"Thousands" with BOE trackers face mortgage interest rate rise

shortchanged_2

chucky wrote: »

It's not mortgage rationing or lack of supply and if you're going to be like that, I definitely won't be educating you.

Oh here we go again, chucky with his famous brain teasers that he can't answer himself.

wotsthat

shortchanged wrote: »

These low rates as I've said before are a danger because people get lulled into seeing them as the 'norm'.

You can see that some posters on here are saying that a rate of 4.49% is going to cripple them. I'm sorry but..........

Have you've compared the interest rate being paid by the average mortgage holder over time to see whether rates are low by historical standards?

chucky

shortchanged wrote: »

Oh here we go again, chucky with his famous brain teasers that he can't answer himself.

I can answer it, you're the one claiming higher interest rates are good for the housing market but can't explain why.

Do you want to even try to remotely explain why you think high interest rates are a good thing for the housng market?

chucky

wotsthat wrote: »

Have you've compared the interest rate being paid by the average mortgage holder over time to see whether rates are low by historical standards?

He obviously hasn't, otherwise he wouldn't be coming out with his soundbites that he's read on a random blog somewhere on the internet.

Graham_Devon

chucky wrote: »

I can answer it, you're the one claiming high interest rates are good for the housing market but can't explain why.

Do you want to even try to remotely explain why you think high interest rates are a good thing for the housng market?

What's been stated is that normality would be good for the housing market. You've homed in in high rates.

Thing is, shortchanged didn't even state what you are lambasting him about. He said "higher rates". Not "high rates". You've made up the scenario you wanted to see written and have started attacking someone based on your own made up scenario. You'll win your argument, granted, as it's made up.

I agree with shortchanged that a "normal" housing market, however you want to define that, has got to be better than large numbers of people just about clinging on to their homes. High amounts (and increasingly rapidly) of housing benefits and a mortgage market with constrained lending due to many factors. While people losing their homes is never nice, it also means a return to "normality", and with that, a return to lending to people who can actually afford the lending. While so much money is held up supporting people who can't (and in some cases, never will) be able to afford their homes, theres less money to be given out to people who can buy and can afford to service the loans.

ILW

Average siNce 1963 seems to be around 8%

chucknorris

shortchanged wrote: »

These low rates as I've said before are a danger because people get lulled into seeing them as the 'norm'.

You can see that some posters on here are saying that a rate of 4.49% is going to cripple them. I'm sorry but..........

I can't see where they are coming from because anyone who is in this situation would almost have certainly taken the mortage out when the base rate was 5% (or subsequently gone up to 5%) when they took these products out!

But I can certainly sympathize with them one minute thinking they are on a greatest deal ever then opening a letter to find out they have just slapped in the face.

If it happened to me (and it could) I would momentarily be !!!!ed off but it wouldn't take long for reality to sink in and realise that I have a had a good run out of it.

Graham_Devon

chucknorris wrote: »

I can't see where they are coming from because anyone who is in this situation would almost have certainly taken the mortage out when the base rate was 5% when they took these products out!

But I can certainly sympathize with them one minute thinking they are on a greatest deal ever then opening a letter to find out they have just slapped in the face.

If it happened to me (and it could) I would momentarily be !!!!ed off but it wouldn't take long for reality to sink in and realise that I have a had a good run out of it.

Think the problem with that thread at the moment is everyone is looking for someone else to blame.

It's even been said some have e-mailed crime watch for pities sake!

Doesn't help their cause when they are looking for sympathy. Quite surprised the "please be nice or say nothing at all" hasn't happened yet. The "your nasty" has however. Suppose it was only a matter of time.

chucky

Graham_Devon wrote: »

What's been stated is that normality would be good for the housing market. You've homed in in high rates.

Thing is, shortchanged didn't even state what you are lambasting him about. He said "higher rates". Not "high rates". You've made up the scenario you wanted to see written and have started attacking someone based on your own made up scenario. You'll win your argument, granted, as it's made up.

Please don't try and come in and do your usual muddle, here's exactly what shortchanged said, higher not high. So instead of sticking up for your online buddy, stick to the facts Mr Muddle.

shortchanged wrote: »

Ultimately this will be a good thing for the housing market in the longer term. Start getting people used to higher mortgage interest rates.

And when the BoE rate does eventually rise the banks won't have to pass the rises on straight away and they can accept smaller margins.

Graham_Devon wrote: »

I agree with shortchanged

What a surprise.

Feel free to go ahead and move the goalposts or lie what was actually said.

chucknorris

Graham_Devon wrote: »

Think the problem with that thread at the moment is everyone is looking for someone else to blame.

It's even been said some have e-mailed crime watch for pities sake!

Doesn't help their cause when they are looking for sympathy. Quite surprised the "please be nice or say nothing at all" hasn't happened yet. The "your nasty" has however. Suppose it was only a matter of time.

I do feel sorry for them but the ones who are saying that they can't afford it I think are telling porkies. Otherwise something really drastic has happened to their financial situation since they took the mortgage out.