Just heard interest rates have gone up

james3333

going2die_rich wrote:

They should increase them next month too, to punish all those people that have got themselves overstretched just to buy a house!

sick git.
all the poor people i know are desperate to get on the ladder, rather than throw cash down the bog renting.
christ, its hard enough for the majority of people who can afford a 'few increases'.
i feel for the FTB's and thank my lucky stars iam not one ( got on't ladder a few years back)

scorpio_princess

going2die_rich wrote:

They should increase them next month too, to punish all those people that have got themselves overstretched just to buy a house!

And presumeably you are perfect? It's hardly the FTBers fault that house prices are ridiculous - what are they supposed to do? Of course, it's crazy to buy something knowing you can't afford it, but everywhere you look people are saying 'better get on that property ladder before its too late' - any FTBs thought that if they don't do it now, they never will. And of course, they are probably sick of paying rent to fund someone else's mortgage/retirement/property business.

The sooner this whole property lark calms down and gets back in the real world the better - maybe then it would be harder for people to 'overstretch' themselves (chances are, they've only bought a flat, not a 4 bed detached like some seem to think all FTBers want)

adon30

I bought my house at end of October 2006. Unfortunately the Tracker mortgage is not looking so good at the moment (Will now be at 5.4% ish when they change). I allowed for 0.5% increase in rates before the fixed offers became better value for money. Another rate increase on top will be very difficult for me. I thought they would go up.... just not so fast!

Well done to all those people on the low fixed rates its worked out well for you.

I am now considering pumping some of my savings into the mortgage. I have about £500 - 1K spare. It's not a fat lot but it may make a difference. I'm going to sit down and do the sums tonight.
So far these two rate rises will have cost me approx £50 a month. It will definately curb my spending

mystic_trev

going2die_rich wrote:

They should increase them next month too, to punish all those people that have got themselves overstretched just to buy a house!

I do think that's a bit harsh. You can't blame people for wanting to get on the Housing ladder, and many have much "peer pressure" telling them to do just that.

I do (however) have NO sympathy for the recent spate of BTL's who think it's a get rich quick scheme. Many are about to find they're subsidising their Tenants even more. A lot have joined a "ponzi scheme" they won't be able to get out of, and will end up Bankrupt also losing their Home, that they use as security in the process. From Landlord to DSS Tenant in one easy move!

BTman

Just wanted to say "Hooray"..
More money for me then

tomstickland

mystic_trev wrote:

......and note he said "going up again soon" !!!!!!!

Actually I didn't think they'd be going up, but odds of 32:1 on befair we're too good for me to ignore. My £40 bet has made me £1,200 !!!!!!!!!!!!!

If someone is on a variable rate mortgage then they could compute the extra cost per month of a 0.25% rise and put that amount onto Betfair. If there isn't a rise they lose the equivalent of one months extra, and if there is a rise then they receive a few months worth of extra money to cover it.
Isn't this what people do with share prices and spread betting etc?

I'm 6 months into a 2 year fixed rate of 4.39%. I remember asking on MSE about fixed vs variable and was told that it was down to my personal opinion as to what was best. After a few days thinking about it I went fixed. It's not going to be so good when I move mortgages in 18 months time though. On the good news front it means that having savings rather than paying off mortgage becomes the correct way round.

[Deleted User]

There are some selfish people about aren`t there?

BTman wrote:

Just wanted to say "Hooray"..
More money for me then

I am a saver and have paid off my mortgage so I would be one of the ones to benefit but we have far too many hard-working people in this society who see the house-owning goal getting further and further away

Time for certain people to stop living in their own little bubble

zipwen1

qick question got a mortgage offer accepted fixed rate but we havent bought the house yet will my rate change

barnaby-bear

zipwen1 wrote:

qick question got a mortgage offer accepted fixed rate but we havent bought the house yet will my rate change

If you've paid the application fee, you are safe. An offer in principle could be withdrawn but as soon as application fee paid the product will have been reserved.

zipwen1

kittie " i am a saver and have paid off my mortgage so I would be one of the ones to benefit but we have far too many hard-working people in this society who see the house-owning goal getting further and further away."

applause
im always seeing people going on "i hope interest rates go up so there will be a house price crash "
ive only just got on the ladder i dont want to be knocked off it again