Mortgage Rate Rises

JamesH85 said:
Unless you plan to move house or refinance something, I wouldn't even worry about it.
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I wouldn’t either. There’s far too many cash buyers that will snap things up before average Joe could get a look in anyway. Hong Kong people are snapping up everything around my way.
 
I think most people will manage - but construction and hospitality will be decimated as people are forced to cut back.

This situation highlights how wrong the government got Brexit and Covid.

I would love to know who is profiting the most out this market turmoil.
 
delta0 said:
This is the difference between feeling a recession or not.
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Everything else you can survive.. Until you lose your job.

Would be bankruptcy for many pretty quickly. This has to be coming. You can't have this amount of fiscal doom without job losses following
 
kona786 said:
Yeah things are moving real fast.

Was the forecast 6% base rate so ~8% mortgages in mid 2023?
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Probably massive job losses, repossessions and a huge swing of wealth from the average to the super rich

I'm now looking at job security as opposed to concern for next 5 years.
 
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413x said:
Probably massive job losses, repossessions and a huge swing of wealth from the average to the super rich

I'm now looking at job security as opposed to concern for next 5 years.
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On the plus side though, eventually they will have all the wealth and we won't have to worry about it being squirrelled away from us any more.
 
413x said:
Probably massive job losses, repossessions and a huge swing of wealth from the average to the super rich
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I think a repossession process takes quite a while right? You could start seeing them Q4 2023? Job losses however will be rolling by Christmas. It's going to be insanely scary to watch.
 
JamesH85 said:
I think a repossession process takes quite a while right? You could start seeing them Q4 2023? Job losses however will be rolling by Christmas. It's going to be insanely scary to watch.
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This winter will be critical. That’s when the recession will bite and losses will happen.
 
kona786 said:
Mate is paying 1500 pm on a 350k mortgage @3% due to end in March 2023. Painful.

He's looking @ a 500 - 700 quid rise by the looks of things.
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That increase alone is more than my mortgage. I would hope someone with an already £1500pm mortgage you could afford the increase and you haven't stretched yourself so tightly on such a big monthly payment.
 
mid_gen said:
Except your mortgage cost has tripled and house prices are heading for a serious correction.

IR35 has not been repealed, it still applies.

The fiscally incontinent budget that promised to borrow vast sums of money to fuel inflation, during an inflationary crisis. Leading to a collapse in the gilt markets, which is getting on for tripling the cost of government borrowing since Truss was expected to become PM. All this weakens the pound, which imports more inflation, which is going to necessitate higher interest rates rises, which is going to slow the economy.

Basically, the entire budget is fantasy ******** that will bankrupt the country, and everyone, I mean everyone except Kwasi Kwarteng and the few remaining people that identify as Conservative rather than think for themselves, know it.

Sterling down again today. Gilt yields up again.
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So in other words. We are ******?
 
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