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Financial Crisis, Collapse of the Banking System !
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I think mortgage rates are going up because the rate at which wholesale money is sold has gone up, a supply and demand issue as far as I can see. There might be a spot of oppotunism out there too.
Sadly I'm with Abbey!!! But only till March then I'm off to find a better deal!!!
Fingers crossed we get the mortgage offer on Monday.
Waits patiently..........
fixed rate deals should be offered cheaper, as the money market rates (between banks) have fallen to recent lows. Banks (in need of funding) will pass this on to consumers in the shape of fixed rate loans. As mentioned tracker rates will rise as the short term borrowing costs have risen sharply (interbank 3 month rates close to 7%).
Don't believe the doom and gloom on a housing slowdown (BBC news last night compared the UK to the US). The UK is 50+ times smaller with a popultaion 1/4 the size. In the UK there is a simple supply/demand issue. Despite the current turmoil there is a lot of cash in the British economy. Prices may slip, but there is a big market ready to hoover up any short term falls in property prices.
Can someone do some work on the Welschers spelling.
Oh and don't shit stir, it's silly and naive.
Stupidly, my google spellchecker has been turned off of late. Doh !
Have to say though, I was until quite recently moderatley bad at spelling any moderately complicated words.
Hmm - wasn't worried about this as I have a mortgage with NR rather than savings. Thing is, under the terms of my flexible fixed rate I can borrow back x amount which I was intending to do to finance the purchase of a second property. They can't change the terms of my mortgage can they? Even as I type this I realise it's probably a stupid question. If they can then I may insist they waive the redemption penalty which is the only thing stopping me selling up right now and pocketing the equity.
I guess if one side breaks the contract you will be free to break your side Debs. Seeing as the govt have guaranteed them now things should be fine. Only tomorrow will tell.
Plus their brand image is effectively kaput - anynone want to bank with a company that recently had a run on it? - would be very surprised if they weren't part of another bank in 12 months time.