Mortgages - Help!

Started by Tony Baloney, May 20, 2008, 05:55:48 PM

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Kidder81

Quote from: Milltown Row2 on September 27, 2022, 11:57:07 AM
This will shoot up the cost of renting also surely?

You would think, plenty of mortgages on buy to let so as the landlords mortgage payments go up they will have to pass that on to the tenant

trailer

Quote from: Kidder81 on September 27, 2022, 11:16:35 AM
Quote from: Fear Bun Na Sceilpe on September 27, 2022, 11:10:19 AM
Quote from: clarshack on September 27, 2022, 11:06:45 AM
Quote from: RedHand88 on September 27, 2022, 10:17:03 AM
Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

I was going to ask how on earth does someone not know what is going on in the world especially a mortgage holder but your last sentence explains everything.

I dont think anyone seen the predicted 6% coming

The Banks didn't, I got 2.5% fixed for 5 years about a month ago

Fair play.

imtommygunn

The budget on friday and boe response has blown everything out of the water.

Milltown Row2

Quote from: imtommygunn on September 27, 2022, 12:16:26 PM
The budget on friday and boe response has blown everything out of the water.

I've sent her a text asking her to let me know what we are on, I've a fixed rate 5 year term in my head but not 100% sure and not 100% when we did that.. We have been using a guy to do that stuff, I know its lazy but he's been grand
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

imtommygunn

Most people tend to work like that. Never been an issue before with a relatively stable economy.

johnnycool

Quote from a financial expert;

"This is nightmare for most of middle class - someone with a £250k mortgage currently paying 3% would see their interest rate rise to 6.5% or simple terms annual interest bill rise from £7,500 to £16,250 They would need to find over £700 extra per month to not lose their house"

Thank fúck i don't have a mortgage.....

Milltown Row2

Quote from: johnnycool on September 27, 2022, 01:57:38 PM
Quote from a financial expert;

"This is nightmare for most of middle class - someone with a £250k mortgage currently paying 3% would see their interest rate rise to 6.5% or simple terms annual interest bill rise from £7,500 to £16,250 They would need to find over £700 extra per month to not lose their house"

Thank fúck i don't have a mortgage.....

Just found out its a 1.84% over 5 years .. 2 and half years ago, fingers crossed
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

trueblue1234

The wife has a house in Belfast ( Not we, it's only we when there's a problem in the house!!) and had been on a dream of a tracker mortgage for the last 15 odd years. The mortgage advised had told her she wouldn't get the same again if she came out of it. Which was great for so many years there. But now I'm wondering should she switch to a fixed now. If it was going to be a 1-2 year would she be better sitting it out. Or should she cut now and get it fixed for 5 years?
Are Interests rates likely to return to what they had been for the last 15 years? Prob unlikely in my view.
Grammar: the difference between knowing your shit

clarshack

for arguments sake interest rates jump to a rate in which most folk hand back their keys, then what? wouldn't banks have all these properties that they wouldn't be able to sell? or do they become landlords themselves?

https://www.bbc.co.uk/news/articles/cjkdyy9xgn3o

johnnycool

Quote from: clarshack on September 27, 2022, 02:14:54 PM
for arguments sake interest rates jump to a rate in which most folk hand back their keys, then what? wouldn't banks have all these properties that they wouldn't be able to sell? or do they become landlords themselves?

https://www.bbc.co.uk/news/articles/cjkdyy9xgn3o

UK Gov sets up their own NAMA.

Maroon Manc

Quote from: clarshack on September 27, 2022, 02:14:54 PM
for arguments sake interest rates jump to a rate in which most folk hand back their keys, then what? wouldn't banks have all these properties that they wouldn't be able to sell? or do they become landlords themselves?

https://www.bbc.co.uk/news/articles/cjkdyy9xgn3o

You'll see a lot of overseas money flood into the market given the state of the exchange rate and its already starting to happen.

Dougal Maguire

I remember fixing at 10% for 10 years 20 years ago I think it was shortly after Norman Lamont increased interest rates to 15% in an afternoon after a run on the pound It was a good deal at the time and gave certainty. I pity people with mortgages in todays climate. It must be hugely worrying.
Careful now

seafoid

UK stagflation is another reason for a United Ireland . Because of Brexit, UK companies can't benefit from cheaper sterling by exporting to the EU
This means inflation is worse than in the EU.
"f**k it, just score"- Donaghy   https://www.youtube.com/watch?v=IbxG2WwVRjU

armaghniac

Quote from: seafoid on September 27, 2022, 07:12:57 PM
UK stagflation is another reason for a United Ireland . Because of Brexit, UK companies can't benefit from cheaper sterling by exporting to the EU
This means inflation is worse than in the EU.

A lot of consumer goods pass through the UK to Ireland though, in the short term you could knock 1% of Irish inflation because of Sterling declining.
If at first you don't succeed, then goto Plan B

screenexile

Rate falling like a stone after the BoE Intervention . . . where the f**k is the Prime Minister FFS???? Surely she needs to be making some kind of an appearance?

My guess is they haven't a f**king scooby what to do other than admit they made a mistake and row back on last week's announcement. Fat chance of that happening though!