interest rates have gone up

matimage

Well, I'm screwed then.
I have a variable rate mortgage on 155k locked in for another year.
I am a saver as well though but I need a years earnings accessible because I am self employed.
Sigh, cheers BoE.

Pobby

Considering that interest rates between the 1950s to the late 1990s were on average around 8%,this comes as no surprise.

earner

So, little me, who lives very frugally, not having a social life, not buying things, no holidays, scrimping, staying in night after night with the lights out ... now have to pay more on my mortgage because some rich c*nts spend too much on stuff they don't need.

I can't shop around on my mortgage either as the house is for sale, and so it's "any day now ... who knows .. an offer might come in".

Luckily, I have an OpenPlan mortgage, so when the mortgage or bills go up, I just borrow more on the mortgage to pay them *grins*

Addiscomber

redballoon wrote:

How do i know if i am able to move my mortgage? I have only had a mortgage for a year and a half.
it's just under £65,000 on a £189,000 house.

You need to read the terms and conditions of your current mortgage, and ask your lender or a mortgage broker if you don't understand them

tomstickland

I've got 18 months left on a fix and opted to save rather than overpay mortgage, so this is good news. Not so sure what will happen in 18 months though.

albacore1854

5.5 buy Summer, fingers crossed nearer to 6 by this time next year.

With any luck this is the start.

I'm getting all nostalgic about '91 now.

sten_2

I am in the process of getting a fixed rate mortgage (not yet applied fully), when will fixed rates increase? Do I need to rush now?

Thanks

dunstonh

mhay wrote:

anyone else think this could see the start of the house price market crashing, especially BTLs?

David Miles, Chief Uk Economist of Morgan Stanley and former adviser to Gordon Brown doesnt think so. He thinks the next crash will not be linked to economic issues but a decline in expectations from the public. The reason being that the house price increases are based on speculative investors and if they stop, the whole thing tumbles. (hmm, sounds like tech stocks).

Anyway, lets not turn this into House Crash 343 or whatever number we are up to now

albacore1854

dunstonh wrote:

Anyway, lets not turn this into House Crash 343 or whatever number we are up to now

No lets.

Doom and gloom is good, lets all watch the smug BTL'ers panic. It'll take more than a coat of magnolia, and some pebbles in the fireplace to keep a roof over their head.

jamesd

Well, a surprise interest rate increase might have more effect than an expected one, so hopefully it will cause some to think twice.