Interest Rates to rise this week?

AndrewP said:
Surely fast is better for you?
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Nope I yearn for pre-Covid.


I knew what I was paying for the gear and I could actually get it,blokes didn’t think they where some sort of God.


Straight after Covid and at least the 12month after it was a nightmare,was good for Labour only sub-contractors and people putting daft Cabins up in peoples back gardens.
 


Gillythedilf said:
Nope I yearn for pre-Covid.


I knew what I was paying for the gear and I could actually get it,blokes didn’t think they where some sort of God.


Straight after Covid and at least the 12month after it was a nightmare,was good for Labour only sub-contractors and people putting daft Cabins up in peoples back gardens.
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Interesting to see the other side. At least you've been busy, I guess!
harmy said:
Products mate. Sorry for the miscommunication
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No bother mate.
 
AndrewP said:
Surely houses will just stop selling. It's currently about £850pm for a £135k mortgage, which is probably enough for a semi around here.
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Thats kind of my point. The housing market isn't the issue. And the last thing they want to do is kill that and still have rampant inflation outside of housing.
 
Managed to get a 5 year fixed deal on my existing mortgage at 4.2%, best i could find, but a bit of a shock from the old deal that was at 2.2%.

No idea if i have done the right thing fixing for 5 years or not, but it seems so volatile that i'd rather have a fixed deal and know what i am paying for the next 5 years, especially as there is so much uncertainty
 
chunksafc said:
Managed to get a 5 year fixed deal on my existing mortgage at 4.2%, best i could find, but a bit of a shock from the old deal that was at 2.2%.

No idea if i have done the right thing fixing for 5 years or not, but it seems so volatile that i'd rather have a fixed deal and know what i am paying for the next 5 years, especially as there is so much uncertainty
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I did similar. 4.17% in Feb, 5 year fixed rate. Not ideal but we needed a bigger house and the market was only going to get worse before it improved. It's a bit demoralizing to see so much interest added to your account every month, but I know a few people who's monthly payments have increased by £100's in recent months so it's probably the lesser of the two evils.
 
The Breen Machine said:
I did similar. 4.17% in Feb, 5 year fixed rate. Not ideal but we needed a bigger house and the market was only going to get worse before it improved. It's a bit demoralizing to see so much interest added to your account every month, but I know a few people who's monthly payments have increased by £100's in recent months so it's probably the lesser of the two evils.
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I just wont look at the Mortgage account :lol:

We are really happy in the house we are in with no plans to move at all, ideally we would like to get some work done in the kitchen etc, but it will do / we will manage for now and get things done as and when we can save / afford it. Same as 99% of people at the moment, having to cut back on a few things to get through
 
Isn’t it been largely driven by food and energy? Two things which consumers have little (none in the case of energy) choice in the market for so are stuck paying whatever it costs. How is jacking up the base rate helping dampen those inflationary pressures? Forcing people not to eat or use heating?
 
We were thinking about moving, early stages, just looking at the finances. Probably looking at doubling our current mortgage for what we want. Using these comparison sites is coming up at double the monthly payment, which I expected, but that's with an extra ten years on the term. Interest rate on new deals looks about 2% more than the fixed term we got into last year. Silly amounts.
 
Posted on here back in November that Id decided to bank my deposit and leave it for a few months to cool down. Would have been paying a high intereat rate whilst getting in bidding wars on bang average houses.

Bought a nice car instead, probably not the best idea but figured it would be the last chance i get for something like that.

Anyway, put the car up for sale last week and decided to start looking at houses again.

So youve all got me to blame 🤣
 
harmy said:
www.thisismoney.co.uk

How to stop the mortgage storm adding HUNDREDS to your monthly bills

Over the past two weeks alone, two-year fixed rate deals have become £68 a month more expensive, based on a loan size of £300,000.
www.thisismoney.co.uk
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There are some interesting comments on that article.

To paraphrase:

“10 million more people to house within the past 10 years.”

“Rates have returned to historical average.”

The usual “young people should stop buying cocktails/coffees”.

Etc.
 
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Ned Land said:
There are some interesting comments on that article.

To paraphrase:

“10 million more people to house within the past 10 years.”

“Rates have returned to historical average.”

The usual “young people should stop buying cocktails/coffees”.

Etc.
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This historical average thing pisses me off because what they fail to grasp is that property is significantly more expensive than it was, so a rate of 5% makes a vast difference and the people saying it are normally older so they've paid off their mortgages.
 

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