Fixed Rate Mortgages Still Increasing

[dpg50000]

Nationwide's 10 year fixed rate went from 4.79% to 5.04% about a month back. In the last day it's gone up to 5.08% - ok a small amount, but still 0.31 in just over a month with unchanged base rates.

Methinks the boiled frogs won't realise anything until it's too late.

[dpg50000]

Nationwide's 10 year fixed rate went from 4.79% to 5.04% about a month back. In the last day it's gone up to 5.08% - ok a small amount, but still 0.31 in just over a month with unchanged base rates.

Methinks the boiled frogs won't realise anything until it's too late.

And now it's up to 5.18%, so 0.39% on the rate in a few months without any changes in the base rates.

0.39% as a percentage of 4.79% means the cost of servicing the mortgage has gone up by about 8%.....

Good job there is no inflation or lax lending leading to bad debt, eh? :angry:

[Ignorant Steve]

And now it's up to 5.18%, so 0.39% on the rate in a few months without any changes in the base rates.

0.39% as a percentage of 4.79% means the cost of servicing the mortgage has gone up by about 8%.....

Good job there is no inflation or lax lending leading to bad debt, eh? :angry:

But the new rates only apply to new applicants. There is no increase to those who have an existing 10 yr fixed mortgage - so their cost of servicing the mortgage remains the same.

[Realistbear]

Looks like the lenders are doing Gordon's job for him. Can't beat the market--not even the Miracle Worker can do that.