Tuesday, Aug 15, 2006
Last orders for cheap credit
MSN: Why now is the right time to remortgage
Recent BoE figures show that we withdrew £12.51 billion from the value of our homes in the first three months of this year. With the recent 0.25% IR rise, this article asks if this the beginning of the end of easy credit? And if so, why remortgaging now should become an increasingly attractive proposition.
Posted by uncle chris @ 11:03 PM (162 views) Add Comment
1 Comment
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1. inbreda said...
OK - get this...
In ONLY the first 3 month of this year we withdrew £12.51billion from the value of our homes.
This seems a bit high to me, but if true 'our' monthly INTEREST ONLY payments are £52,125,000. That's PER MONTH! at an IR of just 5%.
Which means that the extra monthly cost of a 0.25bp increase is a whopping £2,606,000
In fact given that banks generally make a 150bps profit on secured lending, it's an extra 15 million squid they get just from 3 months worth of MEWing.
We're all going to die.