ChatterBank1 min ago
Finally, An Interest Rate Rise.
25 Answers
First in 10 years although it is only returning to what it would have been had Carney not tried to badmouth Brexit with it.
Still must have a fair way to go to stem inflation, 1% by 2019 perhaps?
http:// news.sk y.com/s tory/li ve-boe- expecte d-to-ra ise-int erest-r ates-11 109529
Still must have a fair way to go to stem inflation, 1% by 2019 perhaps?
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For more on marking an answer as the "Best Answer", please visit our FAQ.I read this morning that many households will be "pushed to the brink" by this rise. Households with a £200k variable rate mortgage will see their repayments rise by £25 per month. Wow!. Almost as much as two weeks' mobile phone subscription, two and a half packs of cigarettes, a bottle of wine a week or two pints of beer a week. And all you get for that is a roof over your head.
Yes, I saw that too Judge and I really do wonder about it. One of my daughters at the age of 24 has a 300k mortgage. She seemed ok with this and said they took it into account at the time and got a fixed rate one 6 months ago.
To be honest if you will struggle paying another £25.00 then you are in over your head. Probably best to call it a day now as the interest rate will only go one way from now.
To be honest if you will struggle paying another £25.00 then you are in over your head. Probably best to call it a day now as the interest rate will only go one way from now.
Jim, there will be a few who are in the situation through no fault of their own such as redundancy and sickness. However many are simply over their heads with too much mortgage, a couple of cars on tick and everything in the house on tick. Basically they do not live within their means and so will suffer the consequences.
New Judge, I always love your take on things and all your knowledgeable post. I totally agree with your sentiments! IMO that is what's wrong with society today! Wrong priorities that's for sure, plus the fact they take out so much credit for things that often aren't needed etc....that any little rise in repayments totally floors 'em. Should have lived in my day lol....didn't have the money you couldn't have....roof over our head and sorting living costs were the priorities...
Of course circumstances change and for them it is devastating. However many younger people have grown up with thinking if you want something you can have it...despite the potential cost. As for lenders not allowing people to take out more than they can afford, from experience with younger family members that goes by the by.....with the cards in their possession they are offered more and more credit and those not considerate of future circumstances or who don't care less...will take the loans and damn the consequences. People rarely IMO plan ahead for unforeseen problems.
//Most people do not intentionally get in over their heads //
Depends what you mean by intentionally. I would class those that dont bother to think of the consequences as being intentional and yes, lenders do lend money - haven't you seen all the furore on car loans recenlty there was enough of it.
And I acknowledged for some, circumstances change.
So, I still think your original catch-all statement is sanctimonious rubbish.
Depends what you mean by intentionally. I would class those that dont bother to think of the consequences as being intentional and yes, lenders do lend money - haven't you seen all the furore on car loans recenlty there was enough of it.
And I acknowledged for some, circumstances change.
So, I still think your original catch-all statement is sanctimonious rubbish.
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