BoE just increased interest rates to 5.25%

  • Thread starter Thread starter RobbieW
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Doesn't affect us (at the moment).

Mortgage has 2 years left fixed at 4.45%, credit cards get paid off every month and loan is fixed at whatever it was fixed at.

If I had any savings in my savings account, I'd be benefitting, but its empty, so I won't be :(
 
My mortgage is a tracker, and last time the interest rates went up ING Direct said they weren't going to increase savings rates,- lost with both hands
 
:/

Got to renegotiate ours in 12 months, see what the coventry will offer me to stay with them, if its not good enough I'll have a look around for something else.

Quite happy that the five years fixed at 4.45% has worked out for us so far :)
 
rwotton said:
My mortgage is a tracker, and last time the interest rates went up ING Direct said they weren't going to increase savings rates,- lost with both hands
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Why don't you just open up another savings account elsewhere?

Good news for me. I'm saving up now and hoping that house prices will drop so I can at least put a toe on the housing ladder. :lol:
 
Great news, get them interest up.

Everyone forgets that this is good news for those of us who have savings.



PS: my tiny mortgage is fixed a 5% for life
 
We use an offset mortgage so all our savings balance with the mortgage and ****** Brown doesn't get any of the interest :D
 
Feeling very relieved that we re-negotiated our mortgage to a 5 year fixed when the previous 3 year fixed ran out in the summer.
 
Our mortgage is £1,700 per month, for the next 20 years, and that's just the interest! We still will owe the amount at the end! :(
 
Ouch.

Ours is £426.07 a month for the next two years (already had three at it), 22 years left to go.
 
Janice said:
Our mortgage is £1,700 per month, for the next 20 years, and that's just the interest! We still will owe the amount at the end! :(
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OW! That's got to sting a bit. I thought ours was pretty bad at just over £600 a month, but at least that's repayment!
 
Witch said:
OW! That's got to sting a bit. I thought ours was pretty bad at just over £600 a month, but at least that's repayment!
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Because of my husbands age.. we had to have it in my name alone and couldnt afford any life insurance either. I live from day to day hoping nothing happens :(
 
Personally, as someone who watches money move, I think that this is just the beginning. I can see a parallell with the early to mid 90's here- before the boom went bust and houses dropped to silly money.

We will see.....
 
According to an IFA I know the interest rate can't keep going up because we'll never be able to join the single currency until our interest rates are low enough to match the rest of the single curreny countries. The steep house prices aren't just about low interst rates it's to do with the number of people owning buy-to-lets which reduces options for buyers, it's also the shortage of houses available due to the afore mentioned reason and the massive influx of immigrants (both economic and political) we have had over recent years too, plus I'm sure there are several other factors too. Perhaps we need a change of attitde in this country and get away from the 25 year mortage thing and start looking longer term like other countries in europe.
 
Janice said:
Our mortgage is £1,700 per month, for the next 20 years, and that's just the interest! We still will owe the amount at the end! :(
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Holy Crap, that's huge.

Mine is £21 a month :lol: and only 2 years 10 months to go :)
 
Diego Garcia said:
Personally, as someone who watches money move, I think that this is just the beginning. I can see a parallell with the early to mid 90's here- before the boom went bust and houses dropped to silly money.

We will see.....
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To be honest it would not effect me or most people on here I guess if house prices fell by 50% or more.

If your not going to move or sell your house the actual value is irrelevant so long you can keep up with the payments.
 
Janice said:
Our mortgage is £1,700 per month, for the next 20 years, and that's just the interest! We still will owe the amount at the end! :(
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OMG Janice... that's a real crippler. :eek:

We should be getting a cheque for the endowment part of our mortgage very soon which wil clear the mortgage and leave a few bob over.
 
CT said:
We should be getting a cheque for the endowment part of our mortgage very soon which wil clear the mortgage and leave a few bob over.
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Do I hear the postie struggling up the steps with a 1200mm? :p

Three mortgages here, main house and two buy to let, I know how you feel Janice
 
Janice said:
Our mortgage is £1,700 per month, for the next 20 years, and that's just the interest! We still will owe the amount at the end! :(
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:eek:
jesus H Janice...i hope you dont take this the wrong way, but i dont think your lender should have let you have that unless your absolutely loaded. The pressure of that on your mind must be immense.

