European Finance Ministers states Cyprius bailout now a template

wotsthat

shortchanged wrote: »

I've got an idea then.

Shall we whack the mortgage rates up for all borrowers or would that be theft?

Why would an increase in borrowing cost be considered theft?

mcfisco

shortchanged wrote: »

I know that, but what would happen if all the lenders decided to put their mortgage rates up to say 10%. Would that be OK and welcomed on here?

I remember when 10% and higher was the norm, most of us survived OK

shortchanged_2

mcfisco wrote: »

I remember when 10% and higher was the norm, most of us survived OK

So if all the mortgage lenders put up their mortgage interest rates up to 10% tomorrow you would be fine with that?

mcfisco

shortchanged wrote: »

So if all the mortgage lenders put up their mortgage interest rates up to 10% tomorrow you would be fine with that?

I'd be ecstatic - in the hope that they'd reciprocate the rate hike for deposits

spacey2012

If anyone had any understanding of Financial history, they would know that rising mortgage rates follows what is happening now like the cart behind the horse.

shortchanged_2

mcfisco wrote: »

I'd be ecstatic - in the hope that they'd reciprocate the rate hike for deposits

We're not talking about that though are we.

Savers are being hit in Cyprus, tantamount to theft which some people think is OK.


I am saying what reaction do you think we would get, particularly on here if the lenders whacked up the mortgage rates really high without any rise in the base rate.
(By the way I'll give you a clue, have a read of the BoI interest rate threads.)

shortchanged_2

mcfisco wrote: »

I remember when 10% and higher was the norm, most of us survived OK

Do you honestly believe that the majority of mortgage holders today would be able to cope with rates of 10% or higher because I can assure you that huge amounts wouldn't with the high levels of mortgage debt around at the moment.

wotsthat

shortchanged wrote: »

I am saying what reaction do you think we would get, particularly on here if the lenders whacked up the mortgage rates really high without any rise in the base rate.
(By the way I'll give you a clue, have a read of the BoI interest rate threads.)

Errr... would they be p***ed off about seeing their mortgage rate hiked by 7%?

Great investigation Sherlock. What next - an investigation about what bears really do in the woods?

shortchanged_2

wotsthat wrote: »

Errr... would they be p***ed off about seeing their mortgage rate hiked by 7%?

Great investigation Sherlock. What next - an investigation about what bears really do in the woods?

Thanks for clarifying that wotsthat. So it's OK to pinch savers money like some on here think it is?

ILW

shortchanged wrote: »

Do you honestly believe that the majority of mortgage holders today would be able to cope with rates of 10% or higher because I can assure you that huge amounts wouldn't with the high levels of mortgage debt around at the moment.

Things have changed, as has been shown governments have little control over such things when the **** hits the fan. Just because it would be a problem for a fair amount of people does not mean it cannot happen.