Remortgage, bad credit and & interest rise

[Janeybaby]

I am trying to remortgage at the moment, I have a fair credit rating (which isnt brilliant on a credit score), and a lot of companies are declining me, plus the stupid interest rate has gone up again. Any one have any advice?

Dont know what the government thinks they are trying to do to us, cos no one is going to be able to afford a house at this rate, and rent will go up to so we will all be living in tents or caves. How do i contact the government to complain?

[Ethel]

Complain to your local MP.

But be grateful the interest rate isn't the same as it was in the early 90s - 16%.

[Hammer]

Interest rates are set by the Bank of England, which is independent, so you can't blame the government. The BoE's main objective is to keep inflation below 2%, which they haven't managed for a year, and the only weapon they have is the interest rate. If they put interest rates up, you spend less (can't afford the credit) and save more (savings rates go up), so demand goes down and prices don't go up so much - that's the theory anyway.

Doesn't help you much, but do bear in mind that rates are expected to go up twice more in the next year on top of today's rise, so stretching yourself mortgage-wise at the moment is probably not a good idea.