Current Affairs Mortgages

[Lobster Johnson]

A fixed rate for the full term? For the length of the whole mortgage? Nice work!

Yeah. I just let herself and her dad deal with everything. Due a complex family history her dad ponied up a deposit of about 30%. We ended up with about 2% over 25 years.

Edit: and i count myself one of the luckiest men alive

 

[Martin Alvito]

Won’t have as much impact on cost of living as UK as many people with mortgages have long term fixed mortgages but going to hit housing market and new buyers very hard.

Yeah, i see that number and I say, "We haven't seen those rates since I started doing that, and that was a very long time ago indeed."

 

[LinekersLegs]

It is unbelievable how quickly this has increased. I just refinanced last year at a fixed 2.5% and I am thankful I did. This will put a lot of stress on variable rate holders that don't have a cap.

Thankfully a much smaller %of market than did before housing crash and hopefully a lot of those are from this summer and are in 5 year ARMs so will be a while before rate changes

Adjustable Mortgage Rush Isn't the Same as 2008

Loans with floating interest rates are more tempting as the cost of buying a home soars, but it doesn't augur another housing bust.

www.bloomberg.com

What’s more, while the MBA data show that ARMs have ticked up to account for their largest share of overall mortgages since 2008, they are still just 11% of the market. In the run-up to the housing crisis, ARMs accounted for well above 30% of all mortgages.

 

[Tennessee Blue Mike]

Thankfully a much smaller %of market than did before housing crash and hopefully a lot of those are from this summer and are in 5 year ARMs so will be a while before rate changes

Adjustable Mortgage Rush Isn't the Same as 2008

Loans with floating interest rates are more tempting as the cost of buying a home soars, but it doesn't augur another housing bust.

www.bloomberg.com

What’s more, while the MBA data show that ARMs have ticked up to account for their largest share of overall mortgages since 2008, they are still just 11% of the market. In the run-up to the housing crisis, ARMs accounted for well above 30% of all mortgages.

Nice synopsis. Thanks.

 

[NorthernBlue]

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.

Feel this pain. It’s almost a monthly task talking my missus out of her latest potentially financial crippling idea.

 

[Ruairi77]

Won’t have as much impact on cost of living as UK as many people with mortgages have long term fixed mortgages but going to hit housing market and new buyers very hard.

rents are about to rocket and the fed isn't done yet.
I get that inflation has to be brought to heel but seems to me that it's always the working/lower middle class who have to foot the bill.
There'll be some re-fi scramble when this all starts calming down.

 

[ArtetaMagic]

Luckliy have 2 years left on our fixed rate, if interest rates stay as predicted our repayments will be bananas

Hopefully will be all sorted by then lol, what's everyones thoughts/plans???

2 years left on our deal as well. Worst comes we could stretch to another 200 a month but for that 200 to just go on interest I'd rather piss into the wind

 

[Daveysgingerlovechild]

Feel this pain. It’s almost a monthly task talking my missus out of her latest potentially financial crippling idea.

To be fair she's not particularly daft in that regard, bit she did get a bit caught in the pandemic homeworking space desire thing.

 

[LinekersLegs]

Yeah. I just let herself and her dad deal with everything. Due a complex family history her dad ponied up a deposit of about 30%. We ended up with about 2% over 25 years.

Edit: and i count myself one of the luckiest men alive

Hi Indy!

 

[PhilM]

I have eighteen months left on our fixed term deal, so it'll be interesting to see what we'll be getting offered before then.

Some economists are suggesting interest rates could go to 5.5% or above, which would be almost treble the rate I'm paying now - k'in ell.

 

[ForeverBlue92]

I have eighteen months left on our fixed term deal, so it'll be interesting to see what we'll be getting offered before then.

Some economists are suggesting interest rates could go to 5.5% or above, which would be almost treble the rate I'm paying now - k'in ell.

What you going to do about it lad ?

I mean it's fair game saying I'll cut back on holidays, brass, ask for a pay rise etc but many are gonna struggle. And if people do struggle whats happening to travel, hospitality, housing, construction sectors ?

We need to act now not continue letting the Tories and the banks pish down our leg whilst telling us its rain !

 

[FrenchDarrenBent]

What you going to do about it lad ?

I mean it's fair game saying I'll cut back on holidays, brass, ask for a pay rise etc but many are gonna struggle. And if people do struggle whats happening to travel, hospitality, housing, construction sectors ?

We need to act now not continue letting the Tories and the banks pish down our leg whilst telling us its rain !

Indeed
So stop worrying about woke policies and vote Labour.

 

[PhilM]

What you going to do about it lad ?

I mean it's fair game saying I'll cut back on holidays, brass, ask for a pay rise etc but many are gonna struggle. And if people do struggle whats happening to travel, hospitality, housing, construction sectors ?

We need to act now not continue letting the Tories and the banks pish down our leg whilst telling us its rain !

I’ll pay my mortgage by cutting back on holidays and whatnot. Ultimately, a roof over my family’s head is more important than the rest.

 

[ForeverBlue92]

Indeed
So stop worrying about woke policies and vote Labour.

Thankfully I imagine we'll see a reduction in woke nonsense now Sir Keir is steering the Labour ship.

Although him taking the knee to appease BLM protesters still leaves a sour taste in my mouth.

 

[Rita_Poon]

Like what happens everytime, (un)fortunately this cycle sees a cut and wage hold on the fire service, people will have house fires and its insurance to the rescue. Desperate times and desperate measures. Hotpoint washer drier? dog thrown a cushion onto the open fire? bolt of lightning? 'We're downsizing love, don't forget the photo albums...'

What else is left to cripple the average joe on the street? mortgage rates through the roof, savings value decreasing, rate of pay worth less through inflation, gas leccy and petrol all up and at the further mercy of some neo hitler, pensions in the toilet, the loss of a most beloved monarch, businesses sliding into the abyss, and a junk food agenda that has curbed your last treats. What more?