How sterling crisis is impacting those looking for a mortgage

2024 ж. 28 Нау.
193 774 Рет қаралды

Sir Keir Starmer has declared it a “Labour moment” - telling his party it's time for them to end twelve years of Conservative rule.
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For the markets it remains a moment of crisis, as the pound failed to make up the losses sustained since the government's mini budget last week.
The Bank of England says it will be meeting the moment with a "significant response" - which may calm the City, but will be no comfort to people looking for a new mortgage deal, who now face large increases in their payments.
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  • I am appalled by the status of the housing market as a landlord in Tampa. I, on the other hand, was unaffected by Ian's brutality. I have increased the rent on my residences and saved one million dollars for an early retirement at the age of 47, despite the fact that the stock market is not currently performing well for me. No matter what the Fed does, my major worry is that I regularly think about how to take advantage of the market.

    @donaldwatson51@donaldwatson51 Жыл бұрын
    • You should seek professional advice, particularly regarding the stock market. Although you can watch videos and conduct your own research, planners have a better understanding of how markets work. If you lack the knowledge and discipline to conduct thorough foundational research, I recommend consulting with an experienced financial advisor.

      @pauledwin@pauledwin Жыл бұрын
    • That is reasonable. In these hard circumstances, do you let your money lose all of its value before you think about how to make it better? How do you suppose that, if we hadn't been hedging and weren't spending so much at the time, we might have closed on our property and still had a surplus today? Using a wealth manager and financial counselor, my wife and I became millionaires. Thankfully, we will close on our house in December 2023.

      @danieljackson87@danieljackson878 ай бұрын
    • @@danieljackson87 Any assistance would be greatly appreciated. How did you meet the people with whom you work?

      @michaelrenner3@michaelrenner38 ай бұрын
    • @@michaelrenner3 I am coached by Julie Anne Hoover. I contacted her after seeing her profile on CNBC. She then gave me entry and exit points for the stocks I'm interested in, and she has continued to do so. You can hunt her up online if you require care supervision.

      @danieljackson87@danieljackson878 ай бұрын
    • @@danieljackson87 Julie has amazing credentials and a stellar resume, so I understand why she is so busy. Nevertheless, I planned a meeting with her.

      @mikeharry96@mikeharry968 ай бұрын
  • Conservatives chose Truss' tax cuts over Rishi's plans to curb inflation. Enjoy

    @sb0403@sb0403 Жыл бұрын
    • Rishi added to inflation with his Covid bailouts. No such thing as a free lunch.

      @robbyjackson5103@robbyjackson5103 Жыл бұрын
    • Indeed, they are getting what they voted for.

      @samhartford8388@samhartford8388 Жыл бұрын
    • @@samhartford8388 the only people who voted Truss in are the fully paid up members of there Conservative party, of which there are roughly 200k

      @owenjohn1192@owenjohn1192 Жыл бұрын
    • @@samhartford8388 well. we are getting what they voted for

      @TheBillaro@TheBillaro Жыл бұрын
    • And the electorate will choose against the Tories before long.

      @errgo2713@errgo2713 Жыл бұрын
  • Greece and Italy are in a better situation than the Uk is in at the moment to finance their debts. That just brings home the dire Economic situation the Uk is in.

    @davidaustrian9455@davidaustrian9455 Жыл бұрын
    • Who will replace the UK in the G7?

      @djsmithe@djsmithe Жыл бұрын
    • @@djsmithe South Korea. Unless they're alredy in, then it'll be either India, Spain, or some African country.

      @spaghettiisyummy.3623@spaghettiisyummy.3623 Жыл бұрын
    • Same here in Calgary. We have Un-true-doh! Stay Safe Stay Free

      @jestermoon@jestermoon Жыл бұрын
    • They are rich in history so they can survive. We don't even have that to pay our way thru

      @blackbeard6423@blackbeard6423 Жыл бұрын
    • @@spaghettiisyummy.3623 possibly - but I think you are forgetting two others. Can you think?

      @blackbeard6423@blackbeard6423 Жыл бұрын
  • Let me understand, Truss gives a few hundred pounds per year tax cut, while increased interest rates put mortgages up by thousands? This government is economically innumerate

    @AlunParsons@AlunParsons Жыл бұрын
    • No, Truss's tax cuts will add up to around £50,000 per year for someone earning £1m a year

      @stevec6427@stevec6427 Жыл бұрын
    • No it's not, it knows exactly what it is doing. I wish people would atop blaming it on them being stupid because they are not and start blaming them for what they are actually doing. Siphoning off and stealing what's left by funneling money through things they have insane vested interests in. Theft.

      @craigboden9455@craigboden9455 Жыл бұрын
  • FYI here in France a fixed mortgage (which is all mortgages) is really fixed. Even for 25 years. What you pay doesn't go up for 25 years.

    @aesma2522@aesma2522 Жыл бұрын
  • I'd love to be a fly on the wall when the Daily Mail/Sun/Express/Telegraph/Spectator reading public suddenly awake and have their moment of clarity.

    @duggiebader1798@duggiebader1798 Жыл бұрын
    • Those morons will never, ever accept responsibility for the wanton damage they have unleashed on the country

      @dam8087@dam8087 Жыл бұрын
    • Those rags will have herded them off the cliff before they look up.

      @m_b4@m_b4 Жыл бұрын
    • Agreed. Who buys these things?

      @jonkayl9416@jonkayl9416 Жыл бұрын
    • We can get that on a daily basis, all we have to do is read The Guardian..............

      @justwhenyouthought6119@justwhenyouthought6119 Жыл бұрын
    • The Mail only prints news of this crisis……..on page 14 !

      @mikehutchison4892@mikehutchison4892 Жыл бұрын
  • Interesting, in the USA we have 15, 20, 30 year fixed rate mortgages here. There are no balloon rates since 2009 on houses. Shocked UK still has this type of loan.

    @ericpoeperic@ericpoeperic Жыл бұрын
    • We will have to borrow from America.

      @bromion5123@bromion5123 Жыл бұрын
    • It's the US that's the outlier...no other country has banks that lend out money at fixed rates for 20-30 years; predicting interest rates over that long a time is a fools errand that these banks want no part of.

