Quote Originally Posted by ragingpup View Post
Was the rate 0.5% when you took it out and then it suddenly rose to 13% which you hadn't budgeted for when you took the mortgage out?

In fairness to recent buyers, many young first timers, the rates were low for many years and came to be seen as a constant with lenders lending accordingly. This is an unprecedented thing for many buyers. If you buy when the rates are high you budget accordingly.
Raging, not sure how old you are pal but Crash is referring to the awful Thatcher years of the 80's. I recall taking out a 6.5% mortgage that actually rose to 15% under her reign. As it turned out both my Wife and I could actually budget for the eventual disgusting rise where other fell by the way. Could we forsee a 15% interest rate? No and neither could anyone else. I also very much doubt you would have either.