Social Media Posted December 15, 2022 Share Posted December 15, 2022 The Bank of England has once again raised interest rates – this time by 0.5 percentage points – taking the base rate to 3.5%. This is the ninth rise since last December. So what does this mean for your finances? How will it affect mortgage payments? Today’s move is yet more bad news for the approximately 2.2 million people on a variable rate mortgage, who are already having to contend with a raft of rising costs. Many now face paying hundreds of pounds extra a year. Link to comment Share on other sites More sharing options...
puchooay Posted December 15, 2022 Share Posted December 15, 2022 My first rule whenever I looked at getting a mortgage. Work out what the payments would be in the case of an interest rate increase of upto 5%. Link to comment Share on other sites More sharing options...
MRToMRT Posted December 16, 2022 Share Posted December 16, 2022 12 hours ago, Black Ops said: So what does this mean for your finances? Not much really, but I don't have a mortgage or enough savings to make a big difference on savings. Hopefully it will be a catalyst to bring inflation down as they plan. Link to comment Share on other sites More sharing options...
Chomper Higgot Posted December 16, 2022 Share Posted December 16, 2022 16 hours ago, puchooay said: My first rule whenever I looked at getting a mortgage. Work out what the payments would be in the case of an interest rate increase of upto 5%. Pre-loan mortgage illustrations include an explanation of the impact of interest increases on loan repayments. It’s been a requirement for a long while already. Link to comment Share on other sites More sharing options...
puchooay Posted December 16, 2022 Share Posted December 16, 2022 1 hour ago, Chomper Higgot said: Pre-loan mortgage illustrations include an explanation of the impact of interest increases on loan repayments. It’s been a requirement for a long while already. It's a shame many people chose to ignore them. I've never been offered one. Must be as I've been mortgage free for quite awhile now. It's easy to do with forward planning. Link to comment Share on other sites More sharing options...
Chomper Higgot Posted December 16, 2022 Share Posted December 16, 2022 19 minutes ago, puchooay said: It's a shame many people chose to ignore them. I've never been offered one. Must be as I've been mortgage free for quite awhile now. It's easy to do with forward planning. You’re amazing. Well done you. Link to comment Share on other sites More sharing options...
puchooay Posted December 16, 2022 Share Posted December 16, 2022 4 minutes ago, Chomper Higgot said: You’re amazing. Well done you. Nothing amazing about it. It's all very simple mathematics with a little economics thrown in. No need to praise me. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now