M wrote:

Oh how we laughed the day Norman Lamont hiked rate from 10% to 12% to 15% then back down to 12% all within about 4 hours.

I'll never forget that day. It was hilarious!

Despite the failings of the present government, the Tory years were the worst for house owners and workers. The Tories were, and will always be, the friends of the super rich. It was Lamont who mucked (!) it up giving MASSIVE tax breaks to super rich people.

Worth a read




GG

CB1979_2

BREAKING NEWS GUYS!!!!!!!!!

there WILL be interest rate rises & house prices WILL fall!

sometime in the future (and they may not be related, but they may be!)oh what's this......

BREAKING NEWS GUYS!!!!!!!!!

house prices WILL rise again & interest rates WILL fall!

sometime in the future (and they may not be related, but they may be!)

phew think I've pretty much covered my back on that one.

Alan_M_2

meanmachine wrote:

What year were you 18? I ask, only because rates consistently went above 9% between 1972 and 1992.

If you honestly chuckled at the idea of rates hitting 9%, you were seriously deluded.

1988, the point being, at 18 years old, you have no idea how this works other than everyone, and I mean everyone from your bank manager to every member of your family telling you this is the best investment you'll ever make in your life. Plus we were jumping to take advantage of Miras which was being withdrawn.

What were you doing at 18 years old?

After all who'd have predicted rates would hit where they did, and I bought with a 4 x multiple mortgage and a 12.5% deposit, and the mortgage payments exceeded my entire income. At the time it felt awful, but after a while you realise that !!!!!! happens and you just pick yourself up and carry on although it effected me financially for the next 10 years.

Chill out, stop taking every movement in the market personally and learn to live around it until the situation changes, really, the bitterness in your posts shines through as though the government has been on some crusade to stop you personally buying a property that you find suitable.

Give it rest it's getting old now.

tomstickland

House price crash 5.01
I propose an indexing system for house price crash threads
year/month/day/edition
20061215001 would be todays.

ManAtHome

You BIG MEANIE - we're only allowed one a day!!!??? (hope that's an appropriate number of ! and ?s).

meanmachine_2

Alan_M wrote:

1988, the point being, at 18 years old, you have no idea how this works other than everyone, and I mean everyone from your bank manager to every member of your family telling you this is the best investment you'll ever make in your life. Plus we were jumping to take advantage of Miras which was being withdrawn.

What were you doing at 18 years old?

Not quite sure why my previous post unleashed such a diatribe. I'll ignore that.

1988 was a particularly horrible year - rates went from 7.5% to 13% - and were even bumped up just before Xmas (!!). That tended to happen a lot in those days, I see.

The only point I was making was that Black Wednesday was 4 years later. And rates had regularly been hitting 10% in the years leading up to 1988.

I don't know how anyone could take the view - living through such volatile times - that rates would not hit 9%.

But yes, at 18, I guess the so-called experts see you coming and say all sorts of things just to bag their commission.

I wonder what might lead to such a Miras-esquepanic today, and cause that boom and bust. I suspect home information packs would have done the same - hence their abandonment.

BobProperty

meanmachine wrote:

.....I wonder what might lead to such a Miras-esquepanic today, and cause that boom and bust. I suspect home information packs would have done the same - hence their abandonment.

mm - they haven't been abandoned completely, they are still coming in (after all we still have to comply with the EU energy audit commitment) but the Home Condition Report is voluntary. So, as I have previously predicted, we will look back and blame them for the housing crash which started in 2007. Ignoring all other fundamentals that contributed to it of course.

lynzpower

bob
wahts the update then on Hips, I appear to have missed it?