      @jonnieinbangkok@jonnieinbangkok Жыл бұрын
    • @@jonnieinbangkok Always profits for the rich before homes, or healthcare, or energy, or food, or clean water, or clean air, or decent transport and infrastructure, for the people in the uk.

      @5688gamble@5688gamble Жыл бұрын
    • Well, perhaps now that we’re uncapping the bankers bonuses then they might be persuaded to do the buying and selling of bad debt loans again like they did in the few years before the 2007 crash. If they can sell these to USA banks like the USA and the U.K. sold to each other back then it will help the bonuses to increase for the banker’s at least. After all, this brexit nonsense and the Tory budget is what it’s all for. They even got a bit of an extra boost from short selling on sterling just before this budget. Woohoo!

      @amayastrata4629@amayastrata4629 Жыл бұрын
    • @@5688gamble Get yourself rich then, they managed it you can to.

      @justwhenyouthought6119@justwhenyouthought6119 Жыл бұрын
  • Rates have been artificially low for too long. Governments have been manipulating for too long. Government has put itself in a difficult situation.

    @user-qb7ms6vs7s@user-qb7ms6vs7s Жыл бұрын
  • I wonder what proportion of those now crying about their mortgage payments have ever uttered with superiority and derision remarks along the lines of poor(er) people simply having to live frugally within their means or saving for a rainy day?

    @BsktImp@BsktImp Жыл бұрын
    • I’m sure these people gloated about their house prices going up for the last decade at dinner parties whilst savers got shafted for a decade

      @havebadday7850@havebadday7850 Жыл бұрын
    • Very true but as someone who doesn't have a mortgage I'd rather unite against the bastards that own all the houses, just got a 5% tax cut, extra bonuses and probably lobbied the government to short-sell the pound than to point and laugh at the so called 'middle-class' who in reality are much closer to being as broke as me than as rich as them.

      @tehrealfake@tehrealfake Жыл бұрын
    • Not many, thats just the chip on your shoulder making you type silly things 😜

      @lincslegend6936@lincslegend6936 Жыл бұрын
    • Inflation is at nearly 10% - this means the debt is being eroded at a higher rate than the mortgage interest. House prices are slowing down but still rising. As to proportions, I would bet around 50% since that's how everything political has worked in this country since 2016. Make no mistake, the people who will be affected the most by this will be low income people in the service industry, etc. - somebody with a mortgage had to meet affordability criteria so they will have to reign in their spending. The first things to be cut from a personal budget are eating out and entertainment.

      @elliotpollard9083@elliotpollard9083 Жыл бұрын
    • @@tehrealfake Haha love it, sitting pretty on a 10 year fix at 2.2%, I got some time left!

      @Chills124@Chills124 Жыл бұрын
  • House prices need to come down to pre COVID levels , the speculation and frenzy that took place over the last 2 years is unsustainable.

    @erikson024@erikson024 Жыл бұрын
    • 100%

      @drscopeify4582@drscopeify4582 Жыл бұрын
  • As a United States resident, what is the deal with these short-term fixed rate mortgage products? Our fixed rate mortgages tend to have a term of 15 or 30 years. Your product looks like an adjustable rate product. This will be a nightmare for those in the process of securing a home loan and someone needs to lose their job for this disaster.

    @chrispnw2547@chrispnw2547 Жыл бұрын
    • Yes in the USA a fixed rate is for the life of the loan. It seems what those in the UK are used to are more like ARMs which are fixed for a few years at a time. "Fixed rate" is therefore pretty misleading if its still adjustable later in the life of the loan.

      @viviennedunbar3374@viviennedunbar3374 Жыл бұрын
    • We shall have to borrow from America to bail us out.

      @bromion5123@bromion5123 Жыл бұрын
    • Yeah, it beggars belief that no one in the UK saw this as needing urgent reform

      @immers2410@immers2410 Жыл бұрын
    • Yeah, it's all a bit out of whack. Typically you can get a 2-year fixed or a 5-year fixed deal. There are some lenders that do 10-year fixed deals but they're few and far between. Once the fixed term is over, you're at the mercy of whatever the base rate is at that point in time.

      @Unshou@Unshou Жыл бұрын
    • ​@@viviennedunbar3374 Swings and roundabouts ... you lock in a rate in the USA fixed for 30 years and rates drop as they have dropped then you pay that higher rate for 30 years whilst everyone else could borrow at the lower interest rate. People in UK Europe Australia only complain about 5 year fixed rates when rates are rising....they lock in for 5 years fearing rates will rise much higher and then in year 2 or 3 the rates are much lower again ad they are locked in for another 2 years. No one should be complaining interest rates were at 18% in Australia back in 80s and we are a long way from that thank goodness.

      @shantishanti1949@shantishanti1949 Жыл бұрын
  • The housing prices are wayyyyy too high. This ensured they had to give away low rates. What did they think was going to happen ?

    @indochinaconnex4308@indochinaconnex4308 Жыл бұрын
    • the pound wouldn't plummet???

      @silverkitty2503@silverkitty2503 Жыл бұрын
    • Exactly right. Everything inflated since 2008 then turbo charged since 2020 must correct.

      @robbyjackson5103@robbyjackson5103 Жыл бұрын
  • Folks, I think it is worth looking at some facts: 1) the average salary in the UK is around £26k. This equates to a take home of £1795 per month. 2) the average house price is around £283k. Typical best mortgage deals are 2 to 2.5 % above BOE Base rate. So repayments on a new £283k mortgage are about £1650 per month. BOE interest rates are expected to hit 4 % next year. Which means that a typical 25yr rep mortgage on an average house purchase would be £1900 p/m. In other words, an average FTBuyer will have to spend some 105% of their take home pay on mortgage repayments alone....

    @tobymaltby6036@tobymaltby6036 Жыл бұрын
    • 1) according to ONS UK average salary is £38600 2) average uk house is a 3 bed semi ( usually 3 bed houses aren’t purchased by one individual therefore there are 2 incomes ) the type of houses based on one income FTBs are smaller and cheaper. Typical best deals I have seen today were priced at 3.92% from Halifax who according to the media have stopped lending which is a total fabrication. This puts them at 1.67% above base rate. Also many FTBs take much longer terms than 25 years which means cheaper monthly payments.

