Interest Rate Up
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Re: Interest Rate Up
Bank of England raises base rate from 3.5% to 4%
(BBC)
(BBC)
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Re: Interest Rate Up
Great news
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Re: Interest Rate Up
For the banks
Re: Interest Rate Up
And savers. Just relieved I'm on a fixed mortgage until 2025, I'm praying everything is back to normal by then as I can't afford a few more hundred a month.
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Re: Interest Rate Up
Our fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.
Re: Interest Rate Up
Curious as to why you used a solicitor just for a new mortgage deal?jedi_master wrote: ↑Thu Feb 02, 2023 1:17 pmOur fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.
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Re: Interest Rate Up
We didn't Taio, HSBC appointed them to sort the simple things out (land registry alteration as we got married, etc). Unfortunately their communication was non existent, their incompetence delayed things repeatedly and so on. I would probably not fix with HSBC again as I believe they do all remortgage work using Integrar.
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Re: Interest Rate Up
Obviously things change but this could be the last rate hike for quite a while. In fact, the next move from the BoE will likely be rate cuts rather than hikes (this is what markets are currently pricing in anyway). I hope so anyway, I’m a first time buyer and will be moving to London at some point this year, where housing is currently completely unaffordable even with a well paid job.jedi_master wrote: ↑Thu Feb 02, 2023 1:17 pmOur fixed rate was up December 1st - £220 a month more, and that was the best we could find (with HSBC). Horrific time sorting it out as well with the solicitors appointed being absolutely appalling (Integrar). Fixed for 5 year but genuinely considered 10+ just out of fear of what the Hell it will be in 2027! Surely things settle by then.
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Re: Interest Rate Up
Things should stabilise but they won’t go back to the levels they were a year or two ago for a long time.
Re: Interest Rate Up
I'm with HSBC and I've always found that HSBC or Nationwide tend to offer the best deals. I recently fixed for two years after always fixing for five years.jedi_master wrote: ↑Thu Feb 02, 2023 1:23 pmWe didn't Taio, HSBC appointed them to sort the simple things out (land registry alteration as we got married, etc). Unfortunately their communication was non existent, their incompetence delayed things repeatedly and so on. I would probably not fix with HSBC again as I believe they do all remortgage work using Integrar.
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Re: Interest Rate Up
HSBC definitely had the best rate by a long distance in December, for sure.
We were with Halifax and to fix for another 5 with them was over £400 a month more.
Re: Interest Rate Up
Now is a really good time to overpay if locked into a say 4% - 5% deal and affordable.
Re: Interest Rate Up
Not good for savers because very few banks are passing on the interest rate rises, or if they do it has to be dragged out of them, and even then it’s often only for new accounts.
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Re: Interest Rate Up
Despite no more hikes being planned I’d suggest being very wary of expecting them to come down. I’d budget on 4% base rates for years to come, any reduction is a bonus.
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Re: Interest Rate Up
NS&I have just released a new 1 year account at a high level, over 4% I think from memory, a few banks have too. For instant access there are loads of good deals in the 2%-3% range, there are also business savings accounts in that range such as Virgin.
Re: Interest Rate Up
I need to get off my backside and shop around. We have a lot of savings and no mortgage so in theory today’s news should be good.
I keep watching Martin Lewis but there’s so much content in his programs my head is cabbaged by it all
I keep watching Martin Lewis but there’s so much content in his programs my head is cabbaged by it all
Re: Interest Rate Up
Suggest a stocks and shares ISA investment fund if you can set aside for five years or more.
Re: Interest Rate Up
Possibly never. The last 10 years or so have had artificially low rates based on government policy that appeared to consist of spending far more than we have got, and paying it back by printing more money. It might be a long time before that's repeated. (Hopefully.)
Base rate has only been below 2% two or three times in the last 500 years. Even when inflation is zero, you would expect a positive base rate.
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Re: Interest Rate Up
Not good for savers? Although most of my liquid assets are tied up in investment funds, I still have a chunk of cash sat in an interest bearing account in a bank in Burnley. Prior to interest rates going up I was getting a measly £40/month, with the interest rises this has shot up to almost £300/month, without it having to be “dragged out of them”. These were automatic increases, which is standard banking practice.
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Re: Interest Rate Up
Being on a lifetime tracker I've had a good run for the last 15 years.
