The Interest Rate
Discussion
Could anyone give me an idea what it would take or what it needs for the Interest rate to go up again, and do you think it's a long way off?
Reason: I have a tracker mortgage which I can borrow against at 2.9%. Wife is worried that if I do, and the rate suddenly goes back up, then we won't be able to afford the payments.
Thanks!
Reason: I have a tracker mortgage which I can borrow against at 2.9%. Wife is worried that if I do, and the rate suddenly goes back up, then we won't be able to afford the payments.
Thanks!
2 years before it goes back up alledgedly, I have a feeling its going to go down a bit more soon. The americans are at 0% afterall and people have started muttering about quantative easing which apparently doesnt happen until interest rates hit 0%. This is all in my incredibly uninformed opinion though!
nobody knows for sure! right now theres deflation and everythings going down in price and still banks wont lend so interest rates have got to come down more. I'd heard that they reckon its going to take 2 years to regain some kind of normality at which point they'll tax the crap out of us to pay for all the freebies and vat cuts theyve been dishing out.
Then all the interest rate cuts might actually work and people will suddenly start spending, inflation will go bonkers and theyll raise interest rates to keep a cap on it. I dont think anybody really knows whats going to happen though. What were interest rates in the 80's? something crazy like 16% I think, could well happen at some point then youd be royally screwed!
Im hoping they start offering tasty fixed term deals to get folk like us off trackers, Id happily pay slightly more than I am right now for a long fixed term deal that I knew I could pay and let inflation and interest rates shoot up. Im sure somebody who knows more than me will be along soon.
Then all the interest rate cuts might actually work and people will suddenly start spending, inflation will go bonkers and theyll raise interest rates to keep a cap on it. I dont think anybody really knows whats going to happen though. What were interest rates in the 80's? something crazy like 16% I think, could well happen at some point then youd be royally screwed!
Im hoping they start offering tasty fixed term deals to get folk like us off trackers, Id happily pay slightly more than I am right now for a long fixed term deal that I knew I could pay and let inflation and interest rates shoot up. Im sure somebody who knows more than me will be along soon.
Gordon Bennett said:
Could anyone give me an idea what it would take or what it needs for the Interest rate to go up again, and do you think it's a long way off?
Reason: I have a tracker mortgage which I can borrow against at 2.9%. Wife is worried that if I do, and the rate suddenly goes back up, then we won't be able to afford the payments.
Thanks!
I'm on a tracker too. Yippee! Reason: I have a tracker mortgage which I can borrow against at 2.9%. Wife is worried that if I do, and the rate suddenly goes back up, then we won't be able to afford the payments.
Thanks!
But if I request a further advance it has to be on one of their 'new' products, which are in the realms of 6.5%.
Has your lender confirmed that they will lend at the tracker rate?
Dave_ST220 said:
Gordon Bennett said:
V8mate said:
Has your lender confirmed that they will lend at the tracker rate?
Yes. Spoke to them today. Seems crazy, but a £10k loan only increases the mortgage payments by £18 a month.So for me, the next 280 months or so.
Gordon Bennett said:
V8mate said:
Has your lender confirmed that they will lend at the tracker rate?
Yes. Spoke to them today. Seems crazy, but a £10k loan only increases the mortgage payments by £18 a month.In effect you could be paying off a car/kitchen for 20 years...
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