The first record I ever bought was Roland Rat’s Rat Rapping. Closely followed by his version of Love Me Tender.   My musical tastes leave a lot to be desired.  As does the Bank of England rate rise this week.

The 80s were a confusing time, musically, for a young lad born in the late 70s.

My vinyl single collection also included the BBC World Cup Mexico 86 theme tune and Stefan Dennis’ (Paul Robinson from Neighbours) singing “Don’t it make you feel good”

One hit wonders

The best of the worst may be this one though.  The one-hit wonder by Claire and Friends “It’s ‘Orrible Being in Love (When You’re 8½)”.

I can still hear the Scouse twang as she sings (After writing this I checked and it is, in fact, a Stockport twang. Close enough for a Southerner like me.)

It may explain why I fell in love with someone from the Wirral. (Equally, it may not. Had my love life been dictated by my musical tastes, I’d be dating a 5ft tall Antipodeon a la Kylie, or a hairy North London-based greek man a la George Michael)

Rat Rapping and Love Me Tender
Rat Rapping and Love Me Tender- Just in case you didn’t believe it existed!

Music to my ears

The only way I can think of tying my taste in music into a topic suitable for a mortgage blog is tenuous.  Apologies in advance.

The Bank of England raised the base rate this week to the highest level in nine years.  0.75%.

I must be the only person amongst my group of (non-mortgage broker) friends to be happy with this news.  You could say it was music to my ears. (B’dum tsshhh!)

A 0.25% rise in the base rate means that everyone starts paying a little more attention to their mortgage.

Some expect their mortgage to go up.  Others aren’t aware until it happens.

Many more are on a fixed rate and a change in base rate has literally no effect on them.

But people are happy to discuss their mortgages as the rate rise is fresh in their mind and is an active reminder that the biggest debt of their lives could well get more expensive if they aren’t on top of it.

The effect of a Bank of England rate rise

The effect of the rate rise by Andrew Montlake
Photo taken from, with thanks

In other words, anyone that has chosen some kind of mortgage that will move up or down.  But it also will include those that have not reviewed their mortgage in recent years.

Those that have had fixed rates in the past which have now slipped to a variable rate will also suffer.

Rate Rise costs

The rate rise will mean an increase or around £12 per month for every £100,000 owed on an average repayment mortgage.

With more rate rises expected it’s no surprise to see customers fix their rates for longer.

With Brexit uncertainty on top of this, as I’ve mentioned before, I know that the majority of my customers are looking to fix their rates for 5 years to give them stability in the longer term.

Fortunately, my appalling music taste has no influence on my ability to do my job advising people what mortgages to take.

I couldn’t finish this article without throwing in this YouTube link, could I?

Call me for free mortgage advice.

Dan the Mortgage Man

07837 820 894

Rate rise and musical tastes
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