You may be ok in that once inflation is under control the rates should come back down and if you are lucky this will be before your fixed rate ends.Can someone help me please?
I got my first mortgage in 2020 just before the pandemic hit.
It's on a fixed rates until early 2025.
But with what's going on at the moment mean I will likely get a massive leap in 2025?
Sorry I am trying to learn a lot more on things like this now I am a home owner.
A lot can change between now and then in terms of interest rates, but also keep in mind you will have a better loan to value in your property after paying off 5 years worth of mortgageCan someone help me please?
I got my first mortgage in 2020 just before the pandemic hit.
It's on a fixed rates until early 2025.
But with what's going on at the moment mean I will likely get a massive leap in 2025?
Sorry I am trying to learn a lot more on things like this now I am a home owner.
No, as long as you’ve not overreached yourself. When I first bought a house, in 1993, the interst rate was 7% and it went to double digits during the 90’s.my 5 year fixed mortgage rate runs out next year (end of November) am i screwed ?
Thanks for replyA lot can change between now and then in terms of interest rates, but also keep in mind you will have a better loan to value in your property after paying off 5 years worth of mortgage
they could do more by limiting what energy companies can increase charges for, I know the volatility in the market means energy prices are fluctuating but the gov could easily say that things like standing charges should remain static. and if a company advertises themselves as 100% renewable electric then they should be very limited in what they can charge increase wise on that.Bailey hasn't explained how raising interest rates brings down energy or fuel or food costs. These are essential items and are rising due to market forces outside the UK. ?
Work out what another 5% of your mortgage is devide it by 12 that's how much it could go up by. That will give you your answer.my 5 year fixed mortgage rate runs out next year (end of November) am i screwed ?
Couple of years of inflation is great news for the government and why Sunak’s plan of cutting taxes in 2 years was much more sensible (if you believe cutting taxes is the priority, of course) than the Truss ‘plan’.You may be ok in that once inflation is under control the rates should come back down and if you are lucky this will be before your fixed rate ends.