Interest rate rise on the cards

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AndrewP said:
Well even without any initial savings, it allows very flexible over payments with instant access as cash. All things being equal (they aren't) then it's a good idea. I know when I took my mortgage out, I would have gone for an offset mortgage but the rates weren't fixed for as long as I liked so I went for a product that allowed overpayment (up to 10% per year) and payment holidays from the overpayments if required.
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Unfortunately, the array of products on offer can be a bit dizzying for those (i.e. me) who have to almost gamble against things that even experts don't always understand. A mortgage can involve an astonishing gamble about how the future will pan out. It's a poor basis to underpin an economy.
 


AndrewP said:
Where do those figures come from? Surely that's assuming everyone is on SVR or a BOE tracker?
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They're not 100% actual hence the c. but I got them off a presentation I watched from a senior economist at a major bank last week. If you examine those on Interest only figures the results are are obviously amplified.
 
Stevie Freestein II said:
I'm a buy-to-let creep and I've made a loss this tax year and I'm fed up of providing housing when IMHO the local council should be doing it.

Still, that's one less property that's available for those who can't afford to buy.
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I'm sitting in a housing conference at the minute and the figures on the increased proportion of newly formed households going into private rented sector over the last decade is staggering.
 
SuperGerryHarrison said:
They're not 100% actual hence the c. but I got them off a presentation I watched from a senior economist at a major bank last week. If you examine those on Interest only figures the results are are obviously amplified.
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I'd say if you include everyone on SVR/Fixed rate mortgages, products not totally pegged to the base rate, the number won't increase by anywhere near that amount.

Jasper said:
I'm sitting in a housing conference at the minute and the figures on the increased proportion of newly formed households going into private rented sector over the last decade is staggering.
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In the north, that's mainly due to the fact people have to save a decent deposit, when they were handing out 100% mortgages, a lot of people didn't consider the rental option, it needed a bigger deposit than a mortgage for the bond!

I know of hardly any new couples who move in together and buy a house straight away, they mainly all rent, at least at first. This is because they need to save some money up, this is a good thing in my opinion.
 
Jasper said:
Don't you need savings for an offset mortgage? There in lies the problem



Don't be lazy owld boy and shift your money into something better
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Don't really see why I should, just a little fairness would be nice, I've subsidised all these cheap mortgages for years now, time they paid their own way now and I received something in return from my hard earned savings..;)
 
Teed said:
Don't really see why I should, just a little fairness would be nice, I've subsidised all these cheap mortgages for years now, time they paid their own way now and I received something in return from my hard earned savings..;)
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You'll be loving the Tory govt's old fart bonds deal then won't you? ;)
 
AndrewP said:
You'll be loving the Tory govt's old fart bonds deal then won't you? ;)
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Don't do bonds, I have as little to do with banks as I can get away with, I detest the bastards, but! the money I save should return a decent interest, like I say, mortgages have been kept artificially to low, for to long, time savers got their rewards.
 
Teed said:
Don't do bonds, I have as little to do with banks as I can get away with, I detest the bastards, but! the money I save should return a decent interest, like I say, mortgages have been kept artificially to low, for to long, time savers got their rewards.
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If you don't like banks, invest your money elsewhere, if you must use banks, use the new NS&I bonds (from next year). 4% is a better deal than you'll get elsewhere!

Personally, increased mortgage rates wouldn't have any effect on me, I think they should still be careful though, we don't want to shit on a load of the young/poorer just to keep the older/richer people happy.
 
AndrewP said:
If you don't like banks, invest your money elsewhere, if you must use banks, use the new NS&I bonds (from next year). 4% is a better deal than you'll get elsewhere!

Personally, increased mortgage rates wouldn't have any effect on me, I think they should still be careful though, we don't want to shit on a load of the young/poorer just to keep the older/richer people happy.
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I suspect rates will rise in the near future, I wouldn't be interested in bonds, to much slaver, I like to access my cash, not fuck about to get some fuckers permission before I do so. I'll wait..;)
 
Jasper said:
:lol:

Assuming Stevie FII likes this post as it's content makes him rich. Rich as a king.
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I'd never do BTL again if I had a choice.

Trying to sell it, got a buyer, legal process is never easy.

Only got into it as we couldn't sell the house when we had a new one lined up.

I don't have the people skills to work with tenants, agents, tradesmen etc.
 
neebodys got any idea but as carney said when they rise it'll be pretty much good news for everyone, a bit like when football clubs come sniffing round your manager, it means you're in pretty good shape, they'll not dare go anywhere near it for at least a year and a half and it wouldnt even suprise me if it was 2017
 
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