      @leonshaw1008@leonshaw1008 Жыл бұрын
    • Median is probably a better measure than average salary

      @hashmo101@hashmo101 Жыл бұрын
    • @@leonshaw1008 its still not affordable in the current climate. Its beginning to spiral out of control.....

      @Decrepit_biker@Decrepit_biker Жыл бұрын
    • @@Decrepit_biker also, no one gets a 100% LTV mortgage. The average equity at remortgage is probably around 25-30%

      @immers2410@immers2410 Жыл бұрын
    • Yeah these numbers a not representative of much really

      @magisvita2937@magisvita2937 Жыл бұрын
  • Too much people borrowing what they can't afford special hogging up properties to rent I do feel sad for those who have 1 house but serves those greedy gits and investors who have pushed houses prices too high making it hard for normal people to own a house no one should take extra loans if they don't have too

    @sakhter4044@sakhter4044 Жыл бұрын
    • Look up a USA corporation called Blackstone from which BlackRock emerge This company have accumulated $800+ billions of residential property all over the world They own about 32000 properties in Spain alone They do the LEAST maintenance work and on average after acquisition raised the rents massively Only Denmark have recently began to fall fight back It's these corporation and rich individuals who purchased this properties raised the rents and caused bottleneck in available housing

      @MC-dg5td@MC-dg5td Жыл бұрын
  • So we, the state, borrow money from financial institutions to afford tax cuts. This added money will cause inflation and therefore interest to rise. The high interest will cause this added money to flow to financial institutions. I really struggle to see this as anything but a poorly disguised heist.

    @ageoflove1980@ageoflove1980 Жыл бұрын
    • a controlled demolition......build back better ,CBDC will save us.............................

      @ElCharvo@ElCharvo Жыл бұрын
    • And the Scales fell from my eyes?

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
    • Another wealth transfer... Got banks like Lloyds who want to be the biggest private landlord in the UK with 50k properties by 2030. They want a crash. The rich have cash on the side to hoover everything up.

      @m_b4@m_b4 Жыл бұрын
  • Tax the poor not the rich says it all.

    @seantheprawn9257@seantheprawn9257 Жыл бұрын
    • you were wrong , if you earn more you pay more! if you are on benefit... lucky you!

      @suzy5166@suzy5166 Жыл бұрын
    • @@suzy5166 Go on benefits then, if it is so good. No? You talk shite.

      @SpongyWhale@SpongyWhale Жыл бұрын
    • Onya Suzy 👍

      @seantheprawn9257@seantheprawn9257 Жыл бұрын
    • @@suzy5166 So if you are on over a million, you get back £111,000 over 2 years, UC is £washers over 2 years, so you now have £2,111,000, did I get it wrong?

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
    • @@suzy5166 universal credit. Better off? What planet do you live on???!

      @paulfairbairn1066@paulfairbairn1066 Жыл бұрын
  • Some Tory lemon MP will be trotted out on the airwaves in the morning to tell us all just work harder if your struggling with payments.

    @anmanm2645@anmanm2645 Жыл бұрын
  • The farmer comes with his sickle for the turkeys who voted for xmas

    @smoozerish@smoozerish Жыл бұрын
    • Genius!🤣

      @Chills124@Chills124 Жыл бұрын
    • The tree welcomes the axe because the handles made of wood

      @cosmic_caveman9427@cosmic_caveman9427 Жыл бұрын
    • Brexit is the ghost, haunting this hse

      @shakthidhasan4544@shakthidhasan4544 Жыл бұрын
  • Scary times. Perhaps thick lizzy is hoping someone in the UK keeps winning the huge euromillions jackpot. We have a pretty good record at winning the 100million + ones. Of course with the cons trickle down economics theory this can only be a good thing for us all and it might even save the day 🙃

    @lincslegend6936@lincslegend6936 Жыл бұрын
    • I was a little pissed off 😤 after watching the segment but this comment did make me lough 😂👌

      @az..0N3@az..0N3 Жыл бұрын
    • lol

      @silverkitty2503@silverkitty2503 Жыл бұрын
    • She ain't thick, this is on purpose. Tories donors are doing millions betting against the pound and when labour will get the power won't be able to rebuild the country cause of the debt and the next election people will be tired of labour and vote tory again.

      @adrikhankant6170@adrikhankant6170 Жыл бұрын
    • Interest rates have been artificially kept low for over decade- 4-5% base rate is pretty normal- if people haven’t made provision for this then TBH that’s their fault

      @stuartwood5448@stuartwood5448 Жыл бұрын
    • LEAST TRUST??????

      @MC-dg5td@MC-dg5td Жыл бұрын
  • Honestly, I’m sick an tired of how our dear United Kingdom is being run at the moment. I’ve been a tory all my life and graduated from both Eton and Oxford. I’ve believed in free markets and an efficient and slimmed down state all my life. Nonetheless, 12 years of tory government’s have been a disgrace so far. Government spending has been out of control, interests on mortgages have gone through the roof, cost of living has spiraled out of control, the pound has fallen off a cliff and the average Britain now even lags 10% behind France and is on average 40% poorer than the average German. We cannot for the sake of it continue on like that. Our People are amongst the most well educated and honest to god hardest working people on Earth but we are being governed by a lot of self-righteous and only-on-their-own-self-interest-focused government who not only deprioritizes the well of the humble man but also completely disregards the economic reality.

    @peylermann@peylermann Жыл бұрын
    • Well said

      @cherryclarke4704@cherryclarke4704 Жыл бұрын
    • But who will you vote for in the next time. 🤔

      @deebarnard5439@deebarnard5439 Жыл бұрын
    • @@deebarnard5439 vote for Ed millaband

      @johnbuffaloiam9741@johnbuffaloiam9741 Жыл бұрын
    • The Tory party now are just American republicans. Please stop voting for them.

      @shadowsage1@shadowsage1 Жыл бұрын
    • Do you really think it matters mate? They are all just puppets, it runs a lot deeper than them. It’s by design.

      @truthhasnofeelings5245@truthhasnofeelings5245 Жыл бұрын
  • Its one stressful thing after another at the moment .why can't we live our life's stressfree

    @paulhoskin3286@paulhoskin3286 Жыл бұрын
    • because your life has monetised, best thing to do is to reduce your need for money.

