Mortgage rates going up

RenovationMan

Said on the news this morning that this exercise is just to recapitalise and to build up the bank's reserves, as per the new regulations. Ordinary savings account rates will therefore not change, but the longer term offerings 3 to 5 year saving plans will start to look more attractive.

If this is true, and long-term savings beat my mortgage rate, then I may abandon my mortgage overpayments in favour of savings.

Barbeduk

ILW wrote: »

Obviously not been using the windfall of low rates to overpay.

!!!!!!? Probably using the "windfall" to live off, the economy being what it is. Not everyone is lucky enough to have a guaranteed regular income despite how hard they work (just in case you wanted to then refer to us as scroungers).

FTBFun

LydiaJ wrote: »

A large element of it is probably that you are older than a lot of the people who bought more recently.

Or that this is entirely made up. I know what I'm going for.

Graham_Devon

wotsthat wrote: »

I gave you an answer. Options are limited and possibly non-existent. The time to do something about getting the shaft is before it's inserted. That was explained clearly.

You can't expect to be complacent for years and then suddenly decide that you won't be complacent any more without there being a penalty for that past complacency.

A lesson learnt I hope.

Why thanks. But are you called Julie?

ILW

Barbeduk wrote: »

!!!!!!? Probably using the "windfall" to live off, the economy being what it is. Not everyone is lucky enough to have a guaranteed regular income despite how hard they work (just in case you wanted to then refer to us as scroungers).

Sounds like you overcommited.

ILW

DervProf wrote: »

If lenders are struggling to raise funds for lending on the markets, they may just turn to savers.

Seeemed to work pretty well some time ago when building societies supplied most mortgage funding that way.

wotsthat

Graham_Devon wrote: »

Why thanks. But are you called Julie?

If it's a one to one you want why not send her a pm?

I think you'll get a less polite response than mine pointing out that you are confusing your past and present tenses.

No point complaining that what you should (past tense) have done is no longer possible now (present tense). Try a pm to geneer too to see whether he'll lend you his time machine?

gagahouse

Sibley wrote: »

I dont know why savers keep moaning. A friend of mine has stuck a lump sum in a Turkish bank and has been getting massive saving rates for years.

Why dont you do the same?

Yep, a whopping 7% with HSBC, shame the FX lost 17% last year. :T

SecondLegDownIsTheBigOne

FTBFun wrote: »

Or that this is entirely made up. I know what I'm going for.

You can believe or disbelieve whatever you need to to get through the day. Whatever you have to do to make yourself feel better, you have not the slightest insight into my position.

I bought a house in 1997, another in 2002 and STR at the beginning of 2008. It is quite right that I haven't made money from being smart or savvy, I've made it from the poor fools that have had to borrow double what I did to buy the same thing. I don't think that this is a situation that should continue. I haven't always seen thing this way, but the last 5 years have demonstrated that HPI is pernicious. The truth is I haven't made money at all, I need to use it if I ever want to buy another house.

FTBFun

SecondLegDownIsTheBigOne wrote: »

You can believe or disbelieve whatever you need to to get through the day. Whatever you have to do to make yourself feel better, you have not the slightest insight into my position.

I bought a house in 1997, another in 2002 and STR at the beginning of 2008. It is quite right that I haven't made money from being smart or savvy, I've made it from the poor fools that have had to borrow double what I did to buy the same thing. I don't think that this is a situation that should continue. I haven't always seen thing this way, but the last 5 years have demonstrated that HPI is pernicious. The truth is I haven't made money at all, I need to use it if I ever want to buy another house.

Wow you sold to rent right at the peak of the market. Yes I'm sure that's actually what happened, fantasist.