[Finance] Do you personally want interest rates (the base rate) to go up, down or stay the same?

[Mustafa II]

Well having recently taken a 5 year fix (3.91%) up from 1.73% I am £360 a month worse off so the **** in me would want to win and see interest rates dip to 3.92% at best for the next 5 years.

However having an appreciation of the wider impact on the base rate to everything else I hope it goes down.

3.91% is a very good rate, and will be for at least a couple of years.

You got offered that rate because that was the lenders predictions of the time, and people would kill for a rate like that now.

Even if the base rate does fall to 3% or even lower within the next 5 years you have done VERY well out of it, even though it doesn't feel like it right now.

 

[BLOCK F]

Quite annoyed that we changed our cash ISA to an ethical stocks and shares ISA to 'make our money work harder' the week before Putin invaded Ukraine. Since then interest rates on what would have been our old ISA have gone up, and the stocks and shares ISA has plummeted.

So, personally, I'd like interest rates to drop so that I don't feel so bad about our decision!!

Fear not. Investing in stocks and shares is a medium to long term investment. Provided you haven’t picked a duff fund or duff stocks and are prepared to look long term, stick with it.

 

[Gabbiano]

I'm still saving up to hopefully buy something in the next few years.

So if the BofE could keep those rates as high as possible before immediately plummeting when I'm looking for a mortgage, that'd be perfect. Thanks.

 

[Paulie Gualtieri]

3.91% is a very good rate, and will be for at least a couple of years.

You got offered that rate because that was the lenders predictions of the time, and people would kill for a rate like that now.

Even if the base rate does fall to 3% or even lower within the next 5 years you have done VERY well out of it, even though it doesn't feel like it right now.

Well I will take some personal credit in that I booked the rate 6 months to the day of fixed rate expiry noting things were only going to get worse.

Can’t really judge the decision until the end of the 5 years as rates may not go below but currently I’m up, although far from feeling it! My fixed term energy plan finishes in a fortnight, then the car insurance next month, it’s never ending at the minute

 

[Bodian]

Fear not. Investing in stocks and shares is a medium to long term investment. Provided you haven’t picked a duff fund or duff stocks and are prepared to look long term, stick with it.

Yes - that's what I have told Mrs Bodian. But I think she hasn't got over the shock of the enormous drop in just the first three months, after pondering over whether to make the switch for about three years! And if we had done it three years ago, it wouldn't really be an issue now, as we'd still be 'up' on the initial investment.

 

[Dibdab]

The only reason interest rates will be high is because inflation will be also. I've just locked a 5 year mortgage deal on pretty good terms compared to current rate but we will all be better off with lower inflation in terms of cost of living, therefore you'd have to be pretty dumb to want it high. The only real winner at the moment are the banks who are literally stealing our money.

 

[Uncle Spielberg]

In Vogue with the Panorama programme recently and that there are around 1 500 000 mortgage rates coming to an end between now and the end of 2024. Most will be 2 – 5 year rates around or below 2%. The lowest present rates are around 4.70 %. Is this you ?

Preparation is vital in reviewing your options and to get a guide as to what your new payments might be to be able to set up a plan either with your present lender or by looking at the whole of the market 6-8 months before your present rate ends

I can assist with tailored advice with no charge for my advice and service and then just a £ 195 broker fee on the issue of a mortgage offer which is discounted for NSC clients

Please PM me for advice on here

US/GG

 

[cheshunt seagull]

As I have savings and no debts I would benefit from them going up but hope they go down as so many people are having a very tough time. I have always taken a similar view on paying taxes and can't derive satisfaction from accumulating personal wealth at a time of growing public squalor and misery. Judging by voting patterns at recent elections I seem to be in a minority for people in their 60s.