Mortgage Rate Rises

[JamesH85]

As expected, 0.5% rise.

Yup remains to be seen if it will affect mortgage rates in full factor. Can easily see lenders adding another 0.25 onto rates to adjust at least.

 

[Mercenary Keyboard Warrior]

Hope its deemed enough so we do not see further GBP/USD slide

 

[200sols]

Pound is sliding now.

 

[Mercenary Keyboard Warrior]

Pound is sliding now.

I saw a little but intra day was basically neutral, I wonder if markets were leaning to more than 0.5 for some reason

 

[200sols]

I saw a little but intra day was basically neutral, I wonder if markets were leaning to more than 0.5 for some reason

No they were expecting 0.5 but this often happens in currency markets. Selling the fact.

 

[200sols]

I haven't heard what they are saying or read anything yet but markets will take more note of the tone and the hawkish or dovish expectations going forward.

 

[HungryHippos]

0.5% was my expected figure as well.

Will be interesting to see where this sits a year from now, same for energy costs.

 

[dlockers]

Rather depressing reading this thread and seeing how much mortgage rates are going up/have gone up/are set to go up when i'm due to buy at some point early 2023.

Surely house prices will have to adjust a little to factor in the fact that a lot of people will have to stump up substantially more in a monthly mortgage to acquire their houses compared to last year for example at todays prices?

Otherwise looks like i'll have to chop 50k off the max price of the houses were looking at :'(

Yeah basically. I wouldn't worry. Low rates have been priced in for ages.

 

[ivrytwr3]

I've gone from 0.85% to 2% in just a few months and no doubt will be going up again after today's announcement!!

Fortunately our remaining sum is around £11k.

 

[Gibbo]

Will be interesting to see how SAVINGs account react, mine are:
COOP = 1.15% (changed from 0.9%)
CHASE = 1.50% been this for past few months, no changes
VM = 1.71% no change

Am hoping Chase might finally review but they do state they don't follow the BOE.

 

[Slam62]

This is just crazy, and I'm a saver not a borrower, but the rising costs are happening for reasons other than demand and anyway most demand is not out of choice. So putting up rates will achieve nothing more than hardship.
Whole sale prices appear to be still rising so this has a way to go yet.
Is the system really this broken?

 

[Hades]

Ouch to the interest rate increase. Luckily we managed to get onto a new fixed rate yesterday afternoon.

 

[danlightbulb]

Is the system really this broken?

Sunak, Truss and the Bank of England are lying to you – the UK economy is weak and rigged | Aditya Chakrabortty

Westminster is perpetrating the same scam as the rate-setters – bluffing that they can get the old economic machinery working like before, says Guardian columnist Aditya Chakrabortty

amp.theguardian.com

 

[Uther]

Will be interesting to see how SAVINGs account react, mine are:
COOP = 1.15% (changed from 0.9%)
CHASE = 1.50% been this for past few months, no changes
VM = 1.71% no change

Am hoping Chase might finally review but they do state they don't follow the BOE.

You could get 2.50 at Nationwide...

Compare Savings Accounts & ISAs | Nationwide

At Nationwide we offer several savings account and ISA options. Find out more and compare our latest range of savings accounts, fixed rate bonds and ISAs here.

www.nationwide.co.uk

 

[Slam62]

Will be interesting to see how SAVINGs account react, mine are:
COOP = 1.15% (changed from 0.9%)
CHASE = 1.50% been this for past few months, no changes
VM = 1.71% no change

Am hoping Chase might finally review but they do state they don't follow the BOE.

Seen a 1 year fix at 2.7%, but I'm hanging on its best to stay agile I think. It's going to take a few months to settle down. The thingnis savings rates must only go up from here you would have thought.

 

[Uther]

This is just crazy, and I'm a saver not a borrower, but the rising costs are happening for reasons other than demand and anyway most demand is not out of choice. So putting up rates will achieve nothing more than hardship.
Whole sale prices appear to be still rising so this has a way to go yet.
Is the system really this broken?

I think we'll be looking at 3% by next year.

 

[Gibbo]

You could get 2.50 at Nationwide...

Compare Savings Accounts & ISAs | Nationwide

At Nationwide we offer several savings account and ISA options. Find out more and compare our latest range of savings accounts, fixed rate bonds and ISAs here.

www.nationwide.co.uk

Only upto £200 a month maximum, Chase pay interest on upto £250,000 and is totally flexible and paid monthly.
So unless I've read the Nationwide wrong it is only 2.5% upto £2400 or in a totally locked away account, I like flexibility and also need a Savings account that pays interest on larger sum of money but with flexible access, as such Chase came out on top for me when I opened the account a few months ago, factor in the 1% cashback and 5% on roundup they came out on top for me.

 

[Broken Hope]

Increasing rates is supposed to slow borrowing but the inflation is caused by the energy cost increases so all increasing interest rates does is hurt people more.

How does that make any sense?

 

[200sols]

Only upto £200 a month maximum, Chase pay interest on upto £250,000 and is totally flexible and paid monthly.
So unless I've read the Nationwide wrong it is only 2.5% upto £2400 or in a totally locked away account, I like flexibility and also need a Savings account that pays interest on larger sum of money but with flexible access, as such Chase came out on top for me when I opened the account a few months ago, factor in the 1% cashback and 5% on roundup they came out on top for me.

You can do a lot better with a notice account, 90 or 120 day access.

 

[Gibbo]

You can do a lot better with a notice account, 90 or 120 day access.

Got any links please to one you recommend please as will check them out.