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Thread: Interest rate rise

  1. #1

    Interest rate rise

    How much will it effect you if at all?
    Last edited by Llanedeyrnblue; 02-11-17 at 18:35. Reason: Cos I can

  2. #2

    Re: Interest rate rise

    Not at all. Risen back up to what itís pretty much been for the last decade bar for last 18 months.
    Media scare mongering as usual.
    Itís still an unbelievably low rate.

  3. #3

    Re: Interest rate rise

    Quote Originally Posted by Henry Hill View Post
    Risen back up to what it’s pretty much been for the last decade bar for last 18 months.
    Media scare mongering as usual.
    It’s still an unbelievably low rate.
    The first rise for 10 years, when I was paying a mortgage in the 90’s it was 12% and my mortgage repayments were 14%

  4. #4

    Re: Interest rate rise

    I'm going to lower my interest in the subject by the same amount that it has risen and it wont effect me one jot. If I think a bit more about nonsence and football I might even get into negative equity with a bit of luck.

  5. #5

    Re: Interest rate rise

    Quote Originally Posted by joecity View Post
    I'm going to lower my interest in the subject by the same amount that it has risen and it wont effect me one jot. If I think a bit more about nonsence and football I might even get into negative equity with a bit of luck.
    That reads like a diss. Sorry it's not. I just cant be bothered about the smallest possible move to an artificially low rate. I stop digging now n shut up.

  6. #6

    Re: Interest rate rise

    Pound's declined 1.5% versus the US dollar today and is down 1.8% against the euro because the indications are the base rate won't rise again soon. The Bank of England, along with the Yank Fed, etc, know that if they don't keep real interest rates negative then all the financial bubbles they created with cheap credit, QE, stock buybacks and pumping 15 trillion dollars of magic money backed by nothing into the system since 2008 will bring the whole shite show to its knees.

  7. #7

    Re: Interest rate rise

    Cannot believe the News progs have made such a big thing of it. Or tried to.

  8. #8

    Re: Interest rate rise

    Quote Originally Posted by Llanedeyrnblue View Post
    The first rise for 10 years, when I was paying a mortgage in the 90’s it was 12% and my mortgage repayments were 14%
    I managed to get a 10% fixed rate through that period.

    Had to remortgage sharpish when the rates plummeted.

  9. #9

    Re: Interest rate rise

    Quote Originally Posted by Llanedeyrnblue View Post
    The first rise for 10 years, when I was paying a mortgage in the 90’s it was 12% and my mortgage repayments were 14%
    my work mate at the time was in the same boat, he was also in negative equity and just couldnt move as his house was worth more than 20K less than his mortgage, I was still at home in my mums houses and would often " sub him " so he could have a beer or 2 on a friday

    I would hate for them times to return, as back then we were taking 50 K mortgages, now we are talking 250 K, they just wouldnt survive

  10. #10

    Re: Interest rate rise

    Quote Originally Posted by bobh View Post
    I managed to get a 10% fixed rate through that period.

    Had to remortgage sharpish when the rates plummeted.
    I took a 10 year fixed at 5.89% in May 2008 and then some 6 months later the worlds economy crashed

    The deal is just coming to an end and now interest rates start to rise

    I should stil see a nice reduction in my mortgage next May regardless of the increase.

  11. #11

    Re: Interest rate rise

    Quote Originally Posted by J R Hartley View Post
    I took a 10 year fixed at 5.89% in May 2008 and then some 6 months later the worlds economy crashed

    The deal is just coming to an end and now interest rates start to rise

    I should stil see a nice reduction in my mortgage next May regardless of the increase.
    Yep, you will. For a start you'll have a great LTV value (I would assume), and also your interest rate will be below 3%.

    https://money.comparethemarket.com/m.../?AFFCLIE=CM01 - will give you some clue.

    If I were you, I'd be tempted to pay the same amount on a mortgage, and try to pay it all off as quickly as possible.


    For me, I have 4 years of my fixed rate to go. I struggled to meet the affordability, and I guess I may struggle again in 4 years time. No doubt, I'll be in a position of not being able to take a cheaper mortgage because they will claim I can't afford it whilst, at the same time, paying a mortgage with a higher interest rate.

  12. #12

    Re: Interest rate rise

    Quote Originally Posted by Llanedeyrnblue View Post
    The first rise for 10 years, when I was paying a mortgage in the 90’s it was 12% and my mortgage repayments were 14%
    At the risk of sounding like a character from the Monty Python sketch, eeeh, thee had it soft lad. When I were a lad and had my first mortgage the rate reached 18% (early 1980's).

  13. #13
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    Re: Interest rate rise

    Quote Originally Posted by Gofer Blue View Post
    At the risk of sounding like a character from the Monty Python sketch, eeeh, thee had it soft lad. When I were a lad and had my first mortgage the rate reached 18% (early 1980's).
    Early 80’s? Pah! You were lucky!
    Bought my first house in 1990 with average house prices double what they were in 1980, with a 16% endowment mortgage. That went well.

  14. #14

    Re: Interest rate rise

    Quote Originally Posted by Badly Ironed Shirt View Post
    Yep, you will. For a start you'll have a great LTV value (I would assume), and also your interest rate will be below 3%.

    https://money.comparethemarket.com/m.../?AFFCLIE=CM01 - will give you some clue.

    If I were you, I'd be tempted to pay the same amount on a mortgage, and try to pay it all off as quickly as possible.


    For me, I have 4 years of my fixed rate to go. I struggled to meet the affordability, and I guess I may struggle again in 4 years time. No doubt, I'll be in a position of not being able to take a cheaper mortgage because they will claim I can't afford it whilst, at the same time, paying a mortgage with a higher interest rate.
    Iím going to play bollocks with Nationwide when I go in there to remortgage and say I was mis sold a 10 year fixed so I want the best rate possible. They were doing 2% 5 year fixed before this increase so Iím hoping for around 2.5% tops.

    ill probably look to pay the same and shave a few years off.

    Then again my kids are 9 and 13 so could do with the extra money that they seem to be costing me every year.

    Cross that bridge next May

  15. #15

    Re: Interest rate rise

    Quote Originally Posted by Gofer Blue View Post
    At the risk of sounding like a character from the Monty Python sketch, eeeh, thee had it soft lad. When I were a lad and had my first mortgage the rate reached 18% (early 1980's).
    Yeah but houses cost about 6k then!!!

    Well, in Merthyr they did.

  16. #16

    Re: Interest rate rise

    Back to 5% would be nice. They always say there are 40 million savers in the uk earning no interest, is that true? Seems a high figure. Lots of oldies struggerling after saving all their lives. Agree about the fuss, pathetic rise, hardly makes a dent fir anything......

  17. #17

    Re: Interest rate rise

    Quote Originally Posted by TH63 View Post
    Early 80’s? Pah! You were lucky!
    Bought my first house in 1990 with average house prices double what they were in 1980, with a 16% endowment mortgage. That went well.
    Tell me about it! The house I bought cost £18,000. Just 9 years earlier it had sold for £3000!

  18. #18

    Re: Interest rate rise

    Quote Originally Posted by J R Hartley View Post
    Yeah but houses cost about 6k then!!!

    Well, in Merthyr they did.
    Don't you mean a street 😂😂😂😂

  19. #19

    Re: Interest rate rise

    First place I bought was £11,000 in the early eighties, sold it for £27,000 in 1989, interest rates on the mortgage then was around 15% I think. Bought a place in 1989 for £40,500 spent £15,000 doing it up, everything went tits up when we sold it in 1996 and it sold for only £37,000

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