Current Affairs Mortgages
- Thread starter neil999
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The only lucky ones I believe who are the ones on 5+ fixed rates agreed early this year. Everyone else will feel the pain at some point over the next 5 years.
It will take much much longer to stabilise and return to lower rates than it has to cause this damage.
I'm thankful to have 5 years left on my fixed rate.
I'm thankful to have 5 years left on my fixed rate.
Martin Alvito
Player Valuation: £50m
My opinion is that you're going to have a lot of defaults unless things change in a hurry. Problem one is that there will be consequences from the freezes on lending. Then there's the people that won't be able to afford to pay once the increases start.
Mortgage lending, home-building and home improvement are likely to be poor sectors to be in for the foreseeable.
Mortgage lending, home-building and home improvement are likely to be poor sectors to be in for the foreseeable.
Home building and the people who work in that sector(labourers etc) could end up getting double fisted. Some will have mortgages and rely on new homes being built to supply income. Already rumours of house builders putting halts on sites due to a potential housing market crash. Could lead to a loss of jobs etc.
A vicious cycle that it will end up in if something in the very near future isn’t done.
Got on a new 5 year fixed at about 1% last year. Would have a shatted trouser about now if I hadn't, I reckon.
Martin Alvito
Player Valuation: £50m
The story of 2008-09 over here. It's avoidable, but the government would have to do the opposite of what they are planning to do fiscally. Doing that would also make the inflation tougher to tame, and take longer, but it would prevent wide-scale disruptions.
I think you're at the point where either the Tories realize the error and put a moderate with a grasp of economics in charge, who then does some very New Labour things, or they end up doing some very lasting long-term damage to their brand.
Managed to pay mine off earlier this year so am thankfully insulated from this. As a freelancer, I look for security where I can get it.
I fixed mine for 5 years earlier this year abd I'm mighty glad I did the way it's shaping up. I'm not even sure I'll win long term, if interest rates go back up to higher historical levels though.
Might even see a crash. I wouldn't end up in negative equity, barring a complete disaster, but I suspect a few might.
ForeverBlue92
Player Valuation: £80m
Its disgusting.
My fixed deal ends next October please tell me I'll be alreet Mr Jako ?
Hope you get through it. Depends on how much you stretched yourself. If you went close to affordability on the lower rate, you'll naturally be worried now.
My missus wanted to move after Sunak let everything go mad post Pandemic with the stamp duty holiday. Talked her out of it. Could just see trouble if we'd maxed out. It's manageable now, like.
ForeverBlue92
Player Valuation: £80m
Looks like I'll have to cut back on the brass if things carry on as they are
Is it primary or secondary income?
GlosBlue
Player Valuation: £30m
Just fixed for 5 years and due to complete at beginning of next month. Really nervous that it'll still fall through but advisor thinks it can't. If it doesn't go through then things will be interesting!
If it does go through it'll make up for me not fixing my gas a year ago! ?
If it does go through it'll make up for me not fixing my gas a year ago! ?
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