According to the CML -
"As a proportion of all loans, fixed-rate products increased to 50% from 47% last month, the highest proportion since December 1998."
It can only have happened due to misselling given that interest rates are at the peak of the cycle.
Daytona
In message , Daytona writes
NO!! It was the stupid borrowers! I must have spent hours and hours trying to talk the idiots out of it!! But 'they wanted protection!'.
Anyway, what incentive is there to 'miss-sell' a fixed rate ?
Given the 5/4 split that led to this month's cut, I think it's a little early to be predicting a peak, especially with inflation heading in the wrong direction.
Andrew McP
Hey, I am a stupid buyer, fixed rate of 6.9% !!!! Ouch...
In message , Zoe Brown writes
OOOOHH! Ity could be worse, my accountant (!) is just coming to the end of a ten year fix of 10.5% !!!!!!!!!
I am only tied if for two years though, so roll on next year when I can remortgage !!!
The possibility of another quick cut is clearly compensated for in the fixed rates on offer now BUT I don't think the next cut will come as soon as most envisage (if at all before Q2 next year) so would be happy to be changing mortgage fixing at nearly a quarter below base now. Worst case in my opinion (talking about 2 year fix here so not long term prediction! E.g. Halifax, 4.29% no redemption fees) it may go down to 4% ish so a variable/tracker will be comparable to what you can get fixed now surely? Obviously there is the issue of joining the Euro to take into account but I can't see that being in the next 2 years.
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