Mortgage rates going up

Sibley

Betty you are right.
The rates are low. Let's make sure they stay there as well.

DervProf

Sibley wrote: »

Betty you are right.
The rates are low. Let's make sure they stay there as well.

Yes, you do that.

Meanwhile, the banks will do as they please.

RenovationMan

Graham_Devon wrote: »

Economist on the radio stated the BOE has lost credibility with interest rates. Banks are now having to move away from any alignment they had.

Economist must be getting confused with the terms 'SVR' and 'tracker'. The banks have always moved their SVR independantly of the BoE rates. I remember being furious with Standard Life years ago when they moved their SVR rates with no change to the underlying BoE rate. I learned then that a discounted SVR rates is nothing to do with a discounted BoE tracker rate.

Banks have the right to change their lending rates whenever they like, they always have and they always will have. Their customers have the right to change their lender, they always have and they always will. Free market ecomonics isn't anything new.

ILW

I remember when many banks had two different SVRs.

Rustic_Ron

Where is it all going......Can anyone see the uk economy getting better in the near future? We have a government over cutting services, cutting tax credits,child benefit,working tax credits and general benefits. They are promoting misery in our communties . Now the media are shouting Mortgage rates are going up!!!! Well they are not! I am no expert but RBS are raising some rates because of their financial position. If the UK base rate went up now , then I am sure most mortgage holders will cease spending and drive the uk deeper in to recession!!!
This government just winds me up....They need to go before we are all out in the streets...

Thrugelmir

Rustic_Ron wrote: »

Where is it all going......Can anyone see the uk economy getting better in the near future?

Yes. we're on a long road to recovery. Correction will take many years. Was never going to happen overnight.

black_taxi_2

like cricket 2020 before recovery

Sibley

Rates are not going up

DervProf

Sibley wrote: »

Rates are not going up

It is not raining this morning.

wotsthat

There was some discussion on this weeks FT Money podcast about the increases in SVR rates by a number of banks.

They reckon that anyone on an LTV of about 75% could easily get a better rate but acknowledged that it's likely that people on SVR's are on them for a reason i.e. they don't have an LTV of 75%!

However, they did mention that Halifax are offering internal product transfers to existing customer at better rates than the planned increased SVR. Also, these products don't need to be sent to underwriters so they would effectively be open to people on IO and those with very high LTV requirements.

Looking at the Halifax website they have a 2 year fix at 4.49% with no fee for LTV's of 85% - 120%. That looks like the only offer though.