The Tories represent lenders more than they do borrowers. This is perfectly acceptable to them.
I’m sure that in a consumer economy having mortgage interest rates of 10.4% will drive growth through the roof
Where are those 10.4% mortgages? Comparison sites still show 3-4%.
Well if the poors can’t afford a mortgage maybe they could rent a shoebox from our corporate overlords for £1500 a month /s
This is exactly what we need in a housing crisis, homes being even more unaffordable.
She’s chatting pure bollocks. You cannot find a 10% mortgage at the moment, even amongst the most specialised and niche lenders. Listening to her it sounds like she didn’t even have an application in, lenders cannot just withdraw offers after they’ve been made, its legally binding upon them.
I don’t think 10% is that far around the corner the way things are going but this claim and headline is bizarre.
Christ, I know this government is a shitshow but this is just blatant lies.
What an absolute load of rubbish! She is clearly lying or can’t read paperwork properly, definitely needs to sack her mortgage mortgage advisor, the worst I can find is a shade over 6% and that’s with minimum deposit available on market
Haha 10%+. At least make it believable, that or she has gone and found the worst mortgage on the market
What’s that like a 30yr fixed or a mortgage from dodgy lender. I think doubt
What happens when people aren’t able to get big enough mortgages for normal houses which have ludicrous valuations now?
Prices seem to just keep going up but surely at some point it just becomes widely unaffordable and the whole house of cards collapses?
I can’t believe the prices of some places. Utter shitholes in the middle of nowhere on the outskirts of London going for nearly £1m in some cases. It’s unhinged.
I’m 40 & still living with parents (thankfully they like me being around cuz they go out a lot or away so someone to look after the dog & house)
Due to health reasons, I’ve not worked for a while but have savings & investments (which obviously won’t do well till things turn around)
Before all this cost of living, a 1 bed flat for me with the previous rates, more deposit would make my monthly mortgage payments about 300-400…even if I was able to get back to work, most jobs around here are min wage 1k a month so its doable.
At this price, my payments would be 1100, so moving out anytime soon is 100% off the cards as jobs round here don’t even pay that much
Can’t help feeling she exaggerated the numbers here for effect. I tried a calculator on Halifax and nothing over 6-6.5%. I can’t imagine more than 8% even if you play with all the required data.
Don’t have to worry about heating your home if you can’t own one! Trussenomics
I’ve seen lots of comments about this being a bit dubious and hard to believe.
And I’ve yet to see anyone else in the country confirm of a similar occurrence.
Daily mailers are siding with the government in the comments on this story on the DM’s website.
One comment said they hope mortgage rates go up to 12% ‘like the good old days’ as ownership ‘should not be for everyone and renting has its place’.
If rates went to 12% most people would forfeit their houses and rents would also go sky high. The economy would completely collapse.
Daily mailers never fail to disappoint by showing a new level of stupidity I previously thought impossible.
So glad I managed to lock in my mortgage at 3.7% back in September. It’s not great and we are stuck with it for 5 years but it’s only £20 more a month.
I’ve been saving for year’s to finally get deposit for a house and am scared to even look how much it’s going to cost.
Currently have a 4.5% mortgage application going through as a first time buyer. It’s unnerving waiting for an email any day telling you that your offer has been pulled.
The mortgage offers are moving so fast right now it’s insanity
It’s bad, but it’s not that bad yet. Definitely a bbc plant or she’s deemed a very high risk to a lender.
I think this is true, but it’s a very short term phenomenon resulting from the mortgage deals being removed over the past few days. It’s a very sudden credit crunch where lenders couldn’t price mortgages so pulled everything and left only very high rates.
Hopefully this will revert over the next few days as lenders can better forecast and issue new mortgages at high but not crazy rates.
“It’ll eventually settle down” yeah in a decade or so maybe? This is another issue in the uk. Politicians are never held to account. They’ve been getting away with brushing off these questions with useless and vague answers for years.
How does that response help her now? Or in the short term? Or even medium term?
Don’t worry, we’ll have work towns soon enough and you can just get a free house when you’re employed.
And homeless when you aren’t.
The press keeps misreporting mortgage “offers”
This is talking about mortgage products or offerings, this is not even an agreement in principle. A mortgage offer being withdrawn would be much more unusual
Just renewed for 3.48%. Don’t see how she could possibly have been offered over 10%+. It’s bad out there but this one example sounds nonsense
Landlords are struggling, their property portfolios can hardly cover the cost of a 22 plate range rover, poor sods. Only 4 holidays abroad next year too. Hard times.
The housing market will be snapping like twigs at these rates
A.) She’s talking b*locks B.) There is no right to own a home
29 comments
The Tories represent lenders more than they do borrowers. This is perfectly acceptable to them.
