Soldato
Base rate is 0.5% higher than at its lowest, so you were probably on the 0.25% baserate
BOE is indicating expected higher inflation and world economy is picking up so its increased the chances of a rate increase in the UK
Buying a home: deposit %, does it have to be in multiples of 5?
Base rate is 0.5% higher than at its lowest, so you were probably on the 0.25% baserate
BOE is indicating expected higher inflation and world economy is picking up so its increased the chances of a rate increase in the UK
Soldato
Yeah it's currently looking like ill be paying around 2.1%. Will be searching this weekend
Those rates that have been quoted are all incredibly low in the grand scheme of things. Some people are rally going to start Bing stretched as rates start rising back to ‘normal’ and short term fixes come to an end.
If you have £150k over 20 years @ 2% you are looking at £760, if those rates jump to 4.5% that’s suddenly £950. That’s on a relatively small mortgage these days, the jumps will be far more profound the bigger the mortgage. In the second scenario you are paying almost as much interest as you are capital and really bumps up the overall amount you will actually pay for the house.
If you have £150k over 20 years @ 2% you are looking at £760, if those rates jump to 4.5% that’s suddenly £950. That’s on a relatively small mortgage these days, the jumps will be far more profound the bigger the mortgage. In the second scenario you are paying almost as much interest as you are capital and really bumps up the overall amount you will actually pay for the house.