      @kevinbuchan8954@kevinbuchan8954 Жыл бұрын
    • Try stop watching the news. They're not in the business of delivering news to their audiences, they're in the business of delivering audiences to their advertisers.

      @K1lostream@K1lostream Жыл бұрын
    • You can, buy a Narrowboat, or go offgrid

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
    • 8 more years of pain

      @33wanwan@33wanwan Жыл бұрын
    • ……because fools voted for Brexit and gave the Tories an unassailable 80 seat majority.

      @mikehutchison4892@mikehutchison4892 Жыл бұрын
  • Crazy stuff Being a grad trying to find my footing in these times is extremely difficult

    @ts1090@ts1090 Жыл бұрын
    • Stop paying tax has become my hobby. Great fun 👍

      @jestermoon@jestermoon Жыл бұрын
    • You missed out god paying tax. Stay Free

      @jestermoon@jestermoon Жыл бұрын
    • TS, take a moment. Relax Go for a walk as I do. Make sure you are happy as you go. I have PTSD thx to Liz. I have a FB site I update most days and sometimes 5 in one afternoon. Take A Moment. Stay Safe Stay Free

      @jestermoon@jestermoon Жыл бұрын
    • You’re young enough to learn and adapt & I think it’s in your best interest to learn about stocks and shares now it’s accessible to ordinary folk. Problem is older people are financially illiterate & wilfully so.

      @CharlieRabbit87@CharlieRabbit87 Жыл бұрын
    • Thats why you wasted going to college and university. now your in debt cos of uni. stop learn from the government and learn to make money

      @Rise-Up-Now@Rise-Up-Now Жыл бұрын
  • So wait, fixed rate mortgages only last a few years before the rate changes in the UK? 🤯

    @billkendrick1@billkendrick1 Жыл бұрын
    • These are term Mortagages (ARM). Fixed for 5/7 years and then reset.

      @OOpSjm@OOpSjm Жыл бұрын
    • From 🇬🇧. They offer 2year, 3, 5, 7, 10 fixed terms. After that you negotiate a new deal at current rates. And in rare cases you can get full term fixed like in the US. The majority of people opt for a 2 year fixed rate as its a cheaper payment. Rates have been dropping for years so most people haven’t experienced raising rates. I watched 99 homes, a film about America and repossessions in 2008, it taught me a lot and not to play with short fixed term mortgages!

      @laurieproctor3572@laurieproctor3572 Жыл бұрын
    • @@laurieproctor3572 The finance sector manipulate the figures to make 2 year look the better deal, but it's extremely rare that's actually the case. Most provides bulk on product fees etc and these are usually very high for 2 year fixed periods and then need paying again only 2 years later. 5 year deals are often slightly higher rates and monthly payments, much lower product fees only paid once every 5 years, and notably cheaper overall.

      @MrSamoDude@MrSamoDude Жыл бұрын
  • Alarming bond belief! And here I was sitting on the fence (see how this goes) but someone burnt the fence down, I don't need a clairvoyant or a forcatster to tell how this goes or how it's gone, yet again the weakest and the poorest will suffers and government and other corporate identities will profit. Next is the property crash...

    @richmeister1960@richmeister1960 Жыл бұрын
  • The banks don't lend money from customers deposits, if someone goes to the bank for a loan the bank simply pulls the money out of thin air by putting some digits on a screen then give it to the customer which then becomes an asset for the bank and a liability for the customer, that is how money is created.

    @richardkilley6838@richardkilley6838 Жыл бұрын
  • Interest rates are a difficult situation. Low interest rates are good for those in debt, and bad for those who save, and high interest rates are good for those who save, and bad for those in debt. Some will win, and some will lose, and everything is a compromise on something.

    @mattevans4377@mattevans4377 Жыл бұрын
    • Oh shut up, Matt Evans. You seem to be completely delusional. Explain what you mean.

      @blackbeard6423@blackbeard6423 Жыл бұрын
    • "bad for those who save". this is a nonsense euphemism used to disguise who really benefits from high interest rates, the wealthy, high interest rates are NEVER passed on to commercial savers

      @afgor1088@afgor1088 Жыл бұрын
    • Usually those who are richer who benefit from situations like this, interest rates on savings go up & those who are scraping by have to tighten their belts.

      @MrDontclickthislink@MrDontclickthislink Жыл бұрын
    • @@MrDontclickthislink Adam and Eve, not Adam Lafferty and Steve.

      @blackbeard6423@blackbeard6423 Жыл бұрын
    • @@blackbeard6423 That made no sense.. are you okay?

      @MrDontclickthislink@MrDontclickthislink Жыл бұрын
  • Now take a look at TV adverts how they're selling, not only their products but, an unattainable lifestyle where the young are well clothed, have pristine housing fully furnished, have cars and children, and still they have money left to purchase the latest phone and the apps that come with it and a seaside holiday. What economic minority are those adverts directed to? Such advertisements campaigns are more of economic-shaming than anything else.

    @Top10sKpopMVs@Top10sKpopMVs Жыл бұрын
    • Keeping up with the Jones's...

      @m_b4@m_b4 Жыл бұрын
    • So true. The influencer lifestyle.

      @hashmo101@hashmo101 Жыл бұрын
  • First BREXIT, then the pandemic and now Trussonomics. The last 5 -6 years have been a traumatic experience.

    @mamunahmed892@mamunahmed892 Жыл бұрын
    • It is just the beginning. Only a fool would put any money in the uk

      @luka3174@luka3174 Жыл бұрын
  • So when do you think the IMF will be getting there office space in number 10. Before or after Xmas?

    @lockydude007@lockydude007 Жыл бұрын
    • Deja vu indeed.... They may probably push for more reasonable taxing to make the promised expenditure affordable...

      @JJVernig@JJVernig Жыл бұрын
    • They got a deluxe suite 12 years ago

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
    • The IMF won't go near Number 10. It will be Zoom meetings. When the IMF gets frustrated explaining economics 101 to the government, they can just disconnect.

      @djsmithe@djsmithe Жыл бұрын
    • Surely it's easier if Truss and KamiKwazi just move into Tufton Street and they privatise Downing Street , lots of Russians leaving so they'll need to be housed somewhere.

