Quote:
Originally Posted by jfman
I’m not sure the Government setting an inflation target and the bank working towards it counts as the bank entrenching an idea as much as Government doing so.
The low rates are what’s kept the Ponzi scheme afloat for the last 15 years, giving homeowners a nice boost in house prices too.
Of course anyone who genuinely saw the writing on the wall would have mortgaged themselves up to their eyeballs last year and slotted away what used to be their equity in nice 5%+ savings accounts now for the remainder of the term while being charged 2.something by the mortgage provider. I suspect those people are few and far between.
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There’s a big difference between seeing that rates are very likely to go up and having the resources in terms of time and money to simply rearrange all your financial affairs to take a punt on it. I have no idea what your personal circumstances are, but on our part ignoring the mortgage adviser who was heavily pushing 2-year fixes and insisting she present us with some 5-year options was as much as we could do. We were after all in the middle of moving house, which is quite a busy time as it is.