Wednesday, Nov 08, 2006

Millions walking a financial tightrope

Daily Mail: Millions 'will struggle to cope with a rise in mortgage rates'

Some 23 per cent of the 11.6 million with a mortgage believe the increase, coming on top of an earlier rise in August, will cause genuine difficulties. The combined effect of two rate rises would add around 10 per cent to monthly mortgage bills, increasing the average repayment from 400 a month to 440.

Posted by uncle chris @ 09:33 AM (381 views)
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8 Comments

1. inbreda said...

"Professor Elaine Kempson said a significant number of young adults and middle income families have put themselves under pressure by spending beyond their means and taking on huge mortgages."

So long as we're all agreed that it's their own fault and it is not the BoEs job to consider the finances of idiots when making IR decisions, then that's OK.

Wednesday, November 8, 2006 09:45AM Report Comment
 

2. Sambino said...

Its not the BOE fault its their job to look after the economy as a whole something should have been done to reign in the housing bubble before now.
How many people would struggle if a .5% rise happened which has been muted in some press sources

Wednesday, November 8, 2006 10:01AM Report Comment
 

3. Cstanhope707 said...

Good Post I added my comments to their web site. But I fear a whole deludge of sob stories from the BEEB when the crash does come. Think Debt Diary day and night. But one good thing those stupid property shows will be closed down. I mean who wants to watch a Property Propoganda show when you house is being repossesed.

Wednesday, November 8, 2006 10:04AM Report Comment
 

4. Ilejustwait said...


if you take out any variable interest rate loan out you have to take in account that the interest rates can go up, and it is down to you to do your home work first,

why struggle to get on the property ladder, risk losing everything if payments can not be met, its people that pay these ridiculous high prices that keep house