Anyone concerned by interest rates rising re mortgage?

[JohnD]

If that's true, then it is a much smaller percentage who are on fixed rate mortgages...

So why is richie rich sunak blaming the inflation rate on that small percentage?

Deflection tactics to take the heat off his Bankster mates!

Don't mention Truss.

 

[gas112]

Thank christ they never offered compensation saying they must have been mis sold them .
Endowment mortgages people greed got the better of them and they never asked the basic question of will my mortgage definitely be paid at the end of the term

 

[denso13]

and they never asked the basic question of will my mortgage definitely be paid at the end of the term

We did and were told yes. They didn't though which is where the misselling came in.

 

[denso13]

And you never thought to get that confirmed or thought that interest rates and investments went up and down even crashed or even looked at what you were signing which would have said payment not guaranteed.

At a young age, no it didn't cross my mind.

more fool you

You live and learn.

 

[gas112]

At a young age, no it didn't cross my mind.

You live and learn.

explains all your other comments on other posts you believe what your told without questioning it.
First question i asked when offered one
Will my mortgage be paid at the end
sales man well for this 20k mortgage you will have a surplus of around 35k after its paid .
No will it actually be paid .
Well look at the Projected figure even it doesnt hit the percentages you will have money left over
Yep and what happens if it hits well below your figures will it be paid .
Well eh umm mmm eh NO.
Oh and by the way this would have anything to do with the 800 quid commission your getting if i bought this .
Guess i was a wee bit more savvy than you at 22

 

[denso13]

Guess i was a wee bit more savvy than you at 22

Obviously. Me and tens of thousands of others.

 

[Deleted member 221031]

explains all your other comments on other posts you believe what your told without questioning it.
First question i asked when offered one
Will my mortgage be paid at the end
sales man well for this 20k mortgage you will have a surplus of around 35k after its paid .
No will it actually be paid .
Well look at the Projected figure even it doesnt hit the percentages you will have money left over
Yep and what happens if it hits well below your figures will it be paid .
Well eh umm mmm eh NO.
Oh and by the way this would have anything to do with the 800 quid commission your getting if i bought this .
Guess i was a wee bit more savvy than you at 22

Are you taking about one of those old endowment mortgages ? I’m sure my mum and dad got stung.

I just got a repayment and over paid. No mortgage at 40 and fired the money into other stuff for later down the road.

I didn’t buy our first house until I was 28, so 12 years to do it.

 

[ellal]

At a young age, no it didn't cross my mind.

You live and learn.

I guess you were also shown all those sheets that claimed a pay off by certain dates given different yields, and always the emphasis on the top dividends promoted as the likely outcome?

Been there, done that too...

Hence why we decided to go in a different direction and invest in other ways!

 

[Notch7]

explains all your other comments on other posts you believe what your told without questioning it.
First question i asked when offered one
Will my mortgage be paid at the end
sales man well for this 20k mortgage you will have a surplus of around 35k after its paid .
No will it actually be paid .
Well look at the Projected figure even it doesnt hit the percentages you will have money left over
Yep and what happens if it hits well below your figures will it be paid .
Well eh umm mmm eh NO.
Oh and by the way this would have anything to do with the 800 quid commission your getting if i bought this .
Guess i was a wee bit more savvy than you at 22

there was a time when lots of people were only offered endowment mortgages

People arent necessarily financial experts and the endowment policies were often overly ambitious on growth -I seem to recall they were based on 7.5%

 

[JohnD]

Today's news:

"UK sells £4bn of debt at highest 2-year borrowing cost this century​

Yields have increased sharply as investors brace for further Bank of England interest rate rises

Gilt prices have slumped in the past few weeks, pushing yields sharply higher, as stubbornly high inflation increases expectations that the Bank of England will have to raise interest rates much further to curb rising prices.

The sale on Wednesday of a gilt maturing in October 2025 priced at a yield of 5.668 per cent was the highest two-year borrowing cost since the UK Debt Management Office was established in 1998. It was also the highest yield on any debt sold by the UK government since 2007 when a five-year gilt was priced at a slightly higher yield."

FT.com

More rises are expected.

 

[gas112]

there was a time when lots of people were only offered endowment mortgages

People arent necessarily financial experts and the endowment policies were often overly ambitious on growth -I seem to recall they were based on 7.5%

No they werent they were lead to endowment mortgages for a while big difference . Making the biggest financial commitment in your life you should have checked out everything avialable and their pitfalls etc etc

 

[denso13]

People arent necessarily financial experts and the endowment policies were often overly ambitious on growth -I seem to recall they were based on 7.5%

Yea, but the compensation from misselling made up for it.

 

[noseall]

Obviously. Me and tens of thousands of others.

Financial advisors amongst them.

 

[gas112]

Financial advisors amongst them.

you mean the people who made an absolute killing in commission

 

[Deleted member 221031]

you mean the people who made an absolute killing in commission

Maybe they should have read it all and not jumped to greedy conclusions.