---

Will rates rise immediately

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Mporcu55 Joined: 28 Mar 2011 Posts: 1 1.30 Dollars($)	Posted: Mon Mar 28, 2011 10:49 am    Post subject: Will rates rise immediately Like 0 Dislike 0 On the last 4 Occasions the BOE dropped the interest rate my mortgage company did not adjust the rate of their repayment mortgages. When rates eventually rise will they immediately hike up the iterest rate?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 28, 2011 8:50 pm    Post subject: Like 0 Dislike 0 Hi Mporcu! Welcome to forums! I don't think the rates will rise immediately. You have a contract with the lender which states the rate of interest you need to pay him. The lender cannot suddenly increase your payments. Feel free to ask if you've further queries. Sussane
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Tue Mar 29, 2011 3:18 am    Post subject: Like 0 Dislike 0 Hi Mporcu55, Welcome to Mortgage fit, Whether do you have fixed interest mortgage or a floating one..???If it is a floating one then bank may change the rate at its discretion whenever there is some change in interest rates from the central bank.. If you are having fixed interest rates then there is no question of changing the interest rates even though there is some change from the central bank....Because already you have signed a contract with the bank and had fixed the interest rates despite of any circumstances the bank may have to go... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Apr 01, 2011 12:04 pm    Post subject: Like 0 Dislike 0 As convoluted as that last is, it's correct. If your rate is currently fixed, that means it won't change, regardless of movement in Prime or any other rates. If it's adjustable, then it will change up or down, based on the particular index to which it is tied. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0