Fix your mortgage rate right now, says Bank of England’s Sharp

the_flying_pig

i daresay he's right.

http://www.cityam.com/blog/1389804192/fix-your-mortgage-rate-right-now-says-bank-england-s-sharp

a shame, given that my deal doesn't expire till summer 2015, but, hey ho...

Thrugelmir

Sharp says rates have nowhere to go but up.

Hardly rocket science. :eek:

mayonnaise

Yawn.
If I got a quid each time I heard or read this 'time to fix' mantra...

Here's one.

http://www.dailymail.co.uk/news/article-2068875/Mervyn-King-warns-mortgage-rates-likely-soar-tells-banks-slash-bonuses.html

Dated 2011 :rotfl:

Sure, interest rates will rise one day, but not soon.
You'll be ok in 2015, flying pig, trust me.

ruggedtoast

Considering they have just fiddled inflation down again I doubt the BOE is about to raise interest rates.

BillJones

ruggedtoast wrote: »

Considering they have just fiddled inflation down again I doubt the BOE is about to raise interest rates.

As the methodology is published, and has not been changed recently, is there any chance you'll actually point out which entries are wrong in the index, or is this just another conspiracy theory without evidence?

Loughton_Monkey

ruggedtoast wrote: »

Considering they have just fiddled inflation down again I doubt the BOE is about to raise interest rates.

Carney sits all day in his office with a large (but declining) list of boomers with an outstanding mortgage. As we all pay off the last penny and get back our deeds, he gets notified and ticks our names off the list.

At some point, he will get some of his staff to ring round and ensure that all remaining boomers, not on a fixed rate (if any - because we are a canny bunch of monkeys) could afford any rise in interest rates.

Once satisfied that we are all OK, he will the press the magic button and start ramping up rates until the pips squeek. Thereby ensuring that all boomers will relish, once again, high returns on our savings, while all the younger people are squeezed so dry on their mortgage repayments, they cannot enjoy the high savings rates. They will just have to take out exhorbitant credit card or PD loans to pay the mortgage.

It's all part of the master plan.

Part two of the plan will involve boomers buying up all the resulting repossessions at 'distressed' prices, and cheaply doing them up into BTL flatlets crammed with the increasing renter fraternity desperate for a cheap place to live.

The clever and cunning part of the plan, in my view, is the way Carney has had his underling issue a formal warning, so that he can come out of the carnyage [if you'll excuse the pun] smelling of roses and watch all those people who 'didn't listen' queue up at Shelter in the misguided belief that they actually help people to find homes instead of whinge on behalf of those who already have them.

purch

BillJones wrote: »

or is this just another conspiracy theory without evidence?

It's not even a theory. :eek:

purch

Loughton_Monkey wrote: »

Carney sits all day in his office with a large (but declining) list of boomers with an outstanding mortgage. As we all pay off the last penny and get back our deeds, he gets notified and ticks our names off the list.

Robin Leigh-Pemberton ticked me off the list (I went back on for 18 months and then Fast Eddie crossed me off with a sharpie)

wotsthat

Loughton_Monkey wrote: »

Carney sits all day in his office with a large (but declining) list of boomers with an outstanding mortgage. As we all pay off the last penny and get back our deeds, he gets notified and ticks our names off the list.

At some point, he will get some of his staff to ring round and ensure that all remaining boomers, not on a fixed rate (if any - because we are a canny bunch of monkeys) could afford any rise in interest rates.

Once satisfied that we are all OK, he will the press the magic button and start ramping up rates until the pips squeek. Thereby ensuring that all boomers will relish, once again, high returns on our savings, while all the younger people are squeezed so dry on their mortgage repayments, they cannot enjoy the high savings rates. They will just have to take out exhorbitant credit card or PD loans to pay the mortgage.

It's all part of the master plan.

Part two of the plan will involve boomers buying up all the resulting repossessions at 'distressed' prices, and cheaply doing them up into BTL flatlets crammed with the increasing renter fraternity desperate for a cheap place to live.

The clever and cunning part of the plan, in my view, is the way Carney has had his underling issue a formal warning, so that he can come out of the carnyage [if you'll excuse the pun] smelling of roses and watch all those people who 'didn't listen' queue up at Shelter in the misguided belief that they actually help people to find homes instead of whinge on behalf of those who already have them.

I can see the threads now - "BOOMERS PAY OFF THEIR MORTGAGES AND PUT RATES UP!":mad::mad::mad::mad:

We'll have to conveniently forget that Osborne isn't a boomer and it's a push to say Cameron & Carney are influenced by their boomeristic tendencies. Maybe the boomers will be in the background pulling the strings with the lizards.

BillJones

mayonnaise wrote: »

Sure, interest rates will rise one day, but not soon.
You'll be ok in 2015, flying pig, trust me.

Short sterling futures are implying 55bp for March, 82 for December, and 1.61% for next december.

That's reasonably soon from the point of view of mortgage planning.

M.Johnson_2

You ideally want to fix your mortgage for as long as possible like 5years just before rates go back up.

But how can you know?

It would be annoying if you fix now and in 3 or 4 years the base rate is still 0.5%. Then just before you fixed term comes to an end, rates are back to more normal 5%+