Mortgage Rate Rises

TheOracle said:
I don't think mortgages will go higher than 7% will they? They are just under 6% now, and likely to gp up another 1% I reckon (who knows).....but one things for sure, 7% interest rates and we're gonna be in for one hell of a depression.

2023 is gonna be one hell of a year.
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I think so too. But it's really gambling territory.
One things for sure. If it does get that high... Its going to be ruinous for so many.
 
413x said:
Start one of those parliament campaigns.

Truss is a witch. She's trying to take us back to the dark ages. This is sorcery. As is fitting for the time. I propose a witch hunt.
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Is witch her preference? Warlock maybe?

TBF though you dont read much fantasy literature, most witches/warlocks are people of wisdom.
 
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HACO said:
I'd argue it is indeed reckless to max yourself out when prices are at all time highs and interest rates are at all time lows.
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But that was my argument for not buying in 2012, 2013, 2014, 2015, 2016, 2017, 2018 and 2019. I bought in Jan 2020 because I'd made the wrong call every other year, thinking that prices were at an all time high and interest rates were bound to go up. I'd been expecting change for a decade and it hadn't, so why should the situation not last longer?

jaybee said:
Prices are always at the all time high though, unless you bought at very specific temporary periods such as post 2007/2008 "crash". If you wait around for another "crash" you'll never get on the ladder. The general rule in the UK which has generally stood the test of time is that you simply buy as soon as you can. Even taking into account temporary blips, things have only ever gone up. Nobody can predict if/when an actual crash will happen. According to our government, never, since they like to artificially prop it up at any opportunity.
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Exactly.
 
Harnser said:
But that was my argument for not buying in 2012, 2013, 2014, 2015, 2016, 2017, 2018 and 2019. I bought in Jan 2020 because I'd made the wrong call every other year, thinking that prices were at an all time high and interest rates were bound to go up. I'd been expecting change for a decade and it hadn't, so why should the situation not last longer?


Exactly.
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This.

Any other year in last 10 you'd have been quids in.
And people would be saying.. Why did you leave it so long?

Who knew we'd get a global. Economic crisis, and a couple of pyromaniacs at the helm at the same time?
 
JamesH85 said:
Could be longer.
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Can't really believe what's happening. Do they have any support?
I do not know a single person in real life who supports this. Even my hardcore family of Tory voters.

With the economy tanking surely many of the top 1pc are even seriously suffering? You might own a company, probably have a fat pension.

Seriously, for the good of the entire country, u-turn or quit.
 
413x said:
Can't really believe what's happening. Do they have any support?
I do not know a single person in real life who supports this. Even my hardcore family of Tory voters.

With the economy tanking surely many of the top 1pc are even seriously suffering? You might own a company, probably have a fat pension.

Seriously, for the good of the entire country, u-turn or quit.
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It's possible, what happened with the mini budget was pretty historical, people will remember that and how they have played the country and possibly a whole generations retirement funds.

What they did was so reckless and risky.
 
JamesH85 said:
It's possible, what happened with the mini budget was pretty historical, people will remember that and how they have played the country and possibly a whole generations retirement funds.

What they did was so reckless and risky.
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Pensions and mortgages. I don't fully understand how bad it could get with pensions. But hitting pensions, mortgages, rent, stocks, gbp, public services, welfare simultaneously?


I mean I don't think it could be much worse right?

A dancing koala bear to Mr blobby by Mr blobby would do better! Because they'd do nothing. And nothing is better than this.
 
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413x said:
This.

Any other year in last 10 you'd have been quids in.
And people would be saying.. Why did you leave it so long?

Who knew we'd get a global. Economic crisis, and a couple of pyromaniacs at the helm at the same time?
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All these amazing people who knew that interest rates would rise are just gloating fools.

Its like saying 'I knew it would be hotter in summer' when you're experiencing the worst heatwave and drought ever.
 
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