Mortgage Rates.... There are going to be some serious tears.

LukeD · Sep 27, 2022

Imagine you are 48 hours from completing and this happens ? :-( Anyone coming away from a fixed term and cannot afford a 3%and maybe more increase might be seriously worried about losing their home . Its getting ugly

Dustydazzler · Sep 27, 2022

I was reading the other day that for every 1% increase the average mortgage repayment in England will rise by £250 per month

I can see ALOT of repossessions in the coming years

LukeD · Sep 28, 2022

Dustydazzler said:
I was reading the other day that for every 1% increase the average mortgage repayment in England will rise by £250 per month

I can see ALOT of repossessions in the coming years

Yep... We are planning on buying soon. The lowering of property value wont be of much use when we could be asked to pay double monthly payments So we see a huge shift in the market .Some will HAVE to downsize etc .As they are too exposed financially etc .I know MY sister in law finishes their fixed term in June and due to her Husband been off work with parkinson's . She wont be able to deal with 2% raise in her payment . And this is someone who shops at markets and goes to supermarkets to get discounted food. They dont have sky or a car etc . .Even landlords are selling up etc .

This issue could really see massive social disorder

The Government need to start offering mortgages themselves .It would raise billions .

Dustydazzler · Sep 28, 2022

I live in an expensive part of the SE and know people who have brought in the last 10 year who took out enormous mortgages effectively gambling rates would remain sub 1% for ever. Our neighbour move in during the pandemic told me the other day they have a monthly repayment around £1700 per month so is quite manageable as they both are quite high up in the NHS with decent fixed salaries. At 6% their mortgage will be nearly £4000

per month.
The have already had estate agents round and ready to put the house back on the market.