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Interest rates up 0.25%, the day we never thought we'd see, I predict the housing market to collapse and there will be riots.
Or possibly not, depends if they go up again next month but I reckon there's a whole generation out there there who won't remember rates of 5% yet alone double digit rates.
I paid 18.5% interest on my first mortgage. I hope we never see that again but with the brexit omnishambles I'm not confident.
Finally! 😀
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And a 200% increase in threads about it
Excellent hopefully my savings will earn more interest.
We've had fixed rate deals on our mortgage since moving house 9 years ago. Finally it's going to pay off!
There you go 'homeowners' you've had a decade to put your house in order before those nasty BOE people have hammered you with a reversal of the token cut in rates from last year.
Honestly, the news people seem to have already found people to bleat about it - the BOE have been saving for years that post-crash, even post-Brexit the 'new normal' is between 2.5% and 3%.
Don’t panic
Next rise Sep 18
All well flagged - mark is back to being the reliable boyfriend 😉
I'm delighted, give me more.
ZOMG noooooo my mortgage will break through the 2% barrier! Oh woe is me, good thing that when we took it on (at a 5% BOE rate) we made sure it would be affordable if rates went up!
Who would have ever thought that with rock bottom interests rates, they might one day go up? Good thing we don't have an economy built on excessive personal debt. Oh, hang on...
excessive personal debt
Personal debt has actually reduced from 2017 from £1.40 in the £ to £1.13.
Yay!
Is there a cooling off period with £500+vat fee?
In before the usual whiners. Its all trumps/brexits fault boohoo.
Is that secured or unsecured debt or the combined total?
An [url= https://www.theguardian.com/business/2017/sep/18/uk-debt-crisis-credit-cards-car-loans ]interesting piece[/url] on UK debt.
Can I have some more please?
trump and brexit are clearly to blame. 😛
I have 50k of my mortgage on a tracker. I'm considering selling one of the children to pay for the rise. 😡
We've had fixed rate deals on our mortgage since moving house 9 years ago. Finally it's going to pay off!
Bought ours summer 2015. We thought rates will never be this low for long, better fix it even though it's considerably more.
Hold my beer and watch this said the leavers.................
This time we fixed them for 5 years as at least with the economy FUBAR'd we won't be impacted by rate rises.
tomorrow I will get a letter from my lender telling they are upping the rate + extra for administrative cost.
some time after Christmas my savings rates might be adjusted I won't be holding my breath
Lovely.
More, please. 😀
£1.13 in the £? That's somewhat sobering. Are mortgages included?
1 year into a 5 year fix here, so mildly interesting as it should help ever so slightly with the savings.
Predictions for where we will be in another 4 years?
We've planned on 5%, which will be uncomfortable. At 7% we will be wearing thick jumpers and eating cold beans, possible getting a lodger in...
Bloody glad I locked down my 5 year fixed last week!
Even though the difference is likely to be small I'd rather I had the money than the bank!
It only makes a difference if you've got either a mortgage or some savings..
It only makes a difference if you've got either a mortgage or some savings.
And a tiny difference at that!
£12/month of the average mortgage value of £90k
Mortgage advisors are rubbing their hands and busy booking their luxury round-the-world cruises as we type! 😀
I'm loving some of the news website Headline:
[u][b]"UK INTEREST RATE DOUBLED"[/b][/u][I]
Lol...
The markets don't believe we'll be seeing any more rate rises in the foreseeable future:
https://www.ft.com/content/df46c2e8-bfc6-11e7-9836-b25f8adaa111
Saw this from the FT blog
It's been 10 years since the last rise in interest rates, since then average prices are 27.7% higher (CPI) and real pay (excluding bonuses) is 2.5% lower.
So while it's true that this rise will only make a small difference, if it's the start of a series of small rises it wont take long before borrowers are feeling it.
Saw this from the FT blog
Saw that too.
Putting one nominal stat next to a real one is a bit cheeky as most people wont understand what they're looking at.
Interesting comment from elsewhere in the FT: only reason BoE are doing this is give themselves room to lower interest rates again [s]if[/s] once Brexit properly fouls up the economy.
That’s what I read into it too.
But Mark will be gone by then and the Nasty Party will put someone from thier party politic in his place...
Still sitting comfortable on a 1.75% tracker.
Saved loads.
As an aside to the yay I win boo I lose type post. Is raising rates when the inflation seems imported rather than based on an economy doing well the right option?
Joking aside is this going to make lenders think further rate increases could be on the cards now and make them be less generous (if you can use that word with a bank) on fixed rates.