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Scrapping LIBOR

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mrbilbs
mrbilbs Posts: 81 Forumite
in Mortgages & endowments
So we have just watched the news saying they might scrap/re structure LIBOR. My mortgage is based on it - should I be very worried?! :eek:

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    No. They'll replace it with something else.

    Just keep on paying.
  • mrbilbs
    mrbilbs Posts: 81 Forumite
    opinions4u wrote: »
    No. They'll replace it with something else.

    Just keep on paying.

    Oh I will keep on paying, I just hope what they bring in is better!
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    mrbilbs wrote: »
    Oh I will keep on paying, I just hope what they bring in is better!
    It will be the hope that killls you!
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    I heard it will be replaced with a flat rate at 10%.
  • Jimbo1976
    Jimbo1976 Posts: 498 Forumite
    If it is replaced, the new and improved version won't look much different. I suspect you and everyone else won't see any difference. You will be told every 3 months, its changed, you won't know why and you will just keep paying your mortgage!
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