increase in bank rate

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increase in bank rate

Post by mikethebike on Wed Nov 01, 2017 7:50 pm

I expect we will have a massive 0.25% increase. Mortgages will go up by that amount. Any one who cannot manage with that increase should get real. I remember 15% interest rates.
However deposit interest will not go up by 0.25%. I expect about 0.15%.
You will need a lot of savings to notice the difference.

Cynical Micky.
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Re: increase in bank rate

Post by daisy mae on Wed Nov 01, 2017 7:52 pm

I also remember the 15% interests on mortgages.

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Re: increase in bank rate

Post by Paulmold on Wed Nov 01, 2017 7:59 pm

daisy mae wrote:I also remember the 15% interests on mortgages.
So do I but wages went up by similar amount if I remember correctly.

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Re: increase in bank rate

Post by mikethebike on Wed Nov 01, 2017 8:00 pm

Paulmold wrote:
daisy mae wrote:I also remember the 15% interests on mortgages.
So do I but wages went up by similar amount if I remember correctly.
Not mine Paul.

Micky
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Re: increase in bank rate

Post by daisy mae on Wed Nov 01, 2017 8:03 pm

Mine neither.

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Re: increase in bank rate

Post by pstallwood on Wed Nov 01, 2017 8:03 pm

I worked for a bank. Some of my mortgage was at 2.5% and some at 5% thank goodness.

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Re: increase in bank rate

Post by mikethebike on Wed Nov 01, 2017 8:12 pm

Yes there were exceptions. It was late 1989. I was self employed.Not sure that i had any pay rise that year.
Those in banking and maybe government employ, may  not  have been effected.
I did have a sensible mortgage that i could cope with. I downsized in 1988. Enabled me to buy a house for my wife's Parents.

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Re: increase in bank rate

Post by rgermain on Wed Nov 01, 2017 8:17 pm

I recall our mortgage rate at 15%, but just paid it in 1970. The average house price was 3x annual wage, what is it now 10x and more?

I also remember when my pension pot/savings would almost get me a new car or motorhome every 3 years, now just about pays the daily paper bill! and a few trips to France.
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Re: increase in bank rate

Post by mikethebike on Wed Nov 01, 2017 8:19 pm

About right Roger.  I thought it was 2.5X.

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Re: increase in bank rate

Post by daisy mae on Wed Nov 01, 2017 8:59 pm

I remember it as 1989 was when we first bought the house we are living in now, paid off by 1999, before early retirement

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