It's back up to 1.07 last a looked an hour ago
2022 mini-budget discussion
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It's back up to 1.07 last a looked an hour ago
Yes, because the market has priced in an emergency rate hike by the BoE.
We're possibly looking at 6%+ by June 2023.
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Only a few % more on imported inflation, it's not like inflation is an issue at the moment.
The bigger issue is the rates on out £2.4 trillion of debt going through the roof as this incontinent budget has destroyed trust in the treasury.
Have you just started the 5 year mortgage fix? If so there's a chance all this will rectify itself by the time you have to renew. I was lucky as hell I renewed May this year and got a 5-year fix going from 2.75 to 1.95, saving me £75 per month.
You seriously think those muppets on the MPC will have base rates at 6% given their past performance? Try 0.5% in November followed by a few months of "wait and see" before deciding a couple more little 0.25% raises might just do it.
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What's it a good time for?
To be a healthy home owner with a manageable mortgage in a secure (preferably non public sector) job.
Soldato
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Both for households
Caporegime
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Glad I locked in the mortgage 2 weeks ago, almost to the end, but 4 months at the end where it's either variable or can pay it off in 1 lump sum without penalties....
So that's at least 1 thing i can be grateful for.
So that's at least 1 thing i can be grateful for.
The post I made earlier about the pound being at 2.14 per dollar in November 2007 - Interest rates then were at 5.75%
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I'll just be putting as much as I can into mortgage overpayments now. We're fixed at a good rate until October 2024 but I'd rather not sit around and hope that interest rates drop again by then. An excellent way of getting me and the others who'll be doing the same of pumping money into the economy /s 
No even worse.. 3-4% now would be like having 15% back then. If wee get to 5.5% which everybody seems to think we will be by early next year, that would be like dealing with 22% interest rates back in the 70s.
being a high flyer in the banking sector? Or an American tourist to the UK?What's it a good time for?
Caporegime
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Around that time, £1 = $16 HK
Today £1 get you $8 HK.
I have about $1200 HK in the drawer, that's going up more than the interests i get in my ISA!
I smelt a rat then. It was a stupid move. Just cause people were failing the stress test and couldnt get a mortgage meant that house prices were already too high compared to income. Getting rid of the test was a stupid way to solve the issue.
It must have been something like that, very strange price action though.
Take solace in the fact that I think there isn't that much more the government can do to prop up the housing market short of offering their own mortgages at a negative rate.
Its because there is low liquidity in those markets so moves can get crazy. There have been a few flash crashes on the pound in Asia trades after Brexit vote. You see a recovery as liquidity returns to the market and positions close but ultimately the drift lower starts again as new trades are made and a retest of the lows is made.
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