Interest Rate Rise Today By .25%

[Melendez]

Originally posted by tetley+Oct 6 2006, 10:24 AM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (tetley @ Oct 6 2006, 10:24 AM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Bar the Bull@Oct 6 2006, 09:22 AM
So if you have a lot of money to play with, floating/tracker mortgages are best for you.

If you have I strongly recommend you pay off your mortgage or any propotion you can. [/b][/quote]
I'm not exactly sure what you mean by "money to play with" but given the low mortgage interest rates and tax credit on the interest paid (in Ireland anyway), using a mortgage is a very cheap way of financing investments. Any fund manager who could not beat the current mortgage interest rates in the long term would shuffle nervously in his seat whenever a call came from the boss.

 

[Desert Orchid]

On the advice of a financial advisor, I am switching to a fixed rate as the ones I've been offered are substantially lower than the variable one I've been on. When I asked my BS about my current mortgage they were quite unhelpful. When I said, "So you've really just been screwing me for the last ten years?" the girl replied "Yes. Well, I don't mean it like that but you could have been paying a lot less if you'd been on fixed rates."

The fixed rate mortgages I've been told about have no tie-in and I'm free to switch to another at the end of the term.

 

[BrianH]

It's possible to obtain a mortgage at below base rate if you go to the right places

 

[Bar the Bull]

I am on a tracker below base.

 

[tetley]

What's a mortgage?

 

[Kathy]

Will they or won't they?

(the interest rate stay the same or go up today)

 

[Ardross]

I reckon it will go up !

 

[PDJ]

I do too, though I hope not.

 

[Ardross]

Absolutely - it will be Blossom Hill and not Sancerre !

 

[tetley]

I think the decision isn't until next week?

 

[Kathy]

Thanks, Tetley. For some unknown reason I thought it was this week.

 

[Venusian]

It's next week, and it might be a 0.50% rise.

 

[Desperate Dan]

I think the next announcement is 10th May.

 

[tetley]

I think you got it Dan, they always sit at the beginning of the month, but next Thursday is too early.

 

[Kathy]

I think the announcement is scheduled for midday today!

 

[Kathy]

Obviously Blair was too busy resigning for the BBC to announce the hike by .25% to 5.5% :suspect:

 

[tetley]

They did report it Kathy, it was breaking news piece on the bottom of the screen.

 

[Kathy]

I was so engrossed in Blairs final act, I must have missed it, Tetley.

 

[Kathy]

Rumour has it they are due to rise again.

 

[Bar the Bull]

It's a done deal.

 

[Kathy]

I had the feeling it might have been.

 

[tetley]

I don't understand why they keep going up by a 1/4 if they had gone 1/2 the time before last it would have made a bigger statement.

Still, it keeps me busy.

 

[Kathy]

Up another quarter of one percent today as predicted.

 

[Bar the Bull]

I think they will (and should) stop here.

But most people think there is sure to be another one in September and then one last one by December.

 

[PDJ]

I think a bit of time is needed to see the impact of this one before people talk about further rises. I'm bloody glad I have renegotiated my mortgage last week though.