Author Topic: UK interest rates up again  (Read 3036 times)

Rois

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UK interest rates up again
« on: July 05, 2007, 12:52:51 PM »
Drew down my mortgage in May and this will be the third interest rate that's been applied to my mortgage.  :'(

Another one forecast - when will it end???

Long time dead

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Re: UK interest rates up again
« Reply #1 on: July 05, 2007, 01:13:03 PM »
Am on my second fixed 5 year mortgage - I'd say at the end of the total 10 year period I wll be far better off that these discounted or variable - there was no way this was going last forever.

T Fearon

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Re: UK interest rates up again
« Reply #2 on: July 05, 2007, 01:16:16 PM »
Rois, what sort of an accountant are you? You should have gone for a fixed rate mortgage, the dogs in the street knew interest was going to rise. Was at an economic seminar last week and the experts reckon that

1.There'll be one more rise this year

2.Inflation will be down to 2% by xmas after which Interest rates should start to reduce in ther new year.

Uladh

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Re: UK interest rates up again
« Reply #3 on: July 05, 2007, 01:25:11 PM »

Sooner the better tone, i'm getting royally fcuked at the end of every month at the minute....

An Fear Rua

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Re: UK interest rates up again
« Reply #4 on: July 05, 2007, 01:42:20 PM »

Sooner the better tone, i'm getting royally fcuked at the end of every month at the minute....

your not renting a flat in Ligoneil are you?
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illdecide

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Re: UK interest rates up again
« Reply #5 on: July 05, 2007, 01:44:59 PM »

Sooner the better tone, i'm getting royally fcuked at the end of every month at the minute....

Me too Uladh, f**king 100 a month down now. I had the option 8 months ago and choose a vairable instead of a fixed rate. What a dick :'( :'(
I can swim a little but i can't fly an inch

Rois

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Re: UK interest rates up again
« Reply #6 on: July 05, 2007, 01:55:33 PM »
Rois, what sort of an accountant are you? You should have gone for a fixed rate mortgage

A very poor one Tony with no deposit (therefore 100% with potential higher lending fee) and a house price well in excess of NI average!  Very hard to bargain with moneylenders when you're in such a crap position.

« Last Edit: July 05, 2007, 01:57:37 PM by Rois »

the Deel Rover

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Re: UK interest rates up again
« Reply #7 on: July 05, 2007, 02:04:34 PM »
Rois, what sort of an accountant are you? You should have gone for a fixed rate mortgage

A very poor one Tony with no deposit (therefore 100% with potential higher lending fee) and a house price well in excess of NI average!  Very hard to bargain with moneylenders when you're in such a crap position.



Did the banks not give you an option to fix the rate rois, they shouldn't be allowed to do that if that was the case   
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Rois

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Re: UK interest rates up again
« Reply #8 on: July 05, 2007, 02:10:32 PM »
We were outside the mutiples for the UK banks, building societies won't give 100% anyway, so our only options were the local banks.  In order to avoid the higher lending fee (about 5k) we had to go with the "young professionals" packages which only gave us the variable option. 

Gaoth Dobhair Abu

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Re: UK interest rates up again
« Reply #9 on: July 05, 2007, 02:18:59 PM »
just about to change our mortgage, two year initial period now ending, anyone out there have any good advice or know of the best mortgage on the market at the minute?????
Tbc....

Lecale2

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Re: UK interest rates up again
« Reply #10 on: July 05, 2007, 02:20:01 PM »
Fixed rate is not always a good thing. The banks and financial institutions have economists working for them!! They also read the economic forecasts and they factor this info into the rate they offer you to ensure they come out ahead over the period of the loan.

With a fixed rate mortgage you are gambling that you can forecast economic threads over the period of the fixed rate better than the bank can. If you can do that consistently you wouldn't need a mortgage in the first place.

A fixed rate is good for budgeting though. At least you know what you will be paying each month, even if it costs you more in the longer term.

the Deel Rover

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Re: UK interest rates up again
« Reply #11 on: July 05, 2007, 02:24:46 PM »
just about to change our mortgage, two year initial period now ending, anyone out there have any good advice or know of the best mortgage on the market at the minute?????

Is your mortgage in the North or South Gaoth Dobhair Abu
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Gaoth Dobhair Abu

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Re: UK interest rates up again
« Reply #12 on: July 05, 2007, 04:03:28 PM »
just about to change our mortgage, two year initial period now ending, anyone out there have any good advice or know of the best mortgage on the market at the minute?????

Is your mortgage in the North or South Gaoth Dobhair Abu

Thanks for that Lecale.
It's in the black north Deel R.
Tbc....

Rois

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Re: UK interest rates up again
« Reply #13 on: July 05, 2007, 04:11:13 PM »
A guy in my firm (one of the few non-accountants) has been looking and says that Prudential have the best deal for him due to their minimal switching fees.  Not sure what the deal is but be assured he's the kind that will spend a fortune to save a penny.

T Fearon

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Re: UK interest rates up again
« Reply #14 on: July 05, 2007, 04:15:09 PM »
A fixed rate mortgage is a sure fired money saver, if taken out when Interest rates are on the rise, and for the last two years everyone knew that this would happen, surely?

Surely the best way to get the best mortgage deal is to go to one of the independent Mortgage Advice shops , on any High Street, and they will trawl their database to see who has the best deal to suit your circumstances, and they are totally independent