Anyone know how much mortgage interest rates might likely go up by over the next year?

[FreeBritnee]

We’re trying to move. Have accepted an offer on our house but cannot find a house to buy. We moved onto a variable mortgage rate (mortgage currently around 170k) so of course we’re moving into a situation where ideally we’d like to fix a mortgage before we get caught in the trap of increasing monthly payment but can’t find a house so may be in a situation where we have to stay put.

Anyone in the industry where they have any idea of what might happen. I know we need to try and control inflation but I know the economy can’t withstand interest rates that go too high. I lived through the crazy interest rates in the 1980s and am just so frustrated we might be forced to stay in an area we don’t want because of it.

@Chronicallymothering

Hey *@Starseeking* when this happened to us, as we’d booked the rate and done all the paperwork with the bank the rate was honoured. Depends how far on in the process you are. We got exceptionally lucky as we got a base + 0.1 tracker back in 2008, just as it was withdrawn.

Thanks for this. The only thing left for my solicitor to do in relation to the mortgage is draw down the funds, as everything else is in place.

It's not a huge chain, just me (already completed sale of old home and living with family) and vendor (buying a sheltered property with probate granted), though as she is elderly and has no email everything is being done in person, adding extra time to the process.

I was nervous that the delays may affect my mortgage, but it sounds like it won't, given the offer has already been extended to me.

Really helpful thread. We would be totally screwed if rates went up to 8%!

OP for your purposes all this discussion isn't relevant. Rates are super low right now. Get a mortgage right now. Then port it when you move and get a top up mortgage. The rate will be whatever the new rate is and it will be treated as a separate mortgage. The only rule is you have to have both with the same bank so pick wisely.