MSE News: One million face mortgage rate rise

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"More than a million home owners will see the cost of their mortgage payments increase from today"

Read the full story:
One million face mortgage rate rise

Consumerist

Isn't this yesterday's "news". Why do we need to regurgitate a discussion that has already been had at the time the increases were announced?

Bluemeanie_2

I sympathise with anyone struggling to pay for a rise in anything at the minute. I haven't had a pay rise (cost of living increase) in 3 years, yet petrol, car insurance, gas and electric, clothes (even the very limited I buy), keeps going up. I am already a champion moneysaver (or so I like to think). I just don't know where you can shave anymore off from! I wuld give up my car accept it's a term and condition of work they I provide a car.

My only thinking is, I have been "spoiled" by the low BOE interest rate. I am trying to think long term a good average to aim for is 6%, rather than to get "used" to paying this low interest rate and thinking this is the norm.

brit1234

Is it my imagination or still with this small increase mortgage rates are still low, what's the problem. I believe those who are crying the most are those who borrowed too much especially all those who inflated their incomes with liar loan/self certs.
:mad:

Thrugelmir

Consumerist wrote: »

Isn't this yesterday's "news". Why do we need to regurgitate a discussion that has already been had at the time the increases were announced?

Vested interest (personal) sprang to mind.

A real nail in the coffin of those looking for house prices to rise.

nollag2006

brit1234 wrote: »

I believe those who are crying the most are those who borrowed too much especially all those who inflated their incomes with liar loan/self certs.
:mad:

And on what do you base this completely fantastic assertion?

Your "beliefs" aren't all that closely correlated to reality, are they though brit?

Take this one, where you argue that house prices are due to fall 50% from peak by June 9th this year:
https://forums.moneysavingexpert.com/discussion/962875

How's that working out for you?

:rotfl::rotfl::rotfl::rotfl::rotfl:

flashTrev

Hi all, im not sure what all the fuss is about with the media saying people being out of pocket by x amount extra, Im one of the Halifax SVR people and my payment has gone up by less than £2 a month.

Im not hundred percent sure why but I was on 3.5% and now im on 3.95%. My feeling is when the mortgage went on to the SVR (which in itself saved me money as it was lower than my fixed rate!) it was for 23 years and around £100000, which gave the monthly figure of around £551 a month.

Now have they recalculated my mortgage with 19 years to go and owing £88,000 at a rate of 3.95% and this calculated to £552.91 a month. So its gone up less than £2 :j .

I would point out I have been over-paying, as its gone down in rate over the last few years, so this accounts for the reduced amount owed but I wonder was I paying to much at 3.5%.

Time to hit the Ultimate Mortgage calculator when I have a minute....

leitmotif

It's a myth that those in negative equity are 'trapped'. They can still sell and rent, or perhaps downsize. If a small rise from record-low interest rates is all it takes to put someone in negative equity, then I have little sympathy.