Bruce Banner Posted November 7, 2013 Share Posted November 7, 2013 BBC News are doing a piece on mortgage rates this morning. I missed the beginning but it will probably repeat. They had "Independent Housing Expert" Kate Faulkner on who was saying that anyone buying a house should make sure that they could afford normal rates of six or seven percent as rates will surely rise in the future. BBC presenter stressed that rates will probably not rise until 2016, "so don't panic". Quote Link to comment Share on other sites More sharing options...
@contradevian Posted November 7, 2013 Share Posted November 7, 2013 Can't wait for all the sad face articles and news interviews when they do rise. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2013 Author Share Posted November 7, 2013 Can't wait for all the sad face articles and news interviews when they do rise. Indeed. Faulkner said that many first time buyers she talks to think that 5% is a high rate, but historically it is very low. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted November 7, 2013 Share Posted November 7, 2013 It remains to be seen if the govt/BOE will have the balls to raise rates when they need to rise. And arguably rates should be higher now. Inflation is running ahead of wage rises and reducing spending power. A real non-debt recovery cannot happen until wage rises are higher than price rises. Quote Link to comment Share on other sites More sharing options...
Unexpected Posted November 7, 2013 Share Posted November 7, 2013 Well I'll be looking to take out a new 2 year fixed rate again soon. The last one was 2.5% with a £2000 arrangement fee. I'm expecting the next one to be 2.3% with a £0 arrangement fee. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2013 Author Share Posted November 7, 2013 Well I'll be looking to take out a new 2 year fixed rate again soon. The last one was 2.5% with a £2000 arrangement fee. I'm expecting the next one to be 2.3% with a £0 arrangement fee. Try to get that on a five year fix! Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted November 7, 2013 Share Posted November 7, 2013 If the population growth estimates are correct then I would expect the UK to be the first country to raise rates as the number of new bodies in the UK competing for goods and services is bound to push up inflation. Increasing rates would reduce peoples disposable income hence help to reduce the competition. As for GDP/disposable income per head.. Quote Link to comment Share on other sites More sharing options...
Unexpected Posted November 7, 2013 Share Posted November 7, 2013 Try to get that on a five year fix! Of course that's not possible. Not that I'd want it. The banks don't like to try and guess too far ahead without a risk premium in their favour. They learned their lesson. Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted November 7, 2013 Share Posted November 7, 2013 Of course that's not possible. Not that I'd want it. The banks don't like to try and guess too far ahead without a risk premium in their favour. They learned their lesson. 2.44% if you choose 5 year fixed. http://themortgagemeter.com/#/best_buys Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 7, 2013 Share Posted November 7, 2013 BBC News are doing a piece on mortgage rates this morning. I missed the beginning but it will probably repeat. They had "Independent Housing Expert" Kate Faulkner on who was saying that anyone buying a house should make sure that they could afford normal rates of six or seven percent as rates will surely rise in the future. BBC presenter stressed that rates will probably not rise until 2016, "so don't panic". Wonder how they can know that? Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted November 7, 2013 Share Posted November 7, 2013 (edited) 2.44% if you choose 5 year fixed. http://themortgagemeter.com/#/best_buys Duke, any chance of you doing a sort on the fees column to easily see what the best zero-fee rates are please?? Edited November 7, 2013 by SHERWICK Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted November 7, 2013 Share Posted November 7, 2013 Duke, any chance of you doing a sort on the fees column to easily see what the best zero-fee rates are please?? Sorry, haven't much time for changes to this busy at work and that. It's a good idea tho. Doing a small change involves me diving into the code again after a break, which takes a while. Quote Link to comment Share on other sites More sharing options...
montesquieu Posted November 7, 2013 Share Posted November 7, 2013 (edited) When I bought recently I took a 10-year fix at 4,1% Edited November 7, 2013 by montesquieu Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 7, 2013 Share Posted November 7, 2013 They had "Independent Housing Expert" Kate Faulkner on who was saying that anyone buying a house should make sure that they could afford normal rates of six or seven percent as rates will surely rise in the future. We still cannot discount that we are 'Japan' - sub 1% rates and 80% fall in HPs... Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted November 7, 2013 Share Posted November 7, 2013 Wonder how they can know that? Bond markets? Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 7, 2013 Share Posted November 7, 2013 Bond markets? No, the BBC accepted hook line and sinker #Carneyge's forward guidance crap Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted November 7, 2013 Share Posted November 7, 2013 Carney/Osborne is/are only an witnesses that have to give the impression they are in control. Quote Link to comment Share on other sites More sharing options...
SleepyHead Posted November 7, 2013 Share Posted November 7, 2013 BBC presenter stressed that rates will probably not rise until 2016, "so don't panic". 2016 is not that far away. I would advise panic. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 7, 2013 Share Posted November 7, 2013 2016 is not that far away. I would advise panic. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 7, 2013 Share Posted November 7, 2013 We still cannot discount that we are 'Japan' - sub 1% rates and 80% fall in HPs... I like that idea. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted November 7, 2013 Share Posted November 7, 2013 Sadly Carney will stick with it. It does not matter what is right for the country or the economy. He will not raise interest rates as he has given forward guidance that he will not raise rates and that's an end to it. +1 Ego. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2013 Author Share Posted November 7, 2013 Sadly Carney will stick with it. It does not matter what is right for the country or the economy. He will not raise interest rates as he has given forward guidance that he will not raise rates and that's an end to it. Do you have a Tardis? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted November 7, 2013 Share Posted November 7, 2013 (edited) Indeed. Faulkner said that many first time buyers she talks to think that 5% is a high rate, but historically it is very low. Well to be fair if you've got a £250k mortgage 5% is very expensive when you start to work out what the interest repayment per year is. A very rough estimate is your paying £12.5k a year in interest, if you are currently borrowing at say 2.5% then your looking at an increase of around £6k in interest repayments. The housing market can only afford low rates because of the ridiculous price of houses. Edited November 7, 2013 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
winkie Posted November 7, 2013 Share Posted November 7, 2013 2.44% if you choose 5 year fixed. http://themortgagemeter.com/#/best_buys ......APR?....... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted November 7, 2013 Author Share Posted November 7, 2013 No but I believe that Carney and Osborne have sociopathic tendencies that will lead them to do what they think is right with no thought for others. In their own minds they are Gods controlling the world and the only need that matters is theirs, they are never wrong and every decision they have made is right. That's better. Quote Link to comment Share on other sites More sharing options...
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