I can't see them affording it outright. His brother lives with his parents and they'll both inherit that house. So his brother will have to help subsidise the 2nd property.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
It's amazing how things can unravel so fast. It's like watching a horror film.
And its only figures and numbers now.
There will be repossessions, mass job losses, suicides and depression rampant.
Truss and Kwasi better watch out. So many people will lose everything and a big part is down to them.
I guess, how bad do things have to get before they are outed by their own party? They are directly hurting a huge chunk of their voter base. Financially secure borrowers
And its only figures and numbers now.
There will be repossessions, mass job losses, suicides and depression rampant.
Truss and Kwasi better watch out. So many people will lose everything and a big part is down to them.
I guess, how bad do things have to get before they are outed by their own party? They are directly hurting a huge chunk of their voter base. Financially secure borrowers
Be interesting to see what happens with rents. That extra few hundred a month is only going to be passed down. Very tasty for people who afford their rental properties outright!
I'd say my parents would be quids in with having 2, but given they've not raised the rent in 3 years and were recently saying they'd like one tennant to move out so they could sell. I asked why not just give them 6 months notice and they said "oh we can't kick him out, he's lived there for years"
I'd say my parents would be quids in with having 2, but given they've not raised the rent in 3 years and were recently saying they'd like one tennant to move out so they could sell. I asked why not just give them 6 months notice and they said "oh we can't kick him out, he's lived there for years"
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Soldato
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People aren't usually that sensible though. Even if they can afford the £2200, the Hyacinthe Bucket syndrome is strong with many so their lifestyle will be hammered pretty quickly.
The wealthy. Those who have money offshore or who can clean up when mortgages tank. The people who make money no matter the economic climate. Those who paid the 45% tax rate. The usual people.
If this continues they'll be outed soon. Civil unrest will be expected as they sit their smirking in parliament.
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When 08 happened most of the repo's started happening around 10. There were plenty of 4 bed detached houses going for 130k. We nearly bought one but the garden and off road parking was tiny as they were newish builds.
Hedge funders and all the city paper shufflers that prop up the Tory party, clearly.
There will come a point however when people can't pay. Landlords will risk having no one in a property that is costing them a huge amount of money and even a month or two empty would completely kill any potential uptick from increased rent.
Unless they U-turn and chuck this nonsense budget in the bin....yes.
Soldato
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The government needs to get on the front foot with that. The fact is that most landlords should be equity rich, therefore tenants should be protected from landlords passing on costs to this degree.
This is definitely not unique to here. The recession is already biting elsewhere. We think we have it bad here it has been worse in export driven economies where the downturn and job losses have already kicked in.
Diaollo did an interview yesterday and actually said he cannot understand how they were even able to get to the point where this mini budget got through. Absurd. I'll advised and a catastrophe. He actually called it a blunder. Co chief of the biggest hedge fund in the world.
Associate
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Wow Nationwide rates have jumped 1.5% in 24 hours.
Generally people need a house to live in so we aren’t going to see the market flooded. It will just seize up like last time (and the time before).
It was addictive seeing the amount of interest go down each month it was like a snowball effect, suddenly the amount of interest we were paying was half what it was, and you feel you are actually biting into the actual payments.
There is zero point keeping money in the bank if it doesn't outpace the interest on your mortgage. It's never too late to start doing it if you have the cash, we were lucky and could make lump sum payments with no penalty. When my wife got a little bit of inheritance money, it went straight onto the mortgage and I matched it from my own savings putting work bonus etc straight into it.
Because the Tories didn't use the word budget (only the media). Therefore it didn't get interrogated by usual committees etc. which was it what happens with a real 'budget'. I forget the names of them, is it the IBO?
Soldato
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OBR
Are you trying to win a competition to be the last person standing still supporting this objectively disastrous budget?