Poll: Interest Rates - Do you have a mortgage?

[Scurrilous Rumour]

With interest rates set to rise today for the 14th time in a row, I was curious to see how many people on the forum had a mortgage.

My guess is that the SAUK demographic leans heavily toward people renting, in which case the interest rate rise will be a sort of abstract issue, but I know from my workplace colleagues who have mortgages that their increase in monthly payments are a very pressing concern. So I thought I would do a quick straw poll, just to get a rough idea.

[BFG_]

Yes fixed for 10 years at 2.1%, never really understood why everyone didn't go for 10 year fixed deals it wasn't like the base rate was going to go any lower.

I found it interesting that shortly after we got our mortgage the banks stopped doing affordability checks. Almost as if they knew what was about to happen with the base rate and didn't want another huge ppi payout.

[Seagull]

Utter shitemare for so many, luckily I had enough savings to pay mine off a few months back otherwise monthly payments would have rocketed once I came out of my two year fixed rate, which was 1.8%

You've done brilliantly on that fix BFG, great foresight.

[BFG_]

^amusingly with our savings taken into account the banks actually paying us to borrow their money.

[anewyear]

Flippin'eck BFG how'd you get a 10 year one? I was feeling like Mr Smugalufucus getting a 5 year fix

[BFG_]

^fluke I guess our 5 year fixed came to an end and we moved about 2 months later. 10 year fixed was offered so we grabbed it. Probably some people didnt go for a 10 year fixed at the time as it probably makes it awkward to move.

[Jen.]

Yes. A couple of a months ago I got a two year fixed deal at 4.63%, before that it was 1.7%. I've always overpaid every year so the difference ended up not being bad at all - increasing from around £340 a month to £447 (which still seems very affordable - that's for a four bedroom house, I know people paying more than twice that just to rent a one bedroom flat). It's always a gamble either way, but it didn't seem worth taking a chance on a 5 or 10 year since if rates do rise another few % by the time my two year deal ends then it will still be relatively very cheap. Must suck to be at the beginning of a mortgage though, even 1 or 2% could make a big difference then.

[BFG_]

^it is a rediculous world we live in our mortgage is less than the rental price for a 1 bed flat in our area. Not a level playing field for people trying to make it in the world today.

[Dougella]

^^ Wow, that's how much your mortgage for a four bedroom house is! Like you say, rents for the same kind of place are literally in the thousands. It's impossible to find a one bedroom flat for less than £600 a month where I live right now.

[newbs16]

I'm pleased that I didn't have a two year fixed as my interest rate was very competitive about two and half years ago, now the interest rate is ridiculously high.