      @chrissilver7719@chrissilver7719 Жыл бұрын
    • Funny how Charles gets into power and suddenly this happens. After all charles is an ambassador of davos.

      @squallstrife4712@squallstrife4712 Жыл бұрын
  • How many people who have a Mortgage asked there lender for a Quote on 10% interest rate hike? Then asked themselves can I afford this House? A lady who arranged ours says shes only heard it a few times in 20 years of being a broker. She said people normally borrow alot more for a bigger House. Shame history is repeating itself.

    @derf9465@derf9465 Жыл бұрын
  • So you can’t just give out pay rises because it’ll cause inflation, but you can just slash tax, mostly benefiting the rich, and cause inflation without a care in the world.

    @TSINIproductions@TSINIproductions Жыл бұрын
  • Torys dig their own hole by electing Truss, what is happening is what Rishi said . Ironic

    @bathayijanathaparty9993@bathayijanathaparty9993 Жыл бұрын
    • @D C ohh really, you don't have capability to produce your own food and energy ad depends on other countries like as usual . That was back fired 😂😂😂 so you want them to beg on roads or some starve to death

      @bathayijanathaparty9993@bathayijanathaparty9993 Жыл бұрын
  • Have they thought about cancelling Netflix though

    @02reesjd@02reesjd Жыл бұрын
    • But what if the product spat out by The MCU vomit machine gets better?

      @stephenwalker2924@stephenwalker2924 Жыл бұрын
  • Good to have macro situations explained using real life examples. Good also to explain things in understandable terms.

    @corcaighrebel@corcaighrebel Жыл бұрын
  • Who are these people who can even afford a mortgage I don't know any regular worker who can afford mortgages, people who just got on the property market are completely screw. Big shock it's going to be regular people who are going to be hurt by interest rates.

    @ben8878@ben8878 Жыл бұрын
  • In other countries people's spare cash is used to invest in productive assets like businesses which produce, innovate and employ. In the UK its just ploughed into housing, a non productive assest which slowly degrades to rubble over time.

    @jrcp106@jrcp106 Жыл бұрын
    • That's true.

      @argumentumadbaculum@argumentumadbaculum Жыл бұрын
  • Remember the interest rate at fifteen 1/2 % ?... used to pay over seven hundred quid on a 37 grand house . I will never forget it . My second marriage 22 years ago they said I could have 150 grand mortgage.... glad I remembered nineties and only borrowed 57 . Every government fks it up .glad I’m near end

    @bethanhamer.8669@bethanhamer.8669 Жыл бұрын
  • Is it possible that the banks are looking to own all the mortgaged properties, you know, like quoted in the WEF's trademark slogan "Welcome to 2030, I own nothing, have no privacy and I'm happy"?

    @universe2171@universe2171 Жыл бұрын
    • i don't know why people are so obsessed with the WEF. they didn't come up with this stuff, it's just capitalism this is what it has always been, they're just one of many servants of capital

      @afgor1088@afgor1088 Жыл бұрын
  • Exactly higher interest rates will lead to defaults, house repossessions as people won't be able to afford increasing mortgage payments that go up with rising interest rates. This government and bank of England has lost the plot I remember the financial crisis in 2008 where many people lost their homes to banks repossessing their homes as they couldn't afford the higher mortgage payments that went up with increasing interest rates.

    @rix195@rix195 Жыл бұрын
  • Every single economist worth their stripes, and all the members of the Bank of England all said not to do this, that the results would be catastrophic, and yet here we all are anyway. Everyone else keeps trying to put out the fire currently consuming the world's economies, and yet the Tories seem perfectly happy to dance around pouring petrol on the flames. I have no idea what is going to happen, but I have a strong feeling it will not end well.

    @BigBoiiLeem@BigBoiiLeem Жыл бұрын
    • putting out fire with gasoline

      @33wanwan@33wanwan Жыл бұрын
  • Lloyd's bank wants to be the biggest private landlord in the UK with 50k properties by 2030. I'm sure this will help.

    @m_b4@m_b4 Жыл бұрын
    • No it won’t. Higher yields in bonds means higher BOE base rate and lower house prices. If anything this latest change with yields is great for higher savings rates and lower house prices

      @havebadday7850@havebadday7850 Жыл бұрын
    • @@havebadday7850 they can hoover up all the properties from people defaulting on thier mortgage repayments. 2023/24 will just be another wealth transfer.

      @m_b4@m_b4 Жыл бұрын
    • @@m_b4 they will hold a devaluations asset messing up their balance sheet. It only makes sense for Lloyds to be LL when IR are low and they need to make a yield. This is not the case today. Lloyds is actually ripping off its customers offering sub 1% (0.04% easy and 0.4 cash isa) interest on their savings account whilst banks like Marcus and Zopa are doing 2%

      @havebadday7850@havebadday7850 Жыл бұрын
  • The sad thing is, that higher rates, higher mortgage payments means more profits for bankers. Together with the tax cuts, they popping the champagne. I don't understand, why the opposition is not calling for new elects to get this unelected hacks out?

    @cyberslim7955@cyberslim7955 Жыл бұрын
  • Interesting to see the UK superseded Greece keep up the good work to those Tories brexiteers! how low can you go!

    @shintsu01@shintsu01 Жыл бұрын
  • There are a lot of things people are not talking about, they blame everything on the tax cut, Inflation is here with or without the tax cut the borrowing will increase it, that's for sure but the BOE will have to rise the interest rate no matter what, in fact, they have to rise it above inflation if they really mean business otherwise they are stuck they can't print anymore and the economy will shrink and recession takes a grip the whole system of the debt-driven economy needs to change.

    @MrManny075@MrManny075 Жыл бұрын
  • If only the UK had nationalized the oil. It would had made a HUGE difference....

    @Detector1977@Detector1977 Жыл бұрын
  • I for one am looking forward to a reduction in housing prices. Everyone paying through the nose for a house and expecting that prices will go up forever is why we’re in this current mess.

    @drivingoneuropeanroads-pov604@drivingoneuropeanroads-pov604 Жыл бұрын
    • Lol..... You're in for a wake up call and a half you are. Have a little think about who this benefits the most. Who gives out the money for a mortgage? Who gets your house when you can't pay your mortgage? Who stands to gain the most out of all this? The only thing that will happen is once it hits crisis point, as in everyone is about to lose their houses and effectively thousands upon thousands are facing homelessness, you will be given the chance to rent the house you were supposed to be buying instead of them outright kicking you out of it. If you can afford the rent that is. "you will own nothing and you will be happy" Klaus Schwab, World Economic Forum.

