Making the news today....

[Johnsond]

Interest rates surge to 2.25% hitting 14-year high - what it means for your cash

APPLE.NEWS

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The Bank of England has today confirmed it is hiking interest rates from 1.75% to 2.25% in what is...

Coming off a 5  year fixed rate deal mortgage  in jan next year so been shopping around today, so far it looks like im gonna be about £140 a month worse off. I guess those further up the money chain who were unhappy with the way of things pre covid are now a lot more contented with how things are. 

[Retired Climber]

4 hours ago, Johnsond said:

Interest rates surge to 2.25% hitting 14-year high - what it means for your cash

APPLE.NEWS

---

The Bank of England has today confirmed it is hiking interest rates from 1.75% to 2.25% in what is...

Coming off a 5  year fixed rate deal mortgage  in jan next year so been shopping around today, so far it looks like im gonna be about £140 a month worse off. I guess those further up the money chain who were unhappy with the way of things pre covid are now a lot more contented with how things are. 

About bloody time. Interest rates have been a joke for quite some time now, especially when you also consider the inflation rate. 

[Commando]

33 minutes ago, Retired Climber said:

About bloody time. Interest rates have been a joke for quite some time now, especially when you also consider the inflation rate. 

I wonder if "Young Climber" has the same opinion..🤔

[Retired Climber]

2 minutes ago, Commando said:

I wonder if "Young Climber" has the same opinion..🤔

Fair point, but interest rates have been ridiculously / unsustainably low. If 'young clinber' needs them this low his financial plans are fundamentally flawed. 

[Commando]

9 minutes ago, Retired Climber said:

Fair point, but interest rates have been ridiculously / unsustainably low. If 'young clinber' needs them this low his financial plans are fundamentally flawed. 

I was reading somewhere that if interest rates hit 5% it would cripple most mortgage holders! I guess there are a lot of financially exposed people out there…

Edited September 22, 2022 by Commando

[GarethM]

And a housing market that's due a reality check, all those empty luxury high rise flats in London.

 

All purchased as investments, when really they could have been half the size and sold at a reasonable price instead of forcing low earns miles into the suburbs or into ghetto style accommodation.

[Retired Climber]

7 minutes ago, Commando said:

I was reading somewhere that if interest rates hit 5% it would cripple most mortgage holders! I guess there are a lot of financially exposed people out there…

A lot of people are going to get a rather abrupt reality check. 

[Stubby]

44 minutes ago, Retired Climber said:

A lot of people are going to get a rather abrupt reality check. 

Some people on the south coast might get their beach huts repossessed !

[Mick Dempsey]

Some of us have lived through booms and busts, good times and bad.

Stuff happens, life’s not always fair.

We’re not being bombed by the Nazis, things could be worse.

[Retired Climber]

13 minutes ago, Stubby said:

Some people on the south coast might get their beach huts repossessed !

Anyone daft enough to buy a beach hut on credit deserves to be thrown in the sea. Personally, I can't see the appeal anyway, but if you can't afford it, don't buy it.