How long before interest rates are likely to rise?

[raf_gti]

I like many people are do doubt wishing they were on a variable mortgage right now, how long are the rates likely to stay where they are or least under 5%? What are the implications of having such a low interest rate?

As an aside, it is possible to switch from a fixed to a variable? I'm pretty sure the answer will be no but it's worth an ask!

[Fittster]

Could be a while if we are following the same path as Japan but no one knows.

[1066]

raf_gti said:

I like many people are do doubt wishing they were on a variable mortgage right now, how long are the rates likely to stay where they are or least under 5%? What are the implications of having such a low interest rate?

As an aside, it is possible to switch from a fixed to a variable? I'm pretty sure the answer will be no but it's worth an ask!

You can remortgage, but you'll probably need to a cough up a hefty fee. In my case, just shy of £4000.

[deevlash]

I doubt anyones offering a tracker just now. The implications are basically that each of us will have more cash and therefore will spend it giving the economy a kick in the pants. It also means that hopefully less people will default if their monthly bills are smaller. It also means its pointless saving cash so it gets spent on stuff and boosts the economy instead of sitting in the bank. Thats all in theory, who knows if it'll work or not.

[raf_gti]

1066 said:

raf_gti said:

I like many people are do doubt wishing they were on a variable mortgage right now, how long are the rates likely to stay where they are or least under 5%? What are the implications of having such a low interest rate?

As an aside, it is possible to switch from a fixed to a variable? I'm pretty sure the answer will be no but it's worth an ask!

You can remortgage, but you'll probably need to a cough up a hefty fee. In my case, just shy of £4000.

Bloody hell, that is a hefty fee. I'm going to dig the paperwork out tomorrow and have a look see.