Mortgage Rate Rises

CapitalOne · 11 Oct 2022 at 21:16

wesimmo said:
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.

I have to say it’s an indication of the way a portion of society feel. Let’s call it “lucky wisdom” and it’s the kind of thing that can lead to people believing that are more insightful than they really are. See Truss/Kwarteng/Johnson or basically hubris. Or those who despite everything are still staunch Tories

I‘m not sure that schadenfreude is an exact fit but it’s pretty close and it doesn’t smell very nice.

purplesky · 11 Oct 2022 at 21:36

Richie said:
Don't be silly... You're suggesting that pensions will not recover in the next 20-40 years if there is a crash? (someone in their 20s, who won't draw their pension for another 40 years, won't have one?)

I don't think you realise just how serious what is going on bud.

Kamakazie! · 11 Oct 2022 at 21:51

Raymond Lin said:
If BoE raises interest rates again...it's very very much on the cards.

A good few BOE rises must surely be priced in. Base rate is 2.25% and 2yr rates are up around 6‰.

platinum87 · 11 Oct 2022 at 22:02

purplesky said:
I don't think you realise just how serious what is going on bud.

What private pensions are you talking about, defined benefit schemes i certainly dislike, however my pension is in 100% equity.

LabR@t · 11 Oct 2022 at 22:05

purplesky said:
I don't think you realise just how serious what is going on bud.

It's all happened before it will right itself

purplesky · 11 Oct 2022 at 22:34

Won't respond individually, but one word for it all: contagion.

purplesky · 11 Oct 2022 at 22:38

Make no mistake. What is going on right now is very very serious. It remains to be seen however if Bailey was bluffing today, being his usual incompetent self, or has seen the light.

azazl187 · 11 Oct 2022 at 22:43

I was talking to my neighbour this morning and he said that thier mortgage has gone up from 700 a month to 1400.

Anyone remortgaging in the next two years is going to feel some serious pain. Thankfully I'm 3 years from not but I'm not ignorant to the fact that it could be still going on then

LeMson · 11 Oct 2022 at 22:47

I was hoping to buy next year, welp

413x · 11 Oct 2022 at 22:54

LeMson said:
I was hoping to buy next year, welp

Look at it this way. At least you aren't buying now!

Hedge · 11 Oct 2022 at 23:05

azazl187 said:
I was talking to my neighbour this morning and he said that thier mortgage has gone up from 700 a month to 1400.

Anyone remortgaging in the next two years is going to feel some serious pain. Thankfully I'm 3 years from not but I'm not ignorant to the fact that it could be still going on then

I'm going to go from 1.54% to whatever comes next. It's going to be horrendous. Need to probably start overpaying like a lunatic so it isnt as crippling as it could be.

azazl187 · 11 Oct 2022 at 23:07

Hedge said:
I'm going to go from 1.54% to whatever comes next. It's going to be horrendous. Need to probably start overpaying like a lunatic so it isnt as crippling as it could be.

It would be nice to be able to afford to overpay

Jonny ///M · 12 Oct 2022 at 00:12

I feel quite bad having locked in at 3.5% after posting in this thread.

Someone I know is coming of a 1.2% fix to this mess with a 200k balance.

Think the plan is sell up and buy something outright.

adam cool dude · 12 Oct 2022 at 07:31

LeMson said:
I was hoping to buy next year, welp

If you have the money ready and are prepared to wait you should be happy. In a couple of years you will have some proper bargains because a) people will not be able to buy/sell and b) Repo's will flood the market. You will be looking at least a 20% correction in prices. Hopefully closer to 30%.

sigma · 12 Oct 2022 at 08:02

purplesky said:
Won't respond individually, but one word for it all: contagion.

So you make a massive statement then decline to provide your reasoning. That's fantastic work there. Worthy of SC.

squerble · 12 Oct 2022 at 08:11

adam cool dude said:
If you have the money ready and are prepared to wait you should be happy. In a couple of years you will have some proper bargains because a) people will not be able to buy/sell and b) Repo's will flood the market. You will be looking at least a 20% correction in prices. Hopefully closer to 30%.

I most certainly don't share your desire for even a 20% correction in prices

Richie · 12 Oct 2022 at 08:17

adam cool dude said:
If you have the money ready and are prepared to wait you should be happy. In a couple of years you will have some proper bargains because a) people will not be able to buy/sell and b) Repo's will flood the market. You will be looking at least a 20% correction in prices. Hopefully closer to 30%.

Are you a renter or owner?

D.P. · 12 Oct 2022 at 08:21

Jonny ///M said:
I feel quite bad having locked in at 3.5% after posting in this thread.

Someone I know is coming of a 1.2% fix to this mess with a 200k balance. Think the plan is sell up and buy something outright.

I locked in at 0.91% with another 8 years, so hard for me to comprehend.

Goodie · 12 Oct 2022 at 08:24

sigma said:
So you make a massive statement then decline to provide your reasoning. That's fantastic work there. Worthy of SC.

But but….

purplesky said:
Your definition of a troll is someone who doesn't agree with you. Classic misuse of the definition, but quite common nevertheless on a forum full of armchair experts.

Uther · 12 Oct 2022 at 08:27

sigma said:
So you make a massive statement then decline to provide your reasoning. That's fantastic work there. Worthy of SC.

He'll have to speak to his 'team' then he might let you know.