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Banks are pulling their cheapest mortgage deals

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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 Money Mail research found 35 lenders had either increased rates or withdrawn their best deals since the beginning of the month.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.

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Were they called cynics when they reduced interest rates for savers...and fell over themselves to support and protect debtors...?

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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.

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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 by interestrateripoff

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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....

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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).

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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.

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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