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Re: Interest Rate Up
How much cash you got swilling around to generate £300/month interest? I got £25/month now on what I thought was a fair amount of savings!Vino blanco wrote: ↑Thu Feb 02, 2023 2:21 pmNot good for savers? Although most of my liquid assets are tied up in investment funds, I still have a chunk of cash sat in an interest bearing account in a bank in Burnley. Prior to interest rates going up I was getting a measly £40/month, with the interest rises this has shot up to almost £300/month, without it having to be “dragged out of them”. These were automatic increases, which is standard banking practice.
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Re: Interest Rate Up
Sufficient.Rick_Muller wrote: ↑Thu Feb 02, 2023 2:43 pmHow much cash you got swilling around to generate £300/month interest? I got £25/month now on what I thought was a fair amount of savings!
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Re: Interest Rate Up
Interest rates go up
Mortgage costs go up
Inflation goes up
Am I missing something?
Mortgage costs go up
Inflation goes up
Am I missing something?
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Re: Interest Rate Up
Yes
Interest rates go up
Mortgage costs go up
Inflation goes up
Burnley going up
B**tards staying down
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Re: Interest Rate Up
Genuine question. When interest rates go up and mortgage repayments increase in line with it, who gets the extra money we have to find each month? I would assume it’s the banks getting a massive free windfall at our expense.
Re: Interest Rate Up
Why? I'd have thought the very worst time to overpay and I believe I could put any spare funds to work to get more than 4%, obviously I am not talking about emergency cash needed.
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Re: Interest Rate Up
You’re not Dave are you? But seriously you have cash most can only dream of, and I thought I was doing Ok in life. Congratulations (in the sincerest of ways)
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Re: Interest Rate Up
Feel sorry for mortgage payers now, but we had to endure interest rates from lenders in the teens when we first started paying off our mortgage. Then when we had money in the bank, we endured fractions of 1% interest rates. Having said that, I do not feel sorry for any borrowers who have over-stretched themselves to live above their means
Re: Interest Rate Up
On the other hand, I can't understand anyone keeping that kind of cash, but that's just me, understand I am smart, I took my cash out and went into crypto, I'm only 85+% down now after yesterdays little pumpRick_Muller wrote: ↑Thu Feb 02, 2023 4:30 pmYou’re not Dave are you? But seriously you have cash most can only dream of, and I thought I was doing Ok in life. Congratulations (in the sincerest of ways)
Re: Interest Rate Up
Because not everyone will get a return on investment greater than the APR on their mortgage. I would suggest overpaying alongside investing in a stocks and shares ISA and holding a proportion of savings in an instant access account. No single approach
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Re: Interest Rate Up
wouldn't having a mortgage as big as possible be of interest to someone of your alleged wealth, Vino? Tax deductible and all that.....?
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Re: Interest Rate Up
I don't have a mortgage at all or any other borrowings or debts. Yes, I do pay quite a large amount in tax, though I am happy to do so as a tax-paying citizen.
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Re: Interest Rate Up
The UK takes the financial p*** out if it's citizens.
I'm just on the front in Marbella for my 70th birthday treat.
Beautiful restaurant overlooking the med.
We ate like Kings and Queens, the full monty of starters with king prawns, mussels etc, fillet steaks cooked to perfection, deserts to die for. Top quality wines....works out £31 per head.
Can't believe I still live in UK!!
Christ...it's cheaper than a crap Chef & Brewer !
Time for a revolution!
I'm just on the front in Marbella for my 70th birthday treat.
Beautiful restaurant overlooking the med.
We ate like Kings and Queens, the full monty of starters with king prawns, mussels etc, fillet steaks cooked to perfection, deserts to die for. Top quality wines....works out £31 per head.
Can't believe I still live in UK!!
Christ...it's cheaper than a crap Chef & Brewer !
Time for a revolution!
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Re: Interest Rate Up
This takes the pxxx record profits for Bank of England yet the greedy bxxxxxxs put up rates
Our repayments have gone up by £200 in a year
Our repayments have gone up by £200 in a year
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Re: Interest Rate Up
Loads of great savings rates out there.
Coventry Building Society have consistently been amongst the best since rates started to move up.
Chase decent rate and their app is very good indeed.
Use an aggregator site like Martin Lewis’
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Re: Interest Rate Up
Not really how B of E works - it’s there as lender of last resort and to prop up the bank system or in the last few months after the Truss budget debacle to save the government and pension market.Woodleyclaret wrote: ↑Thu Feb 02, 2023 5:26 pmThis takes the pxxx record profits for Bank of England yet the greedy bxxxxxxs put up rates
Our repayments have gone up by £200 in a year
The country would have collapsed a few times without the B of E.
The greed is from the commercial banks.
