Mortgage Rate Rises

Captain said:
Has anyone taken out a second small mortgage on their property to run along side their existing mortgage?

I’ve applied for extra funds through Clydesdale but they’ve rejected it based on my low credit score (my only source of credit is my mortgage) so wondering if it’s worth applying for a smaller mortgage with another lender?
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If that truly is the reason for poor credit (for starters register on all the apps to make sure like credit karma and whatnot) then get yourself a credit card and don't use it.

Maybe get a phone contract or something too?

Although I would say it's very hard to own a house and have no credit footprint given utilities etc and on top of that ironically mortgages are about the easiest credit to get as you have something tangible to take off you if you default so I suggest there's more to it than simply no credit.
 
Raymond Lin said:
You are going to love mowing that land!

I have a friend in the US with lots of land like that, when the first moved in they thought about getting some goat to do the job! But later just settled for a John Deer ride on mower thing and do it like Forest Gump.
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Americans are awesome. Especially the Midwest bunch. I had one over for a few weeks as he was the product owner of an app; I asked how many buildings he had and he had to count out loud. He had a bunch of delapidated ones that he said just aren't a priority to clear away...
 
matt100 said:
If that truly is the reason for poor credit (for starters register on all the apps to make sure like credit karma and whatnot) then get yourself a credit card and don't use it.

Maybe get a phone contract or something too?

Although I would say it's very hard to own a house and have no credit footprint given utilities etc and on top of that ironically mortgages are about the easiest credit to get as you have something tangible to take off you if you default so I suggest there's more to it than simply no credit.
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Do utilities count as credit on your file?

Wasn’t aware council tax, energy etc showed on your credit file.

I’m with credit karma and have a score of 650/710.
 
Captain said:
Do utilities count as credit on your file?

Wasn’t aware council tax, energy etc showed on your credit file.

I’m with credit karma and have a score of 650/710.
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I thought things like broadband did, I know council tax etc isn't.

Mobiles certainly do though.. either way I presume it's you thinking it's no credit? Lenders don't give reasons as far as I know.
 
matt100 said:
I thought things like broadband did, I know council tax etc isn't.

Mobiles certainly do though.. either way I presume it's you thinking it's no credit? Lenders don't give reasons as far as I know.
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Hmm, checked my report and there’s no Virgin media/Lit Fibre showing.

I’ve got a sim only deal which does show on my report but always pay for my phones outright or any electrical consumable.
 
If you've been rejected due to low credit rating you really need to find what this is. It could be an error or something worse.
 
Just checked my credit karma and clearscore, I can see:

Octopus Energy
Severn Trent
Vodafone Mobile
Vodafone Broadband
BT (closed)
Very (although it has no credit on it)
 
Apparently some economists are predicting 7pc base rates! :o

And I saw rishi was having a pop at one of the problems is lots of home owners on fixed rates so immune to base rate rises!

Lol to that!
 
413x said:
Apparently some economists are predicting 7pc base rates! :o

And I saw rishi was having a pop at one of the problems is lots of home owners on fixed rates so immune to base rate rises!

Lol to that!
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Only 28% of households have a mortgage so even more are immune to it. If that’s what he really said that seems a little desperate and they are basically going to try and reduce inflation by crushing a small portion of the population. As interest rates are the primary method the BoE have then the only way they can do it is to force job losses with the interest rates.
 
It seems like the UK government and bank of England are just intent on crashing the economy.

No doubt so all their rich mates can scoop up loads of cheap property in the downturn again.

There is a reason it's all designed to be boom and bust.....

How could the mega rich continue to accumulate more and more wealth if things didn't keep going up and down?
 
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delta0 said:
Only 28% of households have a mortgage so even more are immune to it. If that’s what he really said that seems a little desperate and they are basically going to try and reduce inflation by crushing a small portion of the population. As interest rates are the primary method the BoE have then the only way they can do it is to force job losses with the interest rates.
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Yeah as many of us said. These rates are crushing a few exposed a lot. If 28pc of UK are mortgaged and many are on long fixes and many have low balances that pool of people these rates are affecting is small.

Its time inflation was controlled by better, fairer methods.

And with the banks not passing it to savings the incentive to save is not there.


More and more talk openly of forcing a recession by job losses to cure inflation. What a state that is.
 
Jono8 said:
It seems like the UK government and bank of England are just intent on crashing the economy.

No doubt so all their rich mates can scoop up loads of cheap property in the downturn again.

There is a reason it's all designed to be boom and bust.....

How could the mega rich continue to accumulate more and more wealth if things didn't keep going up and down?
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I wouldn't be so dramatic, look at the wider picture. It's hardly doing a Turkey going for 40% inflation and 15% interest rates with it looking to go up to 20%! Or the pound tanking like the Yen is currently with it losing about 40% value since the middle of the pandemic against the dollar. despite being a 1st world country, sure their inflation is relatively low at 3.5% but if you want to talk about wage stagnation, Japan is worse, much worse as they've had a stagnant economy for over a decade. So that's the opposite of boom and bust.

We are somewhere in the middle and that's only off my head, as I am sure there are countries with worse inflation and worse currency devaluation.
 
HungryHippos said:
www.bbc.co.uk

Newspaper headlines: 'AI told me to kill Queen' and '7% rates forecast'

The King's Coronation ceremony in Scotland and the latest mortgage forecasts make Thursday's papers.
www.bbc.co.uk

7% mortgage rates not base rate, mortgage rates are often a bit above base rate.
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No, 7pc base rate has been mentioned. Not mortgage rates. JP Morgan saying it may need to get that high.

If UK has no other method and inflation kris going, maybe they'll just keep raising it until everything collapses.
 
413x said:
frNpQDbl.jpg


There it is. My forever home! :D
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any weishies to pronounce that?
kinked ****?
 
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