Good news this morning

but not for anyone with a mortgage (not me)or saving for one!!!!!

Mr Carney has just been on the national news-interest rates may rise as early as November, by .25%, average increase to mortgages £15 per month. Anyone who expects the Banks to pass on the increase to savers are going to get a shock I'm thinking

Mind you he has been saying that for 1-2 yrs. now.

Its the old, old storey of a prophesy that eventually becomes self fulfilling.

Even I can predict that rates will rise - pity he can't give a fixed date for it.

How good is his crystal ball?  Perhaps he can tell us when and how big the 2nd one will be?!

.25%, they will all be incremental so as not to create too many problems for the economy or hardship for taxpayers & mortgage holders

We took out our first mortgage in 1969, when interest rates were something like 5.5% (from memory) and by 1975 the interest rate had risen three fold or more!  That made a huge difference to our standard of living even though salaries went up by what seemed like huge amounts.  I think it was probably (in real terms) many more times the 'equivalent cost' of of the rise in borrowing, for today's borrowers.  I would imagine that many on here lived through similar times.   I can remember shopping and having to stick to a tiny budget each week for meat and working out the best way to spend that budget.

We managed, mostly living on fruit and vegetables, until our joint earnings caught up with expanding repayments.

Now, we're at the opposite end of the 'banking system' waiting for a rise in interest rates, which means it might actually pay us to keep money in the bank/building society!