Tank Slap - Motorcycle Forum

So as we all said a few months back its official, BoE raises interest rates by 0.25% to 0.50%

I reckon that's the start of a gradual rise over the next couple of years.

Soon see how many people had mortgages right at the top of their budget.

D6 wrote:Soon see how many people had mortgages right at the top of their budget.

according to initial reports they reckon 1 in 3 people will no longer be able to afford their mortgages, the amount of people we have had calling in the office today asking if it will affect there mortgage......and so far the answer pretty much every time has been "no coz your on a fixed deal for the next year and a half"

The interest rate hasn't changed for years. This will come as a big shock to a lot of people.

I fixed mine for 10years for this reason. Its so low it seemed daft not to. And I like the knowledge of how much I'm paying for ten years.

I regretted not going for 5 years immediately after taking it out to be honest but it'd been such a ball ache I didn't want to go through the hassle again so stuck with the 2 year deal

Cav wrote:I regretted not going for 5 years immediately after taking it out to be honest but it'd been such a ball ache I didn't want to go through the hassle again so stuck with the 2 year deal

2 years is still a long time, plus by time that rolls round you will already have more equity in the property so you probably wont save as much but you will probably still save something when it comes to getting a new deal.

Most lenders have been putting there rates up slowly over the last few months so not expecting many of them to move much in the wake of this news coz it seems they already knew and had been adjusting accordingly