Interest rates increased

Bounce said:
Our current mortgage deal is ending in September it’s going from 2% to 4%. What’s the going rate for mortgage interest rates and am I best fixing for short or long term ?
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Did you know you can lock in a deal up to 6 months (lender dependant) before your actual mortgage ends?
 
TNA said:
Yea. You did well as I recall. But I am not listening to anyone on this occasion. Just gut feeling that it won't go up much more in April. Hence jumping on a fix right now with a high exit fee maybe a bad idea imo. If I do find a fix that has no exit fee that is similar to the expected rise then I may reconsider.



Yeah. It is easy to get confused when not reading the post quoted so I can see why it happened.

Let's see how it turns out. I agree locking in mortgage prices ASAP is a no brainer. But just not so sure about energy prices. All depends on how greedy OPEC get I suppose? All they have to do is increase production but they don't want to as they are making record profits. But surely they will only go so far?
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For this one I was talking about mortgages. Just to add confusion! :D
 
The thing with energy is it has potential to be controlled by the user, unlike a mortgage. IF you can get your energy usage right down then you're doing well. The standing charge at least is unlikely to drop come April imo given the whole green/investment and money the suppliers lost.

jonneymendoza said:
1. Lock down the current 3% interest rate before it goes up again in aug/september
2. Lock down a fixed energy provider before it goes up again in October….
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In your position i don't think there's any clear cut answer that firmly points to buy right now and fix, but i don't know your finances so it's a moot point essentially. If you're borrowing at 90% LTV it becomes sketchy imo. Though if you find somewhere and like it then that's essentially number one, provided you can afford it and any maintenance that comes with it. As with what is routinely stated in the house exchanging thread, moving is hassle, it also costs more than some expect.
 
When interest rates are higher, banks make more money by taking advantage of the greater spread between the interest they pay to their customers and the profits they earn by investing. So is it now time for a windfall tax on banks as the government so readily did with the oil and gas industry to kerb the huge profits that the banks are now making.
Not an explanation on the original post, but certainly a thought.
 
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