      @craigboden9455@craigboden9455 Жыл бұрын
  • What he said about where banks get money from is flat out wrong. Banks create money from thin air when they loan you money. It DOES NOT come from reserves, and it is astounding to me how many people dont understand this simple fact about our economy.

    @mdaniels6311@mdaniels6311 Жыл бұрын
  • Are fixed rate mortgages fix for the entire mortgage term, or are they only fixed for a certain period then reset for another period? In the US a fixed rate is fixed for the entire term of the mortgage (30 fixed is for 30 years.)

    @obsideon1343@obsideon1343 Жыл бұрын
  • People better hope the rate doesn't hit 15% like it was in the 1980s

    @whiskysam2036@whiskysam2036 Жыл бұрын
  • Anyone that takes on a seriously long term financial commitment like a mortgage and stretches themselves to the absolute limit has only one person to blame when shifting interest rates cripple them... it's not like this hasn't happened before, is it?

    @Paul-li9hq@Paul-li9hq Жыл бұрын
  • Paying more in Mortgages, increased cost of goods due to Sterling plummeting leading imports costing more + infaltion is on the rise and then we get back 1 p on basic tax rate. Welcome to Truss'onimics.

    @outcastp23@outcastp23 Жыл бұрын
  • I have lost so many friends and family calling me crazy as I have warned them for 20yrs of my 43yrs this reset was coming. Not so mental now am I right.

    @ThehulkGreen@ThehulkGreen Жыл бұрын
    • As mental and dim as you were years ago.

      @emm_arr@emm_arr Жыл бұрын
    • No, you are still mental 🙄

      @CyclingInKilkenny@CyclingInKilkenny Жыл бұрын
    • Did you not get some praise in '08?

      @m_b4@m_b4 Жыл бұрын
    • Bank always wins. In times of high interest it makes lots of money. In time of low interest property prices rise and it still makes a lot of money. As interest rates rise it will repossess properties and turn them into buy to let’s or hmos. This keeps property prices high. It gives them an income. They always win. The rich get richer.

      @hashmo101@hashmo101 Жыл бұрын
    • @@hashmo101 sure

      @nowisgodinyourlovelylife717@nowisgodinyourlovelylife717 Жыл бұрын
  • People were scammed, yes scammed with sub 2% mortgage deals for years and when they have to remortgage they wont afford it. Tell me this wasnt calculated.

    @Nonixification@Nonixification Жыл бұрын
    • Unless you are entirely cynical and blame the situation on epic incompetence, this does seems to be the case.

      @ageoflove1980@ageoflove1980 Жыл бұрын
    • People were dumb, buying massively overpriced assets because they thought the price would go up forever.

      @SA-ff9uc@SA-ff9uc Жыл бұрын
    • People were allowed to borrow stupid amounts. Mortgages that were wildly out of their leagues.

      @zudopowa@zudopowa Жыл бұрын
    • @@zudopowa No that was the case up to the crisis in 2008. That was a bubble bursting and a world wide phenomenon. This just seems like (deliberate) mismanagement and frankly looks like people getting scammed by a sort of messed up triangle between the government, the bank of England and financial institutions.

      @ageoflove1980@ageoflove1980 Жыл бұрын
    • @@SA-ff9uc I think you are victim blaming here because what's happening is completely by design.

      @ageoflove1980@ageoflove1980 Жыл бұрын
  • Boris and lizz’s gamble is bringing the country to its knee.

    @dibaygautam2076@dibaygautam2076 Жыл бұрын
  • While I do feel sorry for those caught up in all of this mortgage rates couldn't possibly stay at historic lows forever and if you can't afford it now you really couldn't afford it back then.

    @roofpizza1250@roofpizza1250 Жыл бұрын
    • What a very strange thing to say....

      @hollymatthews557@hollymatthews557 Жыл бұрын
    • @@hollymatthews557 What part do you need help with?

      @roofpizza1250@roofpizza1250 Жыл бұрын
    • Idiot

      @kwameofori8947@kwameofori8947 Жыл бұрын
    • Mortgage rates were able to be higher because of the relative value of properties and income. If they were to put rates to 90s levels literally no one could afford a house (first time or remortgage) but perhaps that's what the tories want.

      @Will-xc8hg@Will-xc8hg Жыл бұрын
    • Too many people see property as an investment rather than a necessity. The housing market needs a reset.

      @wlsn77@wlsn77 Жыл бұрын
  • Another incorrect statement. BOE increasing interest rates to keep pound from dropping. So interest rates will have to go up even more now.

    @jonkayl9416@jonkayl9416 Жыл бұрын
  • It isn't true that people who lend money for mortgages have to raise that money themselves. What banks do when they give a mortgage (or any debt) is to *create* money.

    @AlunParsons@AlunParsons Жыл бұрын
  • No ones mentioned the cost and number of evictions. You know they've got those projections

    @grumpy-dad3701@grumpy-dad3701 Жыл бұрын
    • Sad but true

      @cherryclarke4704@cherryclarke4704 Жыл бұрын
    • Landlords will be selling up i have already seen many homes for sale this last week alone.

      @squallstrife4712@squallstrife4712 Жыл бұрын
  • I'm having a moment because the tax cuts sound like U.S. What's next? Paying for your own health insurance? Love my country but oh, don't fiscally be like the USA, please. That is one of the admirable things about your country.

    @travelinghuntress5725@travelinghuntress5725 Жыл бұрын
  • If you can afford a thousand mortgage a month... ern I can't and I'm going to be ok

    @jonathanshort8562@jonathanshort8562 Жыл бұрын
  • Very good analyst by the economists. The benefits of giving tax cuts to the English people will be completed exhausted when the banks pass on the heavy increases in mortgage rates to borrowers. This in turn will not affect the pockets of landlords but also tenants as the landlords will pass some of this extra repayments costs onto the Tenant signalling a downturn in overall consumer spending and the English economy

    @issacnewton2223@issacnewton2223 Жыл бұрын
  • Tbh anyone complaining about interests rate about mortateges its on them completely they had a easy life for years which leads to this situation. Interests rates should be higher way before than now and probably we wouln't had this situation at out hands. If anyone disagrees then look at canada they are sitting at 5% aprox and their situation completely fine as for the currency rates, it's increasing day by day.

