117 M34 said:Millwallawayveteran1988 said:If it is any help, I went to a presentation last week by the Chief Economist of a very large Fund Management group.
Current thinking is that the first interest rate rise will be around June next year and will be a 0.25% increase. Interest rates will then continue to rise over time and peak at around 2.5% in a few years time.
This will however be dependent upon continued economic recovery. Any signs of a slow down and this will be put back further.
Obviously might just be guesswork but thought it might be of interest.
That is pretty much what the guy at the Halifax told me.
I've decided to go for the higher interest rate (3.89%) for the 4 year fix. I think it will work out best in the long run.
I agree, I would have fixed much lower even if only for two/three yearsdickie davies said:117 M34 said:Millwallawayveteran1988 said:If it is any help, I went to a presentation last week by the Chief Economist of a very large Fund Management group.
Current thinking is that the first interest rate rise will be around June next year and will be a 0.25% increase. Interest rates will then continue to rise over time and peak at around 2.5% in a few years time.
This will however be dependent upon continued economic recovery. Any signs of a slow down and this will be put back further.
Obviously might just be guesswork but thought it might be of interest.
That is pretty much what the guy at the Halifax told me.
I've decided to go for the higher interest rate (3.89%) for the 4 year fix. I think it will work out best in the long run.
I think you're mad
Currently boe base rate is 0.5%
If you can find a deal that is fixed 1% or less over base rate, you're on a winner
To surpass 3.89, the bank of England will have to increase interest rates 10 times
squirtyflower said:it all depends how good your variable one is now tbhBlue Til Death said:I am currently on a variable deal but realise that the low Interest rates are going to have to rise in the not too distant future.
Its not going to be an easy decision to jump to a fixed term deal from what I pay now.
What do you financial sages on here think, obviously once the BOE decide its happening its too late to get the best deals.
Any sensible advice gratefully received.
but the outlook is rate rises within the next six months
i fixed ours last month
Tueartsoverhead kick said:When we moved into our new house 7yrs ago I took out a 10yr fixed rate mortgage which was just before the interest rates started to fall, in hindsight was this a good thing to have done and would it mean that we have been paying off our mortgage quicker ?? it has always confused me :(
dickie davies said:Tueartsoverhead kick said:When we moved into our new house 7yrs ago I took out a 10yr fixed rate mortgage which was just before the interest rates started to fall, in hindsight was this a good thing to have done and would it mean that we have been paying off our mortgage quicker ?? it has always confused me :(
The good news is that when you signed up you knew exactly how much you'd be paying for the next 10 years.
The bad news is that in hindsight, you'd have been better off with a variable rate,
What was your fixed rate?
I was fortunate and was advised to take a fixed rate above base rate and I've saved thousands over the last eight years and I mean thousands
Tueartsoverhead kick said:dickie davies said:Tueartsoverhead kick said:When we moved into our new house 7yrs ago I took out a 10yr fixed rate mortgage which was just before the interest rates started to fall, in hindsight was this a good thing to have done and would it mean that we have been paying off our mortgage quicker ?? it has always confused me :(
The good news is that when you signed up you knew exactly how much you'd be paying for the next 10 years.
The bad news is that in hindsight, you'd have been better off with a variable rate,
What was your fixed rate?
I was fortunate and was advised to take a fixed rate above base rate and I've saved thousands over the last eight years and I mean thousands
Yes that's why we took out the fixed rate because we were comfortable with the monthly amount , so with you saving thousands does that mean we would have to ?
dickie davies said:Tueartsoverhead kick said:dickie davies said:The good news is that when you signed up you knew exactly how much you'd be paying for the next 10 years.
The bad news is that in hindsight, you'd have been better off with a variable rate,
What was your fixed rate?
I was fortunate and was advised to take a fixed rate above base rate and I've saved thousands over the last eight years and I mean thousands
Yes that's why we took out the fixed rate because we were comfortable with the monthly amount , so with you saving thousands does that mean we would have to ?
Probably
I was fortunate to know someone who gave me fantastic advice and for once in my life I made the right financial decision.
Do not regret your decision to fix your rate. At the time it was, for you, the right decision to make
If you start worrying about it now, it'll eat you up
Did you fix on about 4.99%?
Tueartsoverhead kick said:dickie davies said:Tueartsoverhead kick said:Yes that's why we took out the fixed rate because we were comfortable with the monthly amount , so with you saving thousands does that mean we would have to ?
Probably
I was fortunate to know someone who gave me fantastic advice and for once in my life I made the right financial decision.
Do not regret your decision to fix your rate. At the time it was, for you, the right decision to make
If you start worrying about it now, it'll eat you up
Did you fix on about 4.99%?
We fixed it on 5.34%