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[Entwood]

Be nice if interest rates went up ... I might actually get some return on my savings then .... as an old sod many of us "saved" for our retirement..... and at the moment the returns are pitiful..... 

[05omegav6]

This all seems a bit deja vue

Wasn't there a similar 'debate' three months ago

[Shackeng]

Be nice if interest rates went up ... I might actually get some return on my savings then .... as an old sod many of us "saved" for our retirement..... and at the moment the returns are pitiful..... 

 

[Sir Tigger KC]

This all seems a bit deja vue

Wasn't there a similar 'debate' three months ago

Probably, but no harm in chewing it over again.   

Where do you stand Al? 

[05omegav6]

Vertically as a rule

Fewer unemployed = more part time and agency staff, not more money in the economy. As basic wages rise hours will fall with reduced or removed benefits such as holiday pay, as part time and temporary staff are entitled to less. So unemployment will continue to fall as more and more fulltime positions become parttime

[05omegav6]

I suspect that the under employment figures paint a very different picture

[aaronjb]

However, as banks are basically run by criminals I've been paying a ridiculous 4.49%.

Think yourself lucky .. mine is a healthy 6.19%.  If I could switch (not sure there's enough equity in the house to cancel out the early redemption penalty) I could save as much as £300 a month!

[Field Marshal Dr. Opti]

However, as banks are basically run by criminals I've been paying a ridiculous 4.49%.

Think yourself lucky .. mine is a healthy 6.19%.  If I could switch (not sure there's enough equity in the house to cancel out the early redemption penalty) I could save as much as £300 a month!

6.19% with a base rate of just 0.5%......

Strewth, Aaron. The banks must be making a 'mint' out of you and laughing all the way to the ahem.... 'bank'.

Seriously though, I'd take the time to look into this daylight robbery.

[Field Marshal Dr. Opti]

However, as banks are basically run by criminals I've been paying a ridiculous 4.49%.

Think yourself lucky .. mine is a healthy 6.19%.  If I could switch (not sure there's enough equity in the house to cancel out the early redemption penalty) I could save as much as £300 a month[/i]!

£3600 per year is a lot of petrol.......holidays.......call girls, Aaron.

[aaronjb]

Unfortunately when I took the mortgage out (early 2009) that was the best interest rate I could get with my paltry 15% deposit .. it was hard to get good rates back then; a colleague of mine put down a 30% deposit on his and still only secured 4.19%.

I really must get mine valued - if it's increased in value a little bit then that would offset the early repayment penalty (some £11,000 right now) - in the long run it probably won't really save money on the mortgage as the repayment penalty is so large, but £300 a month would make things a whole lot easier money wise!

[Field Marshal Dr. Opti]

Unfortunately when I took the mortgage out (early 2009) that was the best interest rate I could get with my paltry 15% deposit .. it was hard to get good rates back then; a colleague of mine put down a 30% deposit on his and still only secured 4.19%.

I really must get mine valued - if it's increased in value a little bit then that would offset the early repayment penalty (some £11,000 right now) - in the long run it probably won't really save money on the mortgage as the repayment penalty is so large, but £300 a month would make things a whole lot easier money wise!

In that's the case, I'm quite pleased with a rate of 3.49% until October 2018. Especially as I originally took out a self-cert mortgage (Liar  loan ) which was way above the SVR of the time.

[aaronjb]

I'd be over the moon with 3.49% at this point in time

[Field Marshal Dr. Opti]

I'd be over the moon with 3.49% at this point in time

It's fortunate that you possess almost unlimited wealth, Aaron.

[aaronjb]

It's fortunate that you possess almost unlimited wealth, Aaron.

Ah, if only!

So I was looking at mortgages last night and, if I'm roughly right on the value of the house, it looks like the best options would be:

1) 2.19% for two years (then 5.99%), saving ~£450/mo
2) 3.34% for five years (then 4.49%), saving ~£330/mo

In overall terms the second saves considerably more, but that headline £450 a month would be very nice.

The question is.. what are interest rates going to do in the next ~24 months.  Does anyone have a crystal ball?

[Field Marshal Dr. Opti]

It's fortunate that you possess almost unlimited wealth, Aaron.

Ah, if only!

So I was looking at mortgages last night and, if I'm roughly right on the value of the house, it looks like the best options would be:

1) 2.19% for two years (then 5.99%), saving ~£450/mo
2) 3.34% for five years (then 4.49%), saving ~£330/mo

In overall terms the second saves considerably more, but that headline £450 a month would be very nice.

The question is.. what are interest rates going to do in the next ~24 months.  Does anyone have a crystal ball?

That's more like it.

6.19% is just taking the piss.