Interest rates do not go up and down to generate profits. They are an economic tool - mainly used to manage inflation.
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Re: Interest Rate Up
As I understand it, the Bank of England is owned by the UK Government and its residual profits go to H.M. Treasury.
Re: Interest Rate Up
This is correct.Vino blanco wrote: ↑Thu Feb 02, 2023 6:50 pmAs I understand it, the Bank of England is owned by the UK Government and its residual profits go to H.M. Treasury.
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Re: Interest Rate Up
How big a deal is the collapse of the Silicone Valley bank and it's UK subsidiary?
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Re: Interest Rate Up
In reality the Bank of England is semi-autonomous after legislation around 87, which gave them some freedom from Gov't intervention based upon Gordon Brown's light touch approach.Big Vinny K wrote: ↑Thu Feb 02, 2023 6:37 pmNot really how B of E works - it’s there as lender of last resort and to prop up the bank system or in the last few months after the Truss budget debacle to save the government and pension market.
The country would have collapsed a few times without the B of E.
The greed is from the commercial banks.
Interest rates do not go up and down to generate profits. They are an economic tool - mainly used to manage inflation.
Labour had a 'third way' approach based upon the work of the likes of Anthony Giddens whereby capital created the wealth and Gov't spent it on good works and social equity.
What actually happened was Labour created economic growth based upon consumer credit and the debt of the working classes, which then crashed
the economy because the debt just became too much.
In the states Bill Clinton adopted a similar approach and what we ended up with was a cataclysm of bad debt, which the the banks started to trade largely because the baara boys sim[ply didn't understand the complexity of the trades.
The middle class narcissist's that comprise the Left always deny this but it is undeniably true that Labour and the democrats crashed the world economy based upon the debt of the working classes and light touch regulation of the banking sector.
And yes, I blame ALK because let's be honest why not....!
And I predict that this will get this thread deleted..."
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Re: Interest Rate Up
ClaretPete001 wrote: ↑Sat Mar 11, 2023 10:08 pmIn reality the Bank of England is semi-autonomous after legislation around 87, which gave them some freedom from Gov't intervention based upon Gordon Brown's light touch approach.
Labour had a 'third way' approach based upon the work of the likes of Anthony Giddens whereby capital created the wealth and Gov't spent it on good works and social equity.
What actually happened was Labour created economic growth based upon consumer credit and the debt of the working classes, which then crashed
the economy because the debt just became too much.
In the states Bill Clinton adopted a similar approach and what we ended up with was a cataclysm of bad debt, which the the banks started to trade largely because the baara boys sim[ply didn't understand the complexity of the trades.
The middle class narcissist's that comprise the Left always deny this but it is undeniably true that Labour and the democrats crashed the world economy based upon the debt of the working classes and light touch regulation of the banking sector.
And yes, I blame ALK because let's be honest why not....!
And I predict that this will get this thread deleted..."
Subjective crap. And no I can't be arsed to give it a response.
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Re: Interest Rate Up
Was a feature on Sky news about this earlier in the evening.GodIsADeeJay81 wrote: ↑Sat Mar 11, 2023 9:44 pmHow big a deal is the collapse of the Silicone Valley bank and it's UK subsidiary?
Apparently, most financial institutions in America will be crapping themselves over the weekend
until they see which way things are going and how low the Dow Jones plunges, because make no
mistake, it will go down, just a matter of how far before it stabilises and how much money people will lose.
That's what they're saying anyway.
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Re: Interest Rate Up
Apparently it's also a big issue for some of the crypto peopleElectroClaret wrote: ↑Sat Mar 11, 2023 10:50 pmWas a feature on Sky news about this earlier in the evening.
Apparently, most financial institutions in America will be crapping themselves over the weekend
until they see which way things are going and how low the Dow Jones plunges, because make no
mistake, it will go down, just a matter of how far before it stabilises and how much money people will lose.
That's what they're saying anyway.
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Re: Interest Rate Up
I think invading Belgium would help. They are hardly going to put up a fight.
It may not help the economy, but nicking all that chocolate and beer would keep the spirits up of the female and male population of this country.
But they can keep the mayonnaise on chips. F***ing weirdos.
It may not help the economy, but nicking all that chocolate and beer would keep the spirits up of the female and male population of this country.
But they can keep the mayonnaise on chips. F***ing weirdos.
Re: Interest Rate Up
Cash ISA Barclays 1 year flexible fix (you can make 3 withdrawals) 4% interest. No tax. £20,000 permitted before April 5th. Another £20,000 from 6th.