Soldato
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They do typically have the rate fixed for the term of their mortgage
But their repossession (foreclosure) is far nastier than we experience
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
They do typically have the rate fixed for the term of their mortgage
But their repossession (foreclosure) is far nastier than we experience
Of course, carry on. Prices will keep rising though as the people whose services they are using will be younger, renting/loaded mortgage and need to put prices up to cover.
Can't see this death spiral changing. So now it's a game of waiting for the fix period to run out and 'find' the £1600-£1800 increase on the mortgage. Market will be limited on who will be able to buy this place at the current rates, so looking at losing money on house if we need to sell. Who knows, recession and job losses could be next.
Riots by Christmas.
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Yep. Probably better off with the savings increases, whack up the rent on your second home to fuel inflation and watch the inferno in comfort.
I suspect it would cause chaos in the markets, they don't like unpredictably. Other than that it wouldn't achieve much as there'd be fewer people taking out loans one month and more the next.
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Soldato
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Why?
Makes me feel lucky i'm on Base + 0.75%!
I'll now be up to £1585
That was me too but I changed to a fixed Mortgage, just wish I did that 12 months ago, how come you don't?
That ship has sailed now. (probably)
Soldato
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As much as I agree rate rises were needed to stem inflation. I tend to agree that enough has been done.
There is certainly cooling in the housing market, many people are struggling and those who are not affected by interest rates, are not affected by interest rates.
So for me its time to start thinking of any other things that could assist dampen demand but across a wide range of sectors.
Although I struggle to do so since everything I can think of will likely either hit prices, lower income, or potential damage a sector leading to job losses.
We do seem to be in a bit of a pickle!
There is certainly cooling in the housing market, many people are struggling and those who are not affected by interest rates, are not affected by interest rates.
So for me its time to start thinking of any other things that could assist dampen demand but across a wide range of sectors.
Although I struggle to do so since everything I can think of will likely either hit prices, lower income, or potential damage a sector leading to job losses.
We do seem to be in a bit of a pickle!
Soldato
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Not just retired there are a lot of people still on fixed low interest mortgages and the hikes aren't hitting their spending power at all its everyone else taking the hit for them
Soldato
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There is a massive crash in house prices coming.
I didn't fix until recently, you can still save money compared to the deal he's on I imagine. Just go on compare websites and see what's available.
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Soldato
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Turkey has increased rates from 8.5% to 15% today!
www.theguardian.com
Turkish central bank raises interest rates to 15% after two-year freeze
Experts say increase from 8.5% may be insufficient to tackling surging inflation that some estimate at 110%
www.theguardian.com
Like all those riots people predicted because of the energy price rises.
The Government stepped in to limit the damage of the energy costs over winter. Last winter would have been very grim for a lot of people without it
It's never happened, what is different this time so far? Also define massive....2008 "massive"? That wasn't massive, despite that people claim it was.
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Soldato
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It did crash for a bit but made up for it longer term still.
Moving to Spain in October/November
Originally moved onto it when i could've got a rate of 1.89% fixed for 2 years, but didn't want to be locked in due to emigrating and having to pay the ERC. I could've paid it multiple times over in all the extra interest i've now paid
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People have been saying that for years though, yet all new developments continue to sell off plan. I think things need to get MUCH worse before people calm down. Far too many people happy to take on £200k/£300k/£400k debt just because "that's how much houses are these days"
That said, as I've gotten older my appetite for risk has declined so maybe I'm just an old git lol
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