Mortgage Rate Rises

Chris344 said:
0.5 to 2.25% This is going to sting for a lot of people.
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Probably not enough tbh.. will have some more hikes.

Also, the energy price cap/government subsidy, while popular, probably isn't exactly helping things, you're not going to reduce consumption as much if you're actively shielding people from the price rises.
 
R.O.S.S.I said:
Last night the best rates i could see on a 60% LTV were Barclays 3.45% on a 5 year. Now they have changed to a Barclays 7 year and 10 year fix at 3.49% and 3.65%. Interesting that they are such long a fix.
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Fix for that long and they capitalise on the downturn in the next 3-4years. Locking you in on a higher rate making up the difference for any small loss they make short term at the start of the agreement as rates continue to go up.

I feel for those new buyers, the family’s on the breadline etc, if they need to remortgage in the spring and have been sat at 2% or so then this along with the cost of living and cost of power is going to cause a fair amount of reclaimed homes.

I’m considering downgrading the car and selling up on unused tech, watches etc to give me a healthy buffer to feed on should I need it. It’s only losing value as each day passes so I should probably get to it…

Touch wood I locked in on a 10 year at 2.29% I think it was and I’ve just gotten solar with battery storage so most of those rises have been sort of mitigated if all works out as planned/expected.
 
Martini1991 said:
Unashamedly brilliant.
I actually got a full on laugh out of that.
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Yeah, well think about other people in society. Its not all about housing you know. Interest rates rising and cooling the market is a good thing in my opinion, low rates have fuelled such a distorted view of what is reasonable.
 
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dowie said:
Probably not enough tbh.. will have some more hikes.

Also, the energy price cap/government subsidy, while popular, probably isn't exactly helping things, you're not going to reduce consumption as much if you're actively shielding people from the price rises.
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At least people can stop moaning about the 2008 bank bailouts now given the public have had a few over the last few years. Energy prices today, furlough in 2020 :).
Problems may come with mortgage fixed terms end. We'd better hope things don't get too bad (recession/job losses). Imagine being trapped on a variable rate once a fixed term ends due to having no job, unless your existing lender offers a deal.
 
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200sols said:
Yeah, well think about other people in society. Its not all about housing you know. Interest rates rising and cooling the market is a good thing in my opinion, low rates have fuelled such a distorted view of what is reasonable.
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I’d argue it is all about housing. Way too high house prices / turning houses into a financial instrument has crippled our economy.
 
200sols said:
Oh I am, low interest rates are not sustainable and you are now finding that out.
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This gets said, but the inflation we're experiencing will not be solved by interest rates etc. People aren't splashing out, they're barely surviving which is why we've had to give out so much support

Government policy is to prop up houses prices as well.
 
Stu999 said:
I’d argue it is all about housing. Way too high house prices / turning houses into a financial instrument has crippled our economy.
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The problem is we have a super bubble and nobody wants to pop it. Government is actively fighting the BoE and making higher interest rates more likely as well. Honestly the whole situation is a big mess.
 
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