I only have a 45k mortgage, but i had to pledge my spleen and jump through god only knows how many hoops to get that, and i couldnt get it if i didnt take out health insurance!
 
matty said:
I only have a 45k mortgage, but i had to pledge my spleen and jump through god only knows how many hoops to get that, and i couldnt get it if i didnt take out health insurance!
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The scary thing about mortagages is that lenders will offer you silly amounts. When i first applied for my mortgage as a first time buyer I was offered 6 x my salary.

But living in the south east means that figures like that are sometimes needed
 
rwotton said:
The scary thing about mortagages is that lenders will offer you silly amounts. When i first applied for my mortgage as a first time buyer I was offered 6 x my salary.

But living in the south east means that figures like that are sometimes needed
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ive worked for the same company for 10 years, my wife works part time, but they still wouldnt budge on the amount, and there is nothing wrong with my credit rating. The wouldnt give us 50k, 45 is as high as they would go
 
matty said:
ive worked for the same company for 10 years, my wife works part time, but they still wouldnt budge on the amount, and there is nothing wrong with my credit rating. The wouldnt give us 50k, 45 is as high as they would go
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I don't understand the rules on mortgages and loans anymore. they seem to want to lend youngsters silly amounts of money but don't seem too bothered with those who maybe able to pay a little more each month
 
matty said:
:eek:
jesus H Janice...i hope you dont take this the wrong way, but i dont think your lender should have let you have that unless your absolutely loaded. The pressure of that on your mind must be immense.
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We wouldve lost the house so we had to take out another mortgage or sell up.
Its the only way we could stay here. so we now work like crazy just to stay even.... just about manage each month, but no holidays ... just about enough for food.:eek:

My husband is nearly 70.... but he works about 15 hours a day, 5 days a week...going off at 3am till 8pm many days.....driving over 2,000 miles a week. I drive about 700 miles a week as well, and have another job too!

Oh well...such is life.!:)
 
matty said:
I only have a 45k mortgage, but i had to pledge my spleen and jump through god only knows how many hoops to get that, and i couldnt get it if i didnt take out health insurance!
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I would love to have a £45K mortgage. My mortgage is £135K :eek: (and I pay that on my own!) As Rob rightly says, living in the southeast, you can't buy anywhere without a huge mortgage...... and I was in a position to put a whopping £35K deposit down on the house too! Paying my mortgage and bills each month costs me £1000, and that's without the luxuries of food, clothes and car etc. Thank goodness for fixed rate mortgages eh? :lol:
 
minimeeze said:
I would love to have a £45K mortgage. My mortgage is £135K :eek: (and I pay that on my own!) As Rob rightly says, living in the southeast, you can't buy anywhere without a huge mortgage...... and I was in a position to put a whopping £35K deposit down on the house too! Paying my mortgage and bills each month costs me £1000, and that's without the luxuries of food, clothes and car etc. Thank goodness for fixed rate mortgages eh? :lol:
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Ok thanks for pointing that out, mine isn't fixed! looks like next time we arrange a curry night I will be doing the washing up afterwards :help:
 
rwotton said:
Ok thanks for pointing that out, mine isn't fixed! looks like next time we arrange a curry night I will be doing the washing up afterwards :help:
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Nah - maybe if they they spill the food on us next time, we'll get that free instead of free drinks :lol:
 
Speaking personally... bring on the interest rates :) [Nothing personal]
I need a nice housing price crash so that I can afford to move from a 3 bed semi and a KAK school area to a 4 bed somewhere that the kids might get a few GCSE's (or whatever the exam of the day is in 10 yrs time)
 
oldgit said:
Speaking personally... bring on the interest rates :) [Nothing personal]
I need a nice housing price crash so that I can afford to move from a 3 bed semi and a KAK school area to a 4 bed somewhere that the kids might get a few GCSE's (or whatever the exam of the day is in 10 yrs time)
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If the prices of properties drop then surely the value of your current one drops, and then you won't have as much to put towards the new one
 
But if the prices crash - your house price will crash too

Edit: Rob beat me to it!
 
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