    @republicgamer6998@republicgamer6998 Жыл бұрын
  • How are we having a sterling crisis when we were promised all of that abundant, reliable & *cheap* green energy? People choosing between heating and eating. So sad. If only we could figure out what might be causing that.

    @blueanodized@blueanodized Жыл бұрын
    • I mean 26% of the UK's power comes from wind alone, so it's going pretty great for them. They could also always build nuclear reactors and recoup the investments in 20 some years as well. Or they could continue relying on the mercy of oil dictators for their power like Germany right now. It seems only France learned the lesson from the first oil shock in the 70s.

      @falloodaboy@falloodaboy Жыл бұрын
    • @@falloodaboy 26% you say yet national stats show actual contribution of on & offshore wind generation for Q2 2021 as only 15.8% and Q2 2022 as only 20.6% Its fascinating watching how the shortfall of need will be accounted as we embrace the globalist net zero dogma at any cost.

      @blueanodized@blueanodized Жыл бұрын
    • @@blueanodized depends on how you measure it but even then 1/5 of all uk energy came from wind alone. It's also funny you say net zero agenda as if it's some fictitious story which won't affect ordinary people. As if the UK didn't just break all heat records within the past few months. Also, if you hate renewables so much just build nuclear reactors like France did because they knew energy dictators are unreliable.

      @falloodaboy@falloodaboy Жыл бұрын
  • As an American, I'm truly confused as how ANYONE in the UK can afford a mortgage?!

    @sharonharris9782@sharonharris9782 Жыл бұрын
  • The interest rate should be around 5% already, we need to be more aggressive

    @leaveourstatuesalone.3378@leaveourstatuesalone.3378 Жыл бұрын
    • So at 5%, our debt payments would be £100 million per month

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
    • @@Setinmywaysalways is that all, ok 7% might be better.

      @leaveourstatuesalone.3378@leaveourstatuesalone.3378 Жыл бұрын
    • Just don’t pay your debts in 5 years it will be written off anyway 😂

      @Apexbossman@Apexbossman Жыл бұрын
    • who are 'we' ? Who are you? you defend statues of long dead people Who are you, an aggressive man who in his bitter heart has neither understanding nor kindness for living people struggling desperately during the worst financial crisis since the II WW? why do you want to make the struggle of your poorer fellow citizens more severe?

      @miras2222@miras2222 Жыл бұрын
    • @@miras2222 He is what we in the West call a FUD, pm me and I will tell you in 100 Languages what that means

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
  • Someone please explain why the taxes being lower is a negative?

    @brisko2190@brisko2190 Жыл бұрын
    • Go read a high school economics textbook

      @luka3174@luka3174 Жыл бұрын
  • So if your mortgage company gets the money for your mortgage ,is full loan on fixed rate at time of loan an if so why does your interest rate change with rates surely they borrow all the money at a fixed term for the full time term??!!

    @nancyhood8395@nancyhood8395 Жыл бұрын
    • Welcome to the biggest con in history named usuary. But we'll just sugar coat it and name it intrest. :)

      @squallstrife4712@squallstrife4712 Жыл бұрын
  • Kick back ride out the rest of this year and 2023 the best you can and get ready for a Labour Government in 2024 🎉 Looking forward to buying my gas and electric from GREAT BRITISH ENERGY. Publicly owned energy company, Tories are a dead man walking bruv 😂

    @KingKong187911@KingKong187911 Жыл бұрын
    • Now you believe in Scottish Power.

      @bromion5123@bromion5123 Жыл бұрын
  • Money is not free…this is direct result of all the stimulus and helicopter money. Did you not see the asset prices going up ?

    @tropics8407@tropics8407 Жыл бұрын
    • Who has a two year mortgage ? 🙄😂

      @tropics8407@tropics8407 Жыл бұрын
    • Money is free. It's printed.

      @psyber_spaced1192@psyber_spaced1192 Жыл бұрын
    • @@tropics8407 they don't mean a two year mortgage, they mean a period of an interest rate "fix" - usually 2,3,5 or 10 year fixed interest rates which don't move no matter what the base rate goes to.

      @ep1929@ep1929 Жыл бұрын
  • why so slow. Australia been hiking rates .5 every month. why is uk waiting till November

    @chrisj6321@chrisj6321 Жыл бұрын
  • That economist looks like he hasn't slept for weeks.

    @eustab.anas-mann9510@eustab.anas-mann9510 Жыл бұрын
  • You can tell that lady in the beginning is living outside of her means. So much clutter in her house.

    @RyuuOujiXS@RyuuOujiXS Жыл бұрын
  • Insane🤦‍♂️

    @kabsboom@kabsboom Жыл бұрын
  • This is stressful.

    @igordinis783@igordinis783 Жыл бұрын
  • Questions. Are you looking for a mortgage? Did you vote tory? If yes to both of the above. 🤣🤣🤣

    @obtuse1291@obtuse1291 Жыл бұрын
  • weren't looking for a house in the uk anyways😂prices are too damn high better to move elsewhere guys 300k plus for a small house just to own

    @donutking4u@donutking4u Жыл бұрын
  • What does it mean that she's coming out of a fixed rate mortgage?

    @RealCptHammonds@RealCptHammonds Жыл бұрын
  • Looking for, I can’t wait to get rid of mine, 10k to go and thankfully fixed for another 4 years.

    @tomtom2438@tomtom2438 Жыл бұрын
    • Nice! 🙂

      @zudopowa@zudopowa Жыл бұрын
    • Luckily mine is fixed and isn't due until 2026. I just hope the tories are out by then, might just go to the Winchester until all this blows over..

      @MrDontclickthislink@MrDontclickthislink Жыл бұрын
    • Remember us poor folk Tom that thought as we had an Endowment Mortgage all would be well, you have 4 years for them to move the Goalposts, as they did to us :)

      @Setinmywaysalways@Setinmywaysalways Жыл бұрын
  • I just wanted a place to call my own.

