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Homeowners Hurry To Remortgage, Ahead Of Rate Rise

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The number of home-owners remortgaging jumped by 30% in June, as borrowers locked in to new deals ahead of a rise in interest rates.

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The Bank of England recently warned that interest rates could begin to increase as soon as December, although the City expects the first rise to come in 2016.

So if rates aren't increased they didn't need to be locked in - with the mortgage fees etc etc..

The BoE should offer compo if they're wrong - it would help to stimulate the economy.

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5 year swaps are at record lows. If they wanted to save any money they would fix for 30 years at these rates like you're allowed to do in the US. In the UK the banks make their money off laziness when falling back on SVR and the "product fee". The sheep will simply fix at higher 5 year rates now and then either stay on SVR or move to another "lower" rate giving the bank another "product fee" (another way of saying guranteed profit/interest)

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5 year swaps are at record lows. If they wanted to save any money they would fix for 30 years at these rates like you're allowed to do in the US. In the UK the banks make their money off laziness when falling back on SVR and the "product fee". The sheep will simply fix at higher 5 year rates now and then either stay on SVR or move to another "lower" rate giving the bank another "product fee" (another way of saying guranteed profit/interest)

don't you mean, in the UK banks make massive losses then get the taxpayers savings and futures so the fraudsters running them don't lose out?

the banks aren't into lending money now, they just take the backdoor funding option and give it away to subprime borrowers knowing fine well in 3 years time when they default they will reposses the house, have had 3 years interest, possibly paid by the tax payers, and claim their 20% taxpayer funded bonus, know as The Help To Banks scheme. jobs a good un.

when you think of it like this, it's insane, but this is quite possible what is happening!!!

Gordon Brown should be in jail for allowing this to happen then for allowing the bailout, in my humble opinion.

profit. banks, very good funniest thing I've read for a while. you should go on stage.

Edited by TheCountOfNowhere

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Weren't over half the votes on the HPC poll asking when rates would rise 'never'? I'm betting on 2018. Not sure why, just plucked the number out of thin air.

Edited by spunko2010

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Some decent 10 year fixes around. Suggests a rate rise isn't happening soon

I thought that yesterday.

Tracker rate at 1.99% and someone on here said they were getting a 10 year rate of 3.14%.

Rates don't need to go up much to make the 10 year deal look good so my guess is rates will go up 1% or less over the next 10 years.

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Some decent 10 year fixes around. Suggests a rate rise isn't happening soon

Spook the punters though and there's some juicy remortgaging arrangement fees to be earned in the meantime. Edited by rantnrave

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Spook the punters though and there's some juicy remortgaging arrangement fees to be earned in the meantime.

Wasnt there some story tyhat the Head of the BBc was also employed by, now who was it..... a bank perhaps ?

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I thought that yesterday.

Tracker rate at 1.99% and someone on here said they were getting a 10 year rate of 3.14%.

Rates don't need to go up much to make the 10 year deal look good so my guess is rates will go up 1% or less over the next 10 years.

2.39% currently available on 5 year fix, so 0.5% increase in next 5 years also?

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