Inflation hits 3.1% - rate rise looks certain

TheAble

According to BBC Business, inflation hit 3.1% this month, forcing the Bank of England to write a letter of explanation to the Chancellor.

It therefore looks almost certain that rates will move up next month, and possibly again thereafter, so I guess we should start budgeting now for that extra mortgage payment

Storm

I'm not surprised to be honest, there's been some careful massaging of figures to keep the inflation rate low as it is (i.e. not including utility or council tax bills, which have definitely risen more than 3.1%!)

Incidentally, for those on DMPs or IVAs - do these get re-adjusted if your mortgage payment goes up or down?

frugalpam

TheAble wrote: »

According to BBC Business, inflation hit 3.1% this month, forcing the Bank of England to write a letter of explanation to the Chancellor.

It therefore looks almost certain that rates will move up next month, and possibly again thereafter, so I guess we should start budgeting now for that extra mortgage payment

Bad news Thank goodness for my fixed rate mortgage which lasts into next year!

Pam

Toto

I'm now so very glad I sold my house, I remember only too well the monthly panic about the rates going up again. I wish it didn't have to happen because so many people will hurt. If the extra repayment is going to make any of you struggle to the point of not being able to manage your DMPs will have to be adjusted. Remember the priority debts Vs the non priority debts.

david_hellier

Not a good time to buy a house or borrow just now. Best to wait for the buy-to-let clowns to start dumping properties; any day now.