    @twocandan1979@twocandan1979 Жыл бұрын
  • Beginning of the housing bear market in the UK

    @monkeh86@monkeh86 Жыл бұрын
    • what do you mean?

      @Ad4m89@Ad4m89 Жыл бұрын
    • I wish

      @Human44317@Human44317 Жыл бұрын
    • @@Ad4m89 people could not refinance their home with much higher rates. That means they have to sell when they could not pay their mortgage. And more likely with high inflation and difficult economic condition.

      @Jocky8807@Jocky8807 Жыл бұрын
    • @@Ad4m89 next year 20-30% drop in house prices. Plus people defaulting on their repayments.

      @m_b4@m_b4 Жыл бұрын
  • "Get Brexit done", "oven ready deal", "strong and stable", "Global Britain", etc etc... You've been pooped!

    @argh6666@argh6666 Жыл бұрын
    • well said

      @jonkayl9416@jonkayl9416 Жыл бұрын
  • What will it do to house prices?

    @Jesusandbible@Jesusandbible Жыл бұрын
    • with the pound so weak expect countries who are pegged to the USD come shopping for properties everything will look cheap to them

      @sko1beer@sko1beer Жыл бұрын
  • My savings still havent attracted intrest..but bank fee charges have risen..if they go cashless....the end

    @dufus7396@dufus7396 Жыл бұрын
  • Shock horror...people living the high life buying on tick(at the expense of those that dont), will have to cough up a more realistic cost of borrowing.

    @manufacturingdissent666@manufacturingdissent666 Жыл бұрын
  • "Daily contact" oh ok all good then..nothing to worry about.

    @dufus7396@dufus7396 Жыл бұрын
  • People who bought a property though they could ill afford it, pushed up the property prices...

    @rr-jp7kg@rr-jp7kg Жыл бұрын
    • Very funny!

      @emm_arr@emm_arr Жыл бұрын
    • People buying property because they would save money on their mortgage payment compared to renting and now they own an asset. How foolish of them..

      @beikdw5762@beikdw5762 Жыл бұрын
    • What choice did anyone have? Rent and pay even more?

      @YA-hm5zy@YA-hm5zy Жыл бұрын
    • @@beikdw5762 how many buy to let speculators that were dreaming of retiring on passive income welcomed inflated property prices and rents because it suited them, who do you think the landlords charging those unaffordable rents are

      @caspar_gomez@caspar_gomez Жыл бұрын
    • Buying a house in the last half a decade or so might be the biggest economic mistake anyone could have done. 1. In the grand scale of things the extremely low interest rates were just like a bait that tricked people into believing that it is the best time to invest 2. The EXTREMELY OVERPRICED housing market meant people needed to borrow more to pay for houses which are LESS VALUABLE than the asking price. The REAL VALUE of properties sold in the past half a decade or so is probably about 40% lower the asking prices. So most of the mortgage payments were already so high because of massively inflated house prices, banks didn't mind this because it showed "a healthy economy" of people borrowing so much money.

      @myamwezmyamwez8669@myamwezmyamwez8669 Жыл бұрын
  • I'm 2 years into a 5 Year Term. First time buyer. Would it be wiser now given the situation to focus on overpaying the mortgage in the remaining time vs renovating?

    @SonicSidewinder@SonicSidewinder Жыл бұрын
    • Renovating is a suicide mission in my experience. Always takes longer and is more expensive than anticipated and doesn't add half as much value as you think. Don't overcapitalise, it could take many years for you to make back what you put in now. Don't overpay the mortgage either. Hold on to you savings for now and first see what happens. If your mortgage goes up by £400 each month, you're going to need the extra cash.

      @jaxvanheerden@jaxvanheerden Жыл бұрын
  • Welcome to conservative England

    @michaelking8642@michaelking8642 Жыл бұрын
  • things have been getting worse for the many, but we cant pretend that some of the few are not benefiting from the mayhem , the system will never get fixed , this is what makes the world go round , make peace with it and maintain

    @POOMPLEX2@POOMPLEX2 Жыл бұрын
  • Kwarts is in cahoots with the banks?.

    @liamhickey359@liamhickey359 Жыл бұрын
  • When your so called expert is proven wrong in real time, maybe don't platform them as an expert!

    @bishton@bishton Жыл бұрын
  • I am not an Economist, but I can see the UK mini budget isn't going to work.

    @kamwaichan8048@kamwaichan8048 Жыл бұрын
  • Chanel 4 needs to talk about Ecosia they are a search engine that plants trees

    @aarononeal9830@aarononeal9830 Жыл бұрын
  • But great for exporting....oh wait we dont do that anymore

    @dufus7396@dufus7396 Жыл бұрын
  • Follow the american example. buy a tent and live on the streets.

    @johnsometimesoffandsometim8933@johnsometimesoffandsometim8933 Жыл бұрын
    • and some fentinyl

      @33wanwan@33wanwan Жыл бұрын
    • No I ve got some better stuff

      @johnsometimesoffandsometim8933@johnsometimesoffandsometim8933 Жыл бұрын
  • I thought the Tories had a reputation as the business party? borrowing like they're on universal credit

    @tekkytekkers647@tekkytekkers647 Жыл бұрын
  • You'd think the politicians didn't have your back.. or get paid to have your back 🤣🤣🤣

    @lscottmanifold9618@lscottmanifold9618 Жыл бұрын
  • Renationlise the utilities and water

    @jonathankennedy1715@jonathankennedy1715 Жыл бұрын
  • So will the poundzone break apart? Northern Ireland was likely to leave, but maybe Scotland will leave the poundzone, too.

    @tobiwan196@tobiwan196 Жыл бұрын
  • How come most ordinary people could see this coming but our government couldn't? from someone ordinary who started paying a mortgage at 12% with a 1/3rd deposit then did save for our old age , a fat lot of good that did with such low interest rates, the one thing it did allow was inflated house prices fuelled by unscrupulous property developers who along with other large companies seem to love tax avoidance, coupled with money wasted by the public service ,s as well as councils, its funy how these people are always short of funds despite us all paying in.Its no wonder the country is in such a state, but will anybody listen to this and try to do anything about it ,probably not!

    @adamsfamilydottwo@adamsfamilydottwo Жыл бұрын
KZhead