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Post by phil70 on Nov 2, 2017 18:46:11 GMT
We'll what a shock, the interest rate has gone up by .25% and all the whingers are out in force, none of them consider the historical fact that back in the 90's we were paying 15% and just had to suck it up.
Too many people borrowed up to the hilt with no thought as to what would happen if interest rates were to rise from practically zero.
Phil
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Post by thebfg on Nov 2, 2017 19:01:26 GMT
It's all funny. blame the torysor brexit.
None of them stop to think. At the length of time they have been so low, they can only go one way.
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Post by Andyberg on Nov 2, 2017 19:18:55 GMT
Get it upto 5%FFS.....
I'm pissed off working like a twat and earning fuck all on my money.....
If you're borrowed upto the hilt..tough shit, learn to cut your cloth etc!
Oh and a good interest rate rise will safeguard my final salary pension fund, currently in serious deficit! 👍👍
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Post by peterboat on Nov 2, 2017 19:19:15 GMT
They had to go up roll on 5% I say money on savings yahoo
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Post by lollygagger on Nov 2, 2017 19:30:29 GMT
Carney doesn't know what to do so he's done something for the sake of doing something.
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Post by Mr Stabby on Nov 2, 2017 19:32:55 GMT
I have no vested interest either way. My sum total of worldly possessions are-
A 31 year old narrowboat.
A 12 year old car.
£3,000 in the bank.
But I too hope to see interest rates climb to more traditional levels, if only to crash property values which will send buy-to-let landlords fleeing for the exit and will in turn boost owner-occupation, which will at least make it realistic for my children to be able to buy a house one day.
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Post by Andyberg on Nov 2, 2017 19:33:32 GMT
We'll what a shock, the interest rate has gone up by .25% and all the whingers are out in force, none of them consider the historical fact that back in the 90's we were paying 15% and just had to suck it up. Too many people borrowed up to the hilt with no thought as to what would happen if interest rates were to rise from practically zero. Phil As you say Phil, the new generation homeowner/ buyto-letter has had it easy borrowing xxx times their salary on bugger all interest. when me and the ex bought our first house in 1990 I was offered 2.5x my wage or 3 x our joint wage, interest rates were 13.5%, we bought our shitpit house, furnishedit on hand medowns and I worked n worked n worked to pay it off. Nowadays it's all 'house, all new furnishings and new car on the drive' doing a a semi professional / minimum wage type of job earning feck all....bout time us that have worked hard got some reward!! |
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Post by patty on Nov 3, 2017 5:40:37 GMT
Well they had to rise....
I think those who have overstretched themselves in the housing markets with buy to lets on mortgages will hike up rents.
So it'll still be man on the street who has to dig deeper to pay.
It would be nice for savings to earn a bit but its bin zilch for so long you got used to it....I cannot complain as Ive retired and fairly comfortable.
Its tough for those who struggle...but as has been said when we married we lived within our means/worked hard and brought what we could afford....to-days society lives in debt, has to have all the new gadgets etc.
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Deleted Member
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Post by Deleted on Nov 3, 2017 8:00:09 GMT
Carney has been warning of future rises for months, and continues to warn of rises yet to come.
But the rates will still be minimal compared to the bad old days.
As someone above said earlier, rates at less than half a percent dictate there is only one way they can go.
I am somewhat surprised by the level of importance given to the story by the news media.
Rog
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Post by cygnus on Nov 3, 2017 8:16:17 GMT
I thought Robert Peston on the telly last night had a good idea. Regional interest rates because of the varying difficulties being faced by different regions. After all the Southeast is now like a different country regarding spending, inflation, house prices etc. Mortgages ten times income, really ? That will end well.
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Post by bodger on Nov 3, 2017 8:55:23 GMT
it's a quarter of one percent for gawd's sake.
so a 5.00% mortgage rate will increase to 5.25%. i.e next to nothing.
keep calm and carry on, life isn't about to change for anybody.
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Post by Mr Stabby on Nov 3, 2017 9:58:50 GMT
it's a quarter of one percent for gawd's sake. so a 5.00% mortgage rate will increase to 5.25%. i.e next to nothing. keep calm and carry on, life isn't about to change for anybody. The feeling is that there are further rate rises to come, the US has raised rates three times in the last year (from 0.25% to 1.25%) and we do tend to follow them with some degree of lag. |
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Post by quaysider on Nov 3, 2017 11:46:21 GMT
As someone with a relatively new mortgage - the first 2 years it was a fixed deal at 6.25% (bonkers I know)... when that expired, it dropped to 2.25% above base so I fixed it again for another 5 years (I think it's about 4.75% ) and when the fix ends, it return to 2% above base I think...
Since the first fix ended, I've been paying the same amount in each month anyway - thus reducing the monthly interest payment by reducing the outstanding debt.
I've also switched it from a monthly dd at the start of the month (by getting a month in front) to a weekly standing order payment (using the formula of: monthly payment amount x 12 / 52)... which has reduced the monthly interest added by about a tenner a month.... every little helps.
In theory, until the base rate reaches 3% it won't have any impact on our finances (assuming by then we're out of the fixed period) but even then, I hope we can absorb increased costs by switching from nice gin to nasty gin.
AS for inflation, My pension plan (preserved local government final salary scheme from a job I let 15 years ago) has it's annual increase calculated on the September inflation figs so I'm quite please this year was high... it means an uplift when the annual pensions statement comes in April.
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Post by patty on Nov 3, 2017 14:40:55 GMT
You could always stockpile nice gin now so when the time comes for nasty gin you can delay cos you will have nice gin in stock.....if u get my drift....
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Post by quaysider on Nov 3, 2017 14:55:40 GMT
You could always stockpile nice gin now so when the time comes for nasty gin you can delay cos you will have nice gin in stock.....if u get my drift.... a nice idea in principle... alas, I'm not self controlled enough.... ALL that would happen would be a period of "oblivion"... and then straight on to not so nice gin lol |
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