scib4
Beep-Beep!
Well interest rates have gone up again today as expected, with another increase due next month and then again in the summer!
When is it going to stop?
When is it going to stop?
Interest rates!
- Thread starter scib4
- Start date
glad i got a fixed rate mortgage last year!
They reckon it iwll fall soon due to the gas and electric prices dropping... Petrol is the rip off! when are the blockades gonna start again??
They reckon it iwll fall soon due to the gas and electric prices dropping... Petrol is the rip off! when are the blockades gonna start again??
AndyMac
Retired from service
AndyMac said:
You forgot to mention that houses cost the equivilent of 50p* in those days.
I managed to get my first mortgage a few weeks ago - fixed at 4.99% for two years.
As far as I'm concerned, the interest rate can go up to 99%. As long as it comes down again before I have to dig around again...
*Yes I know what you're saying...
AndyMac
Retired from service
And I was only earning 50p a month back then as well, it's all relative. If people can't afford an additional £20-£30 a month on their mortgage then I'd be a little more concerned about how they let themselves get into a mortgage which stretched them beyond their earnings.
auditek
Registered User
my 3 year fixed rate is up in august, lookin into alliance n leicester, looks attractive, im 820 pm just now, times are hard !
Lucky for us - got a fixed rate mortgage secured recently with HSBC for 10 years at 5.49%. We've applied for planning permission to do a two-storey extension and the extra money we'll need is also under this rate. At least we'll know what we're paying for all that time!
Niknak
Registered User
I fixed my mortgage at 4.35% for 5 years thought it was a gamble so glad I did, I feel for those on a tracker!
fallmonk
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AndyMac
Retired from service
It's a quarter of a percent. Prior to the recent rises, interest rates were always only going to go up, they could not go down any further, so you'd have to be pretty naive to be surprised at the recent slight rises.fallmonk said:
Get it in perspective, the recent gas price hike had a far more significant impact on peoples incomes, petrol & train prices likewise. Credit cards are by far the biggest culprit. People haemoraging £50-£100 per month on ludicrous interest rates.
Yes it's one more hike on top of everything else, but at least it's a hike on a sound investment. People can always stop spending money (beer, fags, cars, clothes etc), rather than blaming interest rates when they get further in debt.
Be creative, I took in a lodger when I bought my first place and rates were 12-14%. OK property prices were a third of what they are now, but I was earning £8k-£9k a year at the time and still scraped by.
People need to take some responsibility for their finances and stop blaming everyone else apart from themselves.
