Interest Rates up to 2.25% from 1.75%

Pak_Doo_Ik

Pak_Doo_Ik

Well-known member
Tomorrow

UK households face £3bn hit if Bank goes ahead with 0.75-points rate rise | Bank of England | The Guardian

Hike in interest rates would be the biggest in 33 years and would heap renewed pressure on borrowers
amp.theguardian.com amp.theguardian.com

They also have set out that they want interest rates above 3% by the end of the year.

Now I know this debate rages all the time that hiking interest rates is the only way to fight inflation, but what happens when we hit the inevitable recession as basic economics tells you the best way to tackle a recession is to cut interest rates???

You’ve got to love Stagflation and it’s timing, no wonder the tories decided to hold off with their economic forecast 🙈
 
Emmersons_BrazillianDong said:
Unfortunately ours isn't up until May next year 😭😭😭
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A lot of providers will allow a period of 6 months between the offer being made and the drawing down of the money. I know that’s not going to take you to May but might still be useful in a couple of months. It might also be worth looking at what your early repayment charge is, with 6 months to go it might only be 1%.
You could potentially save more than that if you fix sooner rather than later, and then rates go much higher.**

I read somewhere last night that some providers will somehow let an existing customer lock in a new deal with them 9 months before their fixed rate is up. But I’ve looked in my history and now I can’t for the life of me find where I read it. If I find it I’ll stick a link on.

**I’m not a financial advisor so seek advice from someone who is regarding this.
 
gramercy said:
A lot of providers will allow a period of 6 months between the offer being made and the drawing down of the money. I know that’s not going to take you to May but might still be useful in a couple of months. It might also be worth looking at what your early repayment charge is, with 6 months to go it might only be 1%.
You could potentially save more than that if you fix sooner rather than later, and then rates go much higher.**

I read somewhere last night that some providers will somehow let an existing customer lock in a new deal with them 9 months before their fixed rate is up. But I’ve looked in my history and now I can’t for the life of me find where I read it. If I find it I’ll stick a link on.

**I’m not a financial advisor so seek advice from someone who is regarding this.
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That's what I was trying to say, you've explained it much better 👍
 
gramercy said:
A lot of providers will allow a period of 6 months between the offer being made and the drawing down of the money. I know that’s not going to take you to May but might still be useful in a couple of months. It might also be worth looking at what your early repayment charge is, with 6 months to go it might only be 1%.
You could potentially save more than that if you fix sooner rather than later, and then rates go much higher.**

I read somewhere last night that some providers will somehow let an existing customer lock in a new deal with them 9 months before their fixed rate is up. But I’ve looked in my history and now I can’t for the life of me find where I read it. If I find it I’ll stick a link on.

**I’m not a financial advisor so seek advice from someone who is regarding this.
Click to expand...
Correct you could play it really clever. At nationwide for instance you can reserve a product for 90 days. If you can get it to offer towards the end of that 90 days the offer will be valid for another 180 days
 
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