Hold on to your seats, things are about to get rough.
It’s a good thing that house prices haven’t risen in the past 14 years.
If they had, then having the highest mortgage rates for 14 years would make homes pretty unaffordable…
I was so lucky to get my house when I did. Literally a week before this whole crash.
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A 300k mortgage over 25 years at 6% is 2000 quid a month. That seems insane to me. What are people earning in general? 2000 would wipe me out.
We got a ten year fixed mortgage a couple of months ago. Best decision we ever made.
Where’s all this growth going to come from if all our money is going into mortgages?
The problem is that the US Fed will continue to raise rates. The US has fixed 30 year mortgages. so when this happens, will the uk be able to match? If so: mortgages will probably increase and if not pound plummets and then energy prices increase. Stuck between a rock and a hard place. Something will need to give.
I mean it’s obviously a terrible thing but as a renter living through the highest rental rates in living history, and not actually being able to own the thing I’m paying for, it’s hard to feel sympathy…
Get a tracker, they’re cheaper, and when rates fall you can get a fixed rate and not have to pay an ERC.
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I’ll just leave this little graph from Ed Conway @ Sky:
https://twitter.com/EdConwaySky/status/1577624054718029824
Hold on to your seats, things are about to get rough.
It’s a good thing that house prices haven’t risen in the past 14 years.
If they had, then having the highest mortgage rates for 14 years would make homes pretty unaffordable…
I was so lucky to get my house when I did. Literally a week before this whole crash.
[removed]
A 300k mortgage over 25 years at 6% is 2000 quid a month. That seems insane to me. What are people earning in general? 2000 would wipe me out.
We got a ten year fixed mortgage a couple of months ago. Best decision we ever made.
Where’s all this growth going to come from if all our money is going into mortgages?
The problem is that the US Fed will continue to raise rates. The US has fixed 30 year mortgages. so when this happens, will the uk be able to match? If so: mortgages will probably increase and if not pound plummets and then energy prices increase. Stuck between a rock and a hard place. Something will need to give.
I mean it’s obviously a terrible thing but as a renter living through the highest rental rates in living history, and not actually being able to own the thing I’m paying for, it’s hard to feel sympathy…
Get a tracker, they’re cheaper, and when rates fall you can get a fixed rate and not have to pay an ERC.