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libor rate

daylad
daylad Posts: 119
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in Mortgages & endowments
this is a shot in the dark if anyone knows the answer but does anyone know if the libor rate will go up when the interest rates go up later in the year? thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Yes. As BOE base gives a floor to inter bank lending rates.
  • djlevackio
    djlevackio Posts: 23 Forumite
    LIBOR rates change every (working) day.

    Why do you ask?
  • daylad
    daylad Posts: 119
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    my mortgage tracks the libor rate don't really want it shooting up!!!
  • HappyMJ
    HappyMJ Posts: 21,115
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    daylad wrote: »
    my mortgage tracks the libor rate don't really want it shooting up!!!

    Which LIBOR rate? There are quite a few different rates ranging from 0.4725% to 1.025%.

    The 12 month rate increased quite a bit today so your next statement you might see an increase on your interest rate.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • kingstreet
    kingstreet Posts: 39,520
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    Historically, UK residential mortgages have tracked three month LIBOR.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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