Two years ago, we found ourselves coming to the end of our fixed mortgage deal just as there was a spike in interest rates. So we took our a two-year fix, in the hope that they'd come down again in that time. And that was fine.
And, indeed, the plan looked really good until about two weeks ago - the base rate had dropped to 3.75% with a further reduction expected this week and then, hopefully, at least one more in the months to come. Which would have been good.
Right on cue, therefore, this situation with Iran kicked off. Which has of course disrupted the oil supplies, leading to an immediate spike in prices, and in turn a rise in inflation. So the expected rate reduction didn't come, any prospect of further increases has evaporated, and indeed it's likely that the Bank of England may well start raising the rate again (because of course the thing to do in an impending cost of living crisis is to pile on a load more misery - that'll teach the plebs to want such fripperies as petrol to commute and food to eat).
And, just for fun, we're also coming to the end of our current deal on gas and electricity...
Oh well, I guess things could be a lot worse.
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