Soldato
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Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Notice Savings Account | Competitive Interest | OakNorth Bank
See our range of notice savings accounts and apply in under 5 minutes today.
www.oaknorth.co.uk
I wouldn't put more than the FSCS protection limit with these banks though. Personally I'm hoping Chase up theirs a bit in the next few weeks as I like the service for the easy access stuff.
But you can check the MSE page for constant updates. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
How much weed killer do you use!!!?
Use a lot of petrol, also go a penny over.
Notice Savings Account | Competitive Interest | OakNorth Bank
See our range of notice savings accounts and apply in under 5 minutes today.
I wouldn't put more than the FSCS protection limit with these banks though. Personally I'm hoping Chase up theirs a bit in the next few weeks as I like the service for the easy access stuff.
But you can check the MSE page for constant updates. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Thank you, I would not beyond FSCS protection limits, it is why I like Chase for same reasons and I put money into my SIPP as well.
It's really the only way to slow spending.
If you increase the interest rates, borrowing slows, the pound becomes stronger, people spend less suppressing prices.
Soldato
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- 16 Jan 2003
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- Nottingham
But the spending that is driving up the interest rates are necessities energy, fuel etc it’s not people spending for the sake of it, how do you slow spending by increasing interest rates when the spending is on necessities?
Soldato
- Joined
- 4 Aug 2007
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- Wilds of suffolk
There are always people spending who don't need to
As we have been over and over interest rates are a blunt stick in dealing with inflation, but they are the best we have
Take mortgages, its estimated that only 2 million will be directly impacted today. The rest will be protected for now as on a fixed deal.
Typically I suspect its likely those 2 million are heavily influenced by people coming to the end of their mortgage who see little benefit and lots of issues with refixing.
So likely it will make a minor dent in their disposable income.
Also people with disposable income will be more inclined to save now.
If our rates are low vs major economies we also see capital flight out of the UK, which means generally the pound loses value against the dollar and potentially most other currencies.
This pushes up inflation since everything we import will then cost more in £
Basically interest rates are a bitter and not particularly effective medicine, but its the best we have.
As we have been over and over interest rates are a blunt stick in dealing with inflation, but they are the best we have
Take mortgages, its estimated that only 2 million will be directly impacted today. The rest will be protected for now as on a fixed deal.
Typically I suspect its likely those 2 million are heavily influenced by people coming to the end of their mortgage who see little benefit and lots of issues with refixing.
So likely it will make a minor dent in their disposable income.
Also people with disposable income will be more inclined to save now.
If our rates are low vs major economies we also see capital flight out of the UK, which means generally the pound loses value against the dollar and potentially most other currencies.
This pushes up inflation since everything we import will then cost more in £
Basically interest rates are a bitter and not particularly effective medicine, but its the best we have.
Notice Savings Account | Competitive Interest | OakNorth Bank
See our range of notice savings accounts and apply in under 5 minutes today.
I wouldn't put more than the FSCS protection limit with these banks though. Personally I'm hoping Chase up theirs a bit in the next few weeks as I like the service for the easy access stuff.
But you can check the MSE page for constant updates. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Problem for me is all the relatively decent rates are all from banks Ive never heard of before so makes me feel uneasy about shifting large sums of money as illogical it may be as they seemed to be covered by the FSCS
but the prices that need supressing i.e energy, food and fuel, won't get supressed because people need to still pay for those sp spending is not going to slow. Most of the current inflation is being driven by insane energy prices due to supply / demand issues. Interest rates could go to 20% and people would still be spending insane ammounts on keeping the lights on and feeding their kids. Interest rates do need to go up as they have been way to low for far to long, but I am not entirely sure if they are the silver bullet the people are hoping for as it is not people being spendthrifts driving the current bout of inflation.
mortgage has another 3 years and change on the fix, don't carry any debt of note outside that. i am glad i bought well within my means mind so have some buffer room. Its the utilities I am still worried about though as this won't fix that but respect I am probably in the best position I can put myself in at this point.
Soldato
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Look at adding Solar if you can afford it.
Caporegime
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why are they increasing interest rates?
It seems like a big no no?
What am i missing? The bank of england seem tobe shooting us in the head with this?
Many will lose there homes or struggle to pay the bills. Businesses will go and job losses too.
How is this good? What am i missing?
Why are they increasing interest rates and now telling us to expect a recession in the next few months?
It seems like a big no no?
What am i missing? The bank of england seem tobe shooting us in the head with this?
Many will lose there homes or struggle to pay the bills. Businesses will go and job losses too.
How is this good? What am i missing?
Why are they increasing interest rates and now telling us to expect a recession in the next few months?
the batteries are still murder on that idea last i checked. Bringing the loft insulation up to snuff and sorting the door/window seals is this summers job realistically.
Caporegime
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To try and control inflation.
Soldato
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google 'monetary policy'
Caporegime
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i think the real cause of inflation is simple.
Too many people in this planet and not enough demand to put a roof over everyones head(simplicit terms)
But by increasing the value of the pound, our buying power increases, lowering interest rates or qe do the opposite, how else do you propose we get more value into peoples hands? Ultimately the BoE are unable to affect the cost of gas and oil. It's far from a silver bullet but it is a tried and tested way to get a handle on things.
This is probably (I'm not an economist) due to the stark warning in writing of a recession.I agree with what you're saying. But in this case the pound slid!
For what its worth I'm just as worried as everyone else, my mortgage product ends Dec 23, it's a worrying time as I'll either be okay if what I think will happen, happens, or it'll be awful.
Screw it, I'm going into full batten down the hatches and preparing for economic ramming speed impact. Screw spending any unnecessary money anywhere.
EDIT: Can't embed. Here's a direct link: https://www.youtube.com/watch?v=suY06PVK_bI
EDIT: Can't embed. Here's a direct link: https://www.youtube.com/watch?v=suY06PVK_bI