What are people doing? Were on a fixed 4.95% at the moment and can't see anything lower than 5.65% going up to 7% !!!!! I think we can cope with other costs and rises accordingly but this is really worrying me
yeah thats what i can see happening to us, I am a student nurse and dh earns rubbish money after being made redundant and starting again, he has a secure job and loves it but not much money. I think I might rent our spare room out to another nursing student or something but dh not keen, case of needs must I think?
Stop worrying, May's a long way off and interest rates are forecasted to come down by then.
Very timely but got moneysavingexpert newsletter this morning, ashamed to say that I never get around to looking at it properly which I should (ironically too busy working to try and pay everything!) but this looks promising for you - you can fix a deal now:
"Finally mortgages are getting cheaper To the relief of stretched homeowners, the sun's peeking through the mortgage clouds. In the last week Abbey, HSBC, RBS & Natwest amongst others joined Nationwide, Halifax, First Direct and C&G in offering new cheaper fixed deals. Some pretty decent rates are now around e.g. two years fixed at 5.6% with a £500 fee, substantially lower than a few months ago.
Does your deal end in the next six months? It's possible to search now and reserve the best rate you find for a small fee. While some predict rates are going to keep dropping, if they do shoot back up, this means you're sorted, and if they fall ditch it for a better rate and you only lose the relatively small booking fee.
Find the best deal, use the free broker-plus technique. First ensure you're fully briefed on exactly what to look for, read the free 40 page Remortgage or Mortgage guides. After that find the best specific deal, use a whole-of-market mortgage broker, then check for any direct-only deals brokers can't advise on (read the Free Mortgage Advice article for a full explanation)."
yeah been looking at that, I am with nationwide and went on their site but best deals are still quite a jump from what were on. Hoping that interest rates will drop as you say because people are just going to stop spending and so many companies and jobs are going it cant go on much longer can it?
Forecast is for 3.5% next year, assuming inflation steadies itself. The gov will be under pressure on rates as there are going to be further house price falls and a lot more redundancies so they'll have to be seen to be doing something.
hmmmm ours is 79,000 which is pretty low I guess for these days, I was wondering about the One Account? sticking mortage and loan in together and seeing if rate DOES drop if we do that mortgage shrinker thing in a couple of years when I finish training and work full time