Interest rates up to 5.75%

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Minipeace

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Well the bank of england have raised them again. For me its good news as I'm a saver but not great if you have a morgage.
On the news they said it would be an extra 16 for every 100000 borrowed.
They were also warning about the fixed rate morgages that people are about to come off.
I've heard a few say they think it may go up again before Xmas.
Boom and bust come to mind over this.
I wonder if the housing market will fall again if things carry on this way.
 

simonelsey

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im ok Im on a very very long fixed rate one 14 years fixed.. im very happy
 

neil fallows

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I used to pay 15% years ago.Anyway about time they looked after savers,saying that they wont put that up as quick.
 

JOHN_M

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I'm with you minipeace I'm a mortgage free saver too, keep the interest rates going up I say !
 

ubat

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It's hardly boom & bust, as Neil said, I also remember paying 15%, was not a good time......
 

Minipeace

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I think for some it will be boom and bust as the increase in bills, food and all bills is going to hit many with this new rate. Look how much council tax alone has gone up over the years. When it was 15% many lost their houses and house prices crashed but even at just 5.75% many will feel the pinch.
I would like the rates to continue as a saver (note 38 years old and semi retired) but I feel for those on the bread line already.

I move my money around and never keep all the eggs in one basket. Safe investment and no loyalty is what I find best.
 

DryNetNick

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Having just stepped onto the housing ladder, I'm O.K for the moment as we fixed for 2 years, but I'm hoping rates will come back down by 2009!
 
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