This was already posted, but just to reiterate the fact that anyone on a variable rate still is mental.
A 1% interest rate increase on my mortgage would increase my monthly mortgage payment by 16%. I think some people miss that- it wouldn’t just be a 1% increase to your repayments, its a 1% increase on the interest rate applied to the outstanding principal.
Just wait for the hands out
Misery Misery Misery
Cant wait for my landlord to up the rent to cover the difference
Just fixed for 7 year at 1.95 😎 in may. People were mad not to switch in the last 10 months with this looming.
Kept telling my friends to but they just wouldn’t listen.
Many don’t want to believe it but these rate changes will slow or even reduce home prices. We’ve seen it in many places around the world already.
In Ireland when getting a mortgage lenders ‘stress test’ your mortgage to see if you can afford a 2% increase in rates. Staring at a 3.5% interest rate and adding 2% on top of that will put a harsh upper limit on monthly repayments and therefore maximum loan amounts.
Got 3.1% fixed for 10 yrs and very happy with it, anyone who hasn’t fixed by now might be looking at serious increases over next 3/4 yrs
7 comments
This was already posted, but just to reiterate the fact that anyone on a variable rate still is mental.
A 1% interest rate increase on my mortgage would increase my monthly mortgage payment by 16%. I think some people miss that- it wouldn’t just be a 1% increase to your repayments, its a 1% increase on the interest rate applied to the outstanding principal.
Just wait for the hands out
Misery Misery Misery
Cant wait for my landlord to up the rent to cover the difference
Just fixed for 7 year at 1.95 😎 in may. People were mad not to switch in the last 10 months with this looming.
Kept telling my friends to but they just wouldn’t listen.
Many don’t want to believe it but these rate changes will slow or even reduce home prices. We’ve seen it in many places around the world already.
In Ireland when getting a mortgage lenders ‘stress test’ your mortgage to see if you can afford a 2% increase in rates. Staring at a 3.5% interest rate and adding 2% on top of that will put a harsh upper limit on monthly repayments and therefore maximum loan amounts.
Got 3.1% fixed for 10 yrs and very happy with it, anyone who hasn’t fixed by now might be looking at serious increases over next 3/4 yrs