When we owned our house in Bournemouth our mortgage was to 16% and I think was about 40 years ago, is it up to that rate for any one on the forum now.
Martin,
I was doing a clear-out only the other day and came across some old mortgage stuff - 10 years ago we were paying 8%, now that was on a standard variable rate repayment mortgage without restrictions, so we could pay lump sums off as and when we wanted.
We used to remind the kids that in the time we've had mortgages we've paid as much as 16% or more, now we have the additional stick to tell them that only 10 years ago many mortgages were running at 8% - the message to them being, be prudent you never know when the next crisis might come, one of which might be a Labour Government under Corbyn and McDonnell where capital controls and high base rates might again become the norm. It was a Labour Government with Gordon Brown in the Treasury and mortgages where 8%.