| Bank of England raises interest rates to 0.5% 12:17 - Feb 3 with 1992 views | Keno |
n/t |  |
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| Bank of England raises interest rates to 0.5% on 12:20 - Feb 3 with 1969 views | BanksterDebtSlave |
...and very nearly 0.75% |  |
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| Bank of England raises interest rates to 0.5% on 12:27 - Feb 3 with 1935 views | suffolkpoker |
gulp |  |
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| Bank of England raises interest rates to 0.5% on 12:33 - Feb 3 with 1903 views | WD19 |
Wake me up when it gets to 5% |  | | |
| Bank of England raises interest rates to 0.5% on 12:40 - Feb 3 with 1880 views | homer_123 |
| Bank of England raises interest rates to 0.5% on 12:33 - Feb 3 by WD19 |
Wake me up when it gets to 5% |
If it gets to 3% or 4% a lot of people are going to be struggling to pay their mortgages.
Edit: When, not If [Post edited 3 Feb 2022 12:41]
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| Bank of England raises interest rates to 0.5% on 12:42 - Feb 3 with 1871 views | hype313 |
| Bank of England raises interest rates to 0.5% on 12:40 - Feb 3 by homer_123 |
If it gets to 3% or 4% a lot of people are going to be struggling to pay their mortgages.
Edit: When, not If [Post edited 3 Feb 2022 12:41]
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Glad I fixed mine last year for 5 years, although coming out of that 5 years could be interesting... |  |
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| Bank of England raises interest rates to 0.5% on 12:44 - Feb 3 with 1863 views | Kieran_Knows |
| Bank of England raises interest rates to 0.5% on 12:42 - Feb 3 by hype313 |
Glad I fixed mine last year for 5 years, although coming out of that 5 years could be interesting... |
Yep, we fixed for 5 years last year as well. Hopefully things will have settled a little by the time our renewal is up.... |  |
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| Bank of England raises interest rates to 0.5% on 12:49 - Feb 3 with 1827 views | ElderGrizzly |
| Bank of England raises interest rates to 0.5% on 12:40 - Feb 3 by homer_123 |
If it gets to 3% or 4% a lot of people are going to be struggling to pay their mortgages.
Edit: When, not If [Post edited 3 Feb 2022 12:41]
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Especially with some commentators saying inflation could be near 15% in 2023 |  | | |
| Bank of England raises interest rates to 0.5% on 12:51 - Feb 3 with 1811 views | Keno |
| Bank of England raises interest rates to 0.5% on 12:49 - Feb 3 by ElderGrizzly |
Especially with some commentators saying inflation could be near 15% in 2023 |
I suspect 15% is a tad over the top, although the government will probably just change the measurement to make it look lower anyway!! | |
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| Bank of England raises interest rates to 0.5% on 13:48 - Feb 3 with 1652 views | N2_Blue |
This is going to get messy for a lot of people.
Our mortgage is fixed until August 2023 at least - but that worries me because we will still have 20 year term left and rates could be anything
Wish we had another 3 or 5 years fixed to ride this out but no doubt our term will expire in the middle of this sh*tstorm. |  |
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| Bank of England raises interest rates to 0.5% on 13:55 - Feb 3 with 1623 views | Dubtractor |
Wonderful timing, just as I'm looking to move house and get a new mortgage..... |  |
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| Bank of England raises interest rates to 0.5% on 13:59 - Feb 3 with 1600 views | J2BLUE |
| Bank of England raises interest rates to 0.5% on 12:44 - Feb 3 by Kieran_Knows |
Yep, we fixed for 5 years last year as well. Hopefully things will have settled a little by the time our renewal is up.... |
Locked in for 7 years in December 
I feel bad for renters. I suspect most of them will get the higher interest rates passed on regardless of whether the landlord is locked in. |  |
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| Bank of England raises interest rates to 0.5% on 14:05 - Feb 3 with 1582 views | hype313 |
| Bank of England raises interest rates to 0.5% on 12:51 - Feb 3 by Keno |
I suspect 15% is a tad over the top, although the government will probably just change the measurement to make it look lower anyway!! |
Isn't the current rate based on an average? so in reality it is running at 15% given the rate last year was 1.2% and the rate currently is 7.5%.
That's if my math is correct, which is highly questionable.... | |
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| Bank of England raises interest rates to 0.5% on 14:13 - Feb 3 with 1553 views | Swansea_Blue |
| Bank of England raises interest rates to 0.5% on 12:49 - Feb 3 by ElderGrizzly |
Especially with some commentators saying inflation could be near 15% in 2023 |
Ah, TWTD. Thankfully I was blissfully unaware of the impacts of interest rates when they were last at that level.
0.5% is still ridiculously low, but then I suppose loads of people are on huge mortgages and low rates, so even a 0.5% increase will add to the squeeze on incomes. |  |
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| Bank of England raises interest rates to 0.5% on 14:43 - Feb 3 with 1493 views | ElderGrizzly |
| Bank of England raises interest rates to 0.5% on 13:55 - Feb 3 by Dubtractor |
Wonderful timing, just as I'm looking to move house and get a new mortgage..... |
For some context, fixed rates are still at around 1.7% which historically is ridiculously low. | | | |
| Bank of England raises interest rates to 0.5% on 15:31 - Feb 3 with 1424 views | jontysnut |
| Bank of England raises interest rates to 0.5% on 14:43 - Feb 3 by ElderGrizzly |
For some context, fixed rates are still at around 1.7% which historically is ridiculously low. |
My first mortgage in 1987 was at 14% and could only get that via a dodgy endowment scheme. Thatcher's Britain. |  | | |
| Bank of England raises interest rates to 0.5% on 16:03 - Feb 3 with 1380 views | Dubtractor |
| Bank of England raises interest rates to 0.5% on 14:43 - Feb 3 by ElderGrizzly |
For some context, fixed rates are still at around 1.7% which historically is ridiculously low. |
Yeah, I know it's still good compared to historical values, I just fear it bumping up again before we manage to find somewhere!
I'm also still a bit annoyed that 2 years ago we were looking, but a threatened restructure at work made me put it on hold, since then prices have gone crackers. The restructure never happened..... [Post edited 3 Feb 2022 16:04]
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| Bank of England raises interest rates to 0.5% on 16:18 - Feb 3 with 1347 views | jaykay |
| Bank of England raises interest rates to 0.5% on 15:31 - Feb 3 by jontysnut |
My first mortgage in 1987 was at 14% and could only get that via a dodgy endowment scheme. Thatcher's Britain. |
yes we baby boomers had it hard  |  |
| forensic experts say footers and spruces fingerprints were not found at the scene after the weekends rows |
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| Bank of England raises interest rates to 0.5% on 16:53 - Feb 3 with 1296 views | longtimefan |
| Bank of England raises interest rates to 0.5% on 15:31 - Feb 3 by jontysnut |
My first mortgage in 1987 was at 14% and could only get that via a dodgy endowment scheme. Thatcher's Britain. |
Got my first mortgage in mid 1987 too, though it started at 9%. Fortunately I was advised to avoid an endowment based version and told to insist on a repayment one, regardless of the incredibly rosy predictions that would be put in front of me. |  | | |
| Bank of England raises interest rates to 0.5% on 16:56 - Feb 3 with 1291 views | ElderGrizzly |
| Bank of England raises interest rates to 0.5% on 16:18 - Feb 3 by jaykay |
yes we baby boomers had it hard |
On your house costing £2k... | | | |
| Bank of England raises interest rates to 0.5% on 16:58 - Feb 3 with 1288 views | HARRY10 |
| Bank of England raises interest rates to 0.5% on 13:59 - Feb 3 by J2BLUE |
Locked in for 7 years in December
I feel bad for renters. I suspect most of them will get the higher interest rates passed on regardless of whether the landlord is locked in. |
err, no
One of those hoary old urban myths that get an airing every now and again.
If landlords could just up their rent went it suited they would have already done so, Rents are determined by market forces NOT what landlords need.
If that were the case then a landlord with the mortgage paid would be charging almost no rent, whereas the one with a fair bit of the mortgage left would be trying to charge more than the market will bear.
I suspect quite a few with a 'portfolio' will be hit - more so given the changes to rent coming in ie no fault evictions to go | | | |
| Bank of England raises interest rates to 0.5% on 17:49 - Feb 3 with 1250 views | Radlett_blue |
| Bank of England raises interest rates to 0.5% on 13:55 - Feb 3 by Dubtractor |
Wonderful timing, just as I'm looking to move house and get a new mortgage..... |
Could work well for you as rising mortgage rates will bring down house prices - eventually,
While "fixed" mortgages are inherently a good thing, as people know where they stand, the problem is that the big "hit" when these rates re-set could be so traumatic for the economy that the government (& the Bank of England) will become even warier of increasing rates & then inflation might get out of control, which will hit the poorest people the hardest. |  |
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| Bank of England raises interest rates to 0.5% on 20:30 - Feb 3 with 1159 views | gazzer1999 |
| Bank of England raises interest rates to 0.5% on 16:53 - Feb 3 by longtimefan |
Got my first mortgage in mid 1987 too, though it started at 9%. Fortunately I was advised to avoid an endowment based version and told to insist on a repayment one, regardless of the incredibly rosy predictions that would be put in front of me. |
I had an endowment one taken out in 83, best thing I ever did, lovely little return after 25 years. |  | | |
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