Mortgage Rate Rises

[Mrwong]

Hadn't they already decided that 91000 civil service jobs were being axed? It was announced in the summer. With the government's low tax narrative, I reckon it'll be HMRC that will get the punch.

More need to go to just balance the books. Think how many have mortgages, the planners are already thinking about benefits and interested payments.
They want to reduce the months you have to wait till you are able to apply for interest relief.
I do t see any more room to maneuver with the consumer energy bail out and the cost it will add.

Let see what they pull out of the hat to keep this party going.

 

[stuman]

More need to go to just balance the books. Think how many have mortgages, the planners are already thinking about benefits and interested payments.
They want to reduce the months you have to wait till you are able to apply for interest relief.
I do t see any more room to maneuver with the consumer energy bail out and the cost it will add.

Let see what they pull out of the hat to keep this party going.

It’s not a big ask - 25 year mortgage 3% for 10% in.

 

[EvilRob]

A real shame that a thread that started off with people sharing their situations and helping each other out has been side tracked by a few judgemental ******** revelling in their own lucky situations and looking down and passing judgement on people who are struggling.
Yes, of course there are people who rashly overextended. There are many more who are just trying to get by, probably made reasonable decisions based on the information they had at the time and as stated got caught out by how quickly the rate rises were implemented.

 

[Mrwong]

It’s not a big ask - 25 year mortgage 3% for 10% in.

Some people are locked in, others have been caught out at the wrong time. The warnings have been coming, even the most wealthy and getting a kicking losing billions.

 

[Simon0001]

So rent somewhere? You think a landlord won’t pass on the rising interest cost?

It wont be as much as an increase

 

[Mrwong]

Adverts like these.

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metro.co.uk

 

[Doobedoo]

It wont be as much as an increase

What makes you say that?

 

[Oasisi]

It wont be as much as an increase

So, landlords who have buy to let mortgages will only put their properties up a little bit and take the hit on the higher mortgages they have to pay?

 

[413x]

Sell your lego, I bet that would cover 6 months of payments!

It actually would!
8 months, I worked it out a few weeks ago

 

[200sols]

What makes you say that?

If people can't afford higher mortgage payments then people won't be able to afford higher rental payments either. If house prices fall so will rents regardless of whether BTL landlord is seeing higher costs.

 

[Richie]

They should learn discipline and save the full amount and then buy the house outright.

It's funny that this statement is now seen as absolutely ridiculous, it's now the same for cars, everything is debt.

Of course it's seen as ridiculous in relation to a house... How are people supposed to save enough to buy a house outright?... Behave yourself.

What is your situation regarding a home?:

Rent/own/mortgage?
How is/was it funded and where do/did the funds come from?
When did you purchase and for how much?

Even if real pay is cut by 5%, public sector workforce may need to be cut by more than 200,000 by 2024 to stay within current spending plans | Institute for Fiscal Studies

Public sector workers will receive pay awards of around 5% this year, on average.

ifs.org.uk

Lets see if it happens, or we carry on kicking the can.

It'll be worse if the nurses achieve the 17% pay rise that the Royal College of Nursing is seeking.

BBC News - Nurses urged to strike for first time over pay

 

[stuman]

Some people are locked in, others have been caught out at the wrong time. The warnings have been coming, even the most wealthy and getting a kicking losing billions.

No they’re not. The wealthiest won’t have a mortgage. Or you would just buy it out when it isn’t beneficial to do so.

 

[Mrwong]

This does not help.
Opec oil production cuts bad for global economy, says Yellen

Opec oil production cuts bad for global economy, says Janet Yellen

US Treasury secretary criticises allies for being slow to send financial aid to Ukraine

www.ft.com

which will be dominated by discussions of high inflation and commodity prices, the impact of the sharp tightening of monetary policy by many central banks, and the economic and financial impact of the war in Ukraine.

 

[Doobedoo]

If people can't afford higher mortgage payments then people won't be able to afford higher rental payments either. If house prices fall so will rents regardless of whether BTL landlord is seeing higher costs.

So what do you think landlords will do?

 

[AndrewNR]

So what do you think landlords will do?

Sell up if margins are poor. Put it into 5% safe returns?

 

[Doobedoo]

Sell up if margins are poor. Put it into 5% safe returns?

Who’s going to buy?

 

[200sols]

So what do you think landlords will do?

I don't know, but they won't be able to pass on massive rent rises like £3/4/500 a month the market just won't take it.

 

[Doobedoo]

I don't know, but they won't be able to pass on massive rent rises like £3/4/500 a month the market just won't take it.

I hope not. People are already being squeezed to the brink.

 

[AndrewNR]

Who’s going to buy?

Chinese? No idea.

 

[Simon0001]

I hope not. People are already being squeezed to the brink.

Hardly