rollover Posted October 28, 2017 Share Posted October 28, 2017 Quote Dozens of 'cynical' banks are scrapping cheap mortgages ahead of expected rise in interest rates Dozens of banks are ‘cynically’ pulling their cheapest mortgage deals and raising rates days ahead of an expected interest rate hike next week. It means new borrowers could be hit by a double blow of home loans effectively going up twice – now and then again if the Bank of England acts on Thursday. Money Mail research found 35 lenders had either increased rates or withdrawn their best deals since the beginning of the month. Dominik Lipnicki, of mortgage broker Your Mortgage Decisions, said: ‘This is typical behaviour by lenders. They know that talk of interest rates rising will frighten borrowers and prompt them to remortgage so they use it as a way of boosting their profits.’ Daily Mail The party will be over soon. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 28, 2017 Share Posted October 28, 2017 29 minutes ago, rollover said: The party will be over soon. The party finished in 2007, we've been witnessing the after party punch up. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 28, 2017 Share Posted October 28, 2017 All those 5 year fixed rate mortgaged from 2012 onwards are in shock. Quote Link to comment Share on other sites More sharing options...
Wayward Posted October 28, 2017 Share Posted October 28, 2017 Were they called cynics when they reduced interest rates for savers...and fell over themselves to support and protect debtors...? Quote Link to comment Share on other sites More sharing options...
rollover Posted October 28, 2017 Author Share Posted October 28, 2017 Quote Householders have been scrambling to grab fixed-rate mortgages before Thursday’s expected interest rate rise, which would lead to the first increase in monthly loan payments in a decade. msn Remortgage rash started. Quote Link to comment Share on other sites More sharing options...
Castlevania Posted October 28, 2017 Share Posted October 28, 2017 It's just reflecting the increase in swap rates from the expected rate hike next week. Quote Link to comment Share on other sites More sharing options...
ThePrufeshanul Posted October 29, 2017 Share Posted October 29, 2017 There's a good chance that rates aren't gong to increase. Even if they do it will be a paltry 25 base points. There's a ways to go yet before we can open the champagne. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 29, 2017 Share Posted October 29, 2017 (edited) 8 hours ago, ThePrufeshanul said: There's a good chance that rates aren't gong to increase. Even if they do it will be a paltry 25 base points. There's a ways to go yet before we can open the champagne. Back to the previous emergency rate level for the booming recovery. Edited October 29, 2017 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 29, 2017 Share Posted October 29, 2017 8 hours ago, ThePrufeshanul said: There's a good chance that rates aren't gong to increase. Even if they do it will be a paltry 25 base points. There's a ways to go yet before we can open the champagne. fLS/TermFunding pushed down mortgage rates, stop them...guess what happens.... Quote Link to comment Share on other sites More sharing options...
Locke Posted October 30, 2017 Share Posted October 30, 2017 23 hours ago, ThePrufeshanul said: There's a good chance that rates aren't gong to increase. Even if they do it will be a paltry 25 base points. There's a ways to go yet before we can open the champagne. I can't prove it, but I have a nagging feeling that the BoE is going to lose control of interest rates very soon. Yes, there will be an "official" interest rate, but in the real economy, the interest rate will find other ways to rise. Look at Venezuela. When the BoE attempts to reign in natural interest rates, this will set off a massive change in £ value. Ultimately to zero, but massive deflation in the interim is possible as the drop in prices takes the place of rising interest rates (they are basically the same thing). Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted October 30, 2017 Share Posted October 30, 2017 49 minutes ago, Locke said: I can't prove it, but I have a nagging feeling that the BoE is going to lose control of interest rates very soon. Yes, there will be an "official" interest rate, but in the real economy, the interest rate will find other ways to rise. Look at Venezuela. When the BoE attempts to reign in natural interest rates, this will set off a massive change in £ value. Ultimately to zero, but massive deflation in the interim is possible as the drop in prices takes the place of rising interest rates (they are basically the same thing). I get that feeling also. in situations such as this its a case of "its ok until its not ok" aka a confidence trick. Just like if i pay you with oranges at some stage your not going to want another damn orange. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 30, 2017 Share Posted October 30, 2017 What's that old phrase....believe what they do and not what they say. What are they doing ? Quote Link to comment Share on other sites More sharing options...
maverick73 Posted October 30, 2017 Share Posted October 30, 2017 New deals will flood the market soon... ? Quote Link to comment Share on other sites More sharing options...
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