Author Topic: Interest rates climb again (Read 958 times)

55starchief · « **on:** January 11, 2007, 01:38:40 pm »

Yup up another .25% to 5.25%

Jamieg285 · « **Reply #1 on:** January 11, 2007, 01:44:20 pm »

For us.

We're on a capped mortgage, so rates going up doesn't affect it. Rates going up does mean more money on our savings though

Roadkill · « **Reply #2 on:** January 11, 2007, 02:12:44 pm »

Bugger.

55starchief · « **Reply #3 on:** January 11, 2007, 02:15:04 pm »

on the plus side the dollar is up 2c as a result

ianjpage · « **Reply #4 on:** January 11, 2007, 10:39:08 pm »

Quoting: 55starchief

Yup up another .25% to 5.25%

great fun not

Fieldy · « **Reply #5 on:** January 12, 2007, 03:01:29 am »

meh....my wages just got increased too so its swings and roundabouts in the long run IMO

Roadkill · « **Reply #6 on:** January 12, 2007, 09:43:35 am »

Quoting: ianjpage

great fun not

I reckon that's gonna push my mortgage to about £930 a month !

That sucks.

F Body · « **Reply #7 on:** January 12, 2007, 11:09:43 am »

Quoting: Roadkill

I reckon that's gonna push my mortgage to about £930 a month !

Indeedy

One wonder you call it Castle Roadkill !

Fieldy · « **Reply #8 on:** January 12, 2007, 11:54:00 am »

what do you get for that mortgage in the way off space/house size dean (if you dont mind me asking?)

Titsy · « **Reply #9 on:** January 12, 2007, 12:31:50 pm »

Quoting: Fieldy

what do you get for that mortgage in the way off space/house size dean (if you dont mind me asking?)

An average 3 bed semi with a garage and back garden...

Roadkill · « **Reply #10 on:** January 12, 2007, 12:32:59 pm »

Quoting: Fieldy

what do you get for that mortgage in the way off space/house size dean (if you dont mind me asking?)

It's a £127,500 Mortgage, 85% property value (original price £150,000)

For that you get a Brick/Tile 3-Bed Semi with adjoining garage, Front and Back gardens, double glazing, cul-de-sac location in one of the better areas in M.K.
Size-wise. Nothing like Older London properties, unfortunately.
Bedrooms : 12'x 9' - 11'x9' - 7' x 7' - ish.
Lounge 14'x14' - ish . . . . . . .

Currently the house is now worth £190,000.

55starchief · « **Reply #11 on:** January 12, 2007, 03:39:08 pm »

Quoting: Roadkill

I reckon that's gonna push my mortgage to about £930 a month !

WTF i have the same amount on mortgage and mine is only just over £700 and the second mortgage on my new place is for £136k and thats only £530

Jamieg285 · « **Reply #12 on:** January 12, 2007, 03:51:50 pm »

Different types of mortgage?

Fixed v Variable v Capped??

EDGE · « **Reply #13 on:** January 12, 2007, 03:58:04 pm »

interest only Graeme ?

55starchief · « **Reply #14 on:** January 12, 2007, 04:02:04 pm »

Quoting: EDGE

interest only Graeme ?

the first is repayment the second is intrest only

Jamieg285 · « **Reply #15 on:** January 12, 2007, 04:02:30 pm »

Quoting: EDGE

interest only Graeme ?

That was the one I was thinking of, but couldn't remember.

Roadkill · « **Reply #16 on:** January 12, 2007, 04:18:50 pm »

Quoting: 55starchief

WTF i have the same amount on mortgage and mine is only just over £700

Mine was £690 . . . . For the first 2 years. Then the holiday period ended.

People with limited funds and on limited wages don't have the same choice of mortgages as some, Graeme.

Mine was the only choice I had - an expensive self cert.

I'm guessing you didn't need to go down that route. Lucky you.

EDGE · « **Reply #17 on:** January 12, 2007, 04:41:03 pm »

was that the best rate you could get on self cert !!!! thats outrageous !!!

wow

55starchief · « **Reply #18 on:** January 16, 2007, 02:09:04 pm »

Looks like they might be going up again as early as next month

Fieldy · « **Reply #19 on:** January 16, 2007, 03:06:52 pm »

the rent on my flat is over £1000 per month....thats all inc mind.....but, even then with finacial back up I cannot get A mortgage, too exensive in London, so, you could look outside of London, but then my wages would drop as fast as house prices, so, still cant afford it!!

Rob · « **Reply #20 on:** January 16, 2007, 05:01:31 pm »

Just been and sorted remortgage again today as I'm coming to the end of my two year deal....

Looks like the Bank of England are gonna put interest rate up yet again following last weeks rise.

VIPER · « **Reply #21 on:** January 16, 2007, 11:54:31 pm »

3 bed corner semi with double garage £550 per month valued at aprox £200k........Mmmmmmmm Equity
But have been here since 1999...and knocked 15k off asking price..

HardRockCamaro · « **Reply #22 on:** January 17, 2007, 12:52:07 am »

I don't see the interest rate going up again for a few months (2-3 minimum) unless they discover that inflation has gone above 3%.

The government target is 2% and if it exceeds 3% the head of the bank of England has to write a letter to the Government explaining why it happened and what he plans on doing to get it back down. Which would be a rate rise. So *if* it hits 3% or more I recon a quick rate rise, otherwise not.

Roadkill · « **Reply #23 on:** January 17, 2007, 10:07:50 am »

Quoting: EDGE

was that the best rate you could get on self cert !!!! thats outrageous !!!

Yup.

My Mortgage advisor basically said : "This isn't the best mortgage . . . it isn't the cheapest . . . and it's got no perks or bonuses . . . but if you want a mortgage for more then £59,000 this is the only mortgage for you"

At the time, December 2003, I'd just changed jobs from Cosworth to my current job . . . I'd taken a, well, over £13,000 a year drop in income from Cosworth to a pathetic £15,000 !!!

Seems daft, now, but I suspected Cosworth was going down the pan and hated the hours and the journey so decided to get a more dependable job before getting a mortgage.

Titsy · « **Reply #24 on:** January 17, 2007, 12:12:13 pm »

Quoting: HardRockCamaro

I don't see the interest rate going up again for a few months (2-3 minimum) unless they discover that inflation has gone above 3%.

The government target is 2% and if it exceeds 3% the head of the bank of England has to write a letter to the Government explaining why it happened and what he plans on doing to get it back down. Which would be a rate rise. So *if* it hits 3% or more I recon a quick rate rise, otherwise not.

Isn't inflation currently 3.3%?