I’m sure that in a consumer economy having mortgage interest rates of 10.4% will drive growth through the roof
Where are those 10.4% mortgages? Comparison sites still show 3-4%.
Well if the poors can’t afford a mortgage maybe they could rent a shoebox from our corporate overlords for £1500 a month /s
This is exactly what we need in a housing crisis, homes being even more unaffordable.
She’s chatting pure bollocks. You cannot find a 10% mortgage at the moment, even amongst the most specialised and niche lenders. Listening to her it sounds like she didn’t even have an application in, lenders cannot just withdraw offers after they’ve been made, its legally binding upon them.
I don’t think 10% is that far around the corner the way things are going but this claim and headline is bizarre.
Christ, I know this government is a shitshow but this is just blatant lies.
What an absolute load of rubbish! She is clearly lying or can’t read paperwork properly, definitely needs to sack her mortgage mortgage advisor, the worst I can find is a shade over 6% and that’s with minimum deposit available on market
Haha 10%+. At least make it believable, that or she has gone and found the worst mortgage on the market
What’s that like a 30yr fixed or a mortgage from dodgy lender. I think doubt
What happens when people aren’t able to get big enough mortgages for normal houses which have ludicrous valuations now?
Prices seem to just keep going up but surely at some point it just becomes widely unaffordable and the whole house of cards collapses?
I can’t believe the prices of some places. Utter shitholes in the middle of nowhere on the outskirts of London going for nearly £1m in some cases. It’s unhinged.
I’m 40 & still living with parents (thankfully they like me being around cuz they go out a lot or away so someone to look after the dog & house)
Due to health reasons, I’ve not worked for a while but have savings & investments (which obviously won’t do well till things turn around)
Before all this cost of living, a 1 bed flat for me with the previous rates, more deposit would make my monthly mortgage payments about 300-400…even if I was able to get back to work, most jobs around here are min wage 1k a month so its doable.
At this price, my payments would be 1100, so moving out anytime soon is 100% off the cards as jobs round here don’t even pay that much
Can’t help feeling she exaggerated the numbers here for effect. I tried a calculator on Halifax and nothing over 6-6.5%. I can’t imagine more than 8% even if you play with all the required data.
Don’t have to worry about heating your home if you can’t own one! Trussenomics
I’ve seen lots of comments about this being a bit dubious and hard to believe.
And I’ve yet to see anyone else in the country confirm of a similar occurrence.
Daily mailers are siding with the government in the comments on this story on the DM’s website.
One comment said they hope mortgage rates go up to 12% ‘like the good old days’ as ownership ‘should not be for everyone and renting has its place’.
If rates went to 12% most people would forfeit their houses and rents would also go sky high. The economy would completely collapse.
Daily mailers never fail to disappoint by showing a new level of stupidity I previously thought impossible.
So glad I managed to lock in my mortgage at 3.7% back in September. It’s not great and we are stuck with it for 5 years but it’s only £20 more a month.
I’ve been saving for year’s to finally get deposit for a house and am scared to even look how much it’s going to cost.
Currently have a 4.5% mortgage application going through as a first time buyer. It’s unnerving waiting for an email any day telling you that your offer has been pulled.
The mortgage offers are moving so fast right now it’s insanity
It’s bad, but it’s not that bad yet. Definitely a bbc plant or she’s deemed a very high risk to a lender.
I think this is true, but it’s a very short term phenomenon resulting from the mortgage deals being removed over the past few days. It’s a very sudden credit crunch where lenders couldn’t price mortgages so pulled everything and left only very high rates.
Hopefully this will revert over the next few days as lenders can better forecast and issue new mortgages at high but not crazy rates.
“It’ll eventually settle down” yeah in a decade or so maybe? This is another issue in the uk. Politicians are never held to account. They’ve been getting away with brushing off these questions with useless and vague answers for years.
How does that response help her now? Or in the short term? Or even medium term?
Don’t worry, we’ll have work towns soon enough and you can just get a free house when you’re employed.
And homeless when you aren’t.
The press keeps misreporting mortgage “offers”
This is talking about mortgage products or offerings, this is not even an agreement in principle. A mortgage offer being withdrawn would be much more unusual
Just renewed for 3.48%. Don’t see how she could possibly have been offered over 10%+. It’s bad out there but this one example sounds nonsense
Landlords are struggling, their property portfolios can hardly cover the cost of a 22 plate range rover, poor sods. Only 4 holidays abroad next year too. Hard times.
The housing market will be snapping like twigs at these rates
A.) She’s talking b*locks B.) There is no right to own a home