anyone else in the same boat ? anything positive to say about this if you are a mortgage holder ?
2006-11-09 01:19:45 · 10 answers · asked by GorGeous_Girl 5 in News & Events ➔ Current Events
i feel 4 u.
i've been there and due 2 circumstances out of our control, we lost our home back in the 90s.
thankfully we're more secure now, practical money-saving tips got us thru 1 of the worse times.
hope the links below help.
bit of scrimping and being careful now should hopefully save u bother in the years 2 come.
i don't want 2 upset any1,
but it really shocks me when i hear how people bleat on about how much their house is worth.
they seem 2 4get the basics
it's a Home.
we all need a home and greedy property developers/greedy home-owners pushing up prices is helping no-one!
2006-11-09 01:35:13 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You mean when you bought your house and took out your mortgage you thought interest rates would always stay the same?
Taking a fixed rate will help for the term of the fix, the risk is if during the fix (2,3,5 years) the base rate increases you can end up with a single massive hike in repayments (2004 fix at 4% for 2 years, come out of fix now in 2006 at 5% and your repayments have gone up by over £100 on a £150k mortgage).
Variable rate means you take every increase but more gradual.
Either way is swings and roundabouts and both need some forward and contingency planning.
More overtime or less beer - ride this one out and learn for next time, there will be a next time.
2006-11-09 07:40:05 · answer #2 · answered by phooey 4 · 0⤊ 0⤋
Why don't you try and refinance your mortgage at a fixed interest rate, so that when the interest rates rise and fall, it won't matter to you because your rate is fixed and will not change! I can't think of much positive to say about a mortgage payment going up and you not knowing how much it will go up from month to month. I would be scared of a major increase that would cause me to lose my home. I have a fixed rate and my payment doesn't go up unless taxes go up. good luck!!!
2006-11-09 01:24:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Try getting a fixed rate mortgage.
2006-11-09 01:21:23 · answer #4 · answered by Bear Naked 6 · 0⤊ 0⤋
Get a fixed rate mortgage and you never worry about it!
2006-11-09 01:21:38 · answer #5 · answered by kja63 7 · 0⤊ 0⤋
isn't that the whole point of raising interest rates.. to make you feel bad and to insure you have less money to spend in the shops to control inflation!..
U could just be grateful and look on the bright side of life!.. knowing that you shouldnt spend what what haven't got and so wont be getting big credit card bills after Christmas.
2006-11-09 03:48:13 · answer #6 · answered by robert x 7 · 0⤊ 1⤋
It's is difficult and tempory....give it time, things will change and you can refinance later. Meanwhile learn to live on less...it is an education worth learning.
2006-11-09 01:25:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I have fixed rate for two years but yeah sounds s***!
2006-11-09 01:21:27 · answer #8 · answered by BLONDESHELL 3 · 0⤊ 0⤋
I gather it wasn't locked into a fixed rate
do it pronto
2006-11-09 01:27:05 · answer #9 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
it's just another problem out of many
2006-11-09 02:24:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