Rising interest rates

[Orangesandlemons77]

So it looks like there might be more interest rate rises coming, just wondered how it will impact on people. How will it impact you?

but I thought you said you could work term times? I suppose I'm just confused why you can't work when child is in school? Others do.

@MrsTruss my DS has started secondary school although it's been very difficult and it's early days. He has various spectrum related disorders. He was a high needs child and I couldn't work. I am hoping as he settles that it will mean a change for me. I'm a lone parent and have no support. I gave up everything including my 25 year city career. It's not a life I would have chosen. Many or most carers receive carers allowance because they can't work. It's an insulting amount though. I hope that makes things clearer.

Ok I understand. Good luck to you.

Thank you! I think we're all going to need some luck going forward 🤞

OMG! Interest rates at 5.1% today!!

My friend fixed his mortgage yesterday at 4.42% . The day before yesterday he was offered 3.92 but didn't close it.

If you wanted to move but are going to end up staying put for now, would you fix for 2 or 5 years? Difference in payments is only small so that isn't a concern.

We have a tracker which is very annoying. Our mortgage has already gone up to about £500 a month and will continue to increase. We can afford it even if it goes up to £5k a month but will struggle beyond that.

We can afford it even if it goes up to £5k a month but will struggle beyond that.

lol

Fuck me. On the whole I hate the majority of posts on this site which target abuse at higher earners. But I’m going to make an exception with your post. Not that I’m going to chuck abuse, but do you not think it’s a bit I sensitive to state that you’d be ok with £5k a month mortgage payments?!

I think it’s difficult to reply - some people prefer certainty re their budget, others would rather hedge their bets.

personally, I prefer certainty over my monthly outgoings. Definitely worth ensuring that your lender makes porting as stress free as possible (ie porting/moving your deal to a new property). If you hope to move in a few years, it might be worth going with a lender that might cost a few pounds more a month but that ensures that porting is easy.

Sorry, meant to add. This is difficult to answer. It really depends on your attitude to/view on risk.

Personally, I’d rather fix for longer and have the CERTAINTY of knowing my figures for monthly budgeting. Others would rather take the risk in the hope that rates go down again before the end of a 2 year deal.

For me, the certainty alleviates the stress of “what could come next”. Not going to lie, I still think “I don’t want to end up paying more than I have to”. I tend to do 5 yea4 fixes. It’s worked out well in the past - it’s now a bit of a worry as still have 9 months to go. But I’ve had an ok run, so now need to work my way through this situation.

Additionally, if you’re on a tracker then, correct me if I’m wrong, am sure you can switch deals with no penalty whenever you want? If so, why on earth don’t you look to fix a rate now for your preferred length of time (2/5 years etc)? That way, you’d know that you won’t need to pay out more before the deal ends.

Because such people live in a bubble… Most of them wouldn’t understand!