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Interest rates!

Discussion in 'General Chat' started by scib4, May 10, 2007.

  1. scib4
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    scib4 Beep-Beep!

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    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?
    #1
  2. ScoobyA4
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    ScoobyA4 ding dang do

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    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??
    #2
  3. AndyMac
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    AndyMac Moderator Staff Member Moderator

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    Suck it up people, I bought my first house when rates were 13.5%!
    Thanks Maggie!
    #3
  4. Bash_A3
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    Bash_A3 Member

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    jeez 13.5%! thats gotta hurt.

    Just about to get my first mortgage, going fixed rate for at least 2 years I think.
    #4
  5. SamDude
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    SamDude Active Member

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    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...
    #5
  6. Bash_A3
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    Bash_A3 Member

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    Sam - which lender did you go with? & was it through a advisor?
    #6
  7. SamDude
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    SamDude Active Member

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    Alliance & Leicester, applied over the phone.
    #7
  8. AndyMac
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    AndyMac Moderator Staff Member Moderator

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    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.
    #8
  9. auditek
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    auditek Member

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    my 3 year fixed rate is up in august, lookin into alliance n leicester, looks attractive, im 820 pm just now, times are hard !
    #9
  10. benw123
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    benw123 Moderator

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    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!
    #10
  11. Niknak
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    Niknak Member

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    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!
    #11
  12. fingermouse
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    fingermouse thats me

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    5.13 for 10 years for me .... sooooo glad I did now
    #12
  13. cjp2k
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    cjp2k Member

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    5.20 % for 10 years here too... well pleased at the momend :thumbsup:
    #13
  14. fallmonk
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    fallmonk Turbo Sport

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    #14
  15. Randomjim
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    Randomjim Active Member

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    I hoping for a recession lol
    #15
  16. rodenal
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    rodenal Active Member

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    Christ im hoping for a lottery win
    #16
  17. jojo
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    jojo S3 Drift King! Staff Member Moderator

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    DAMN these interest rates!
    #17
  18. AndyMac
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    AndyMac Moderator Staff Member Moderator

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    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.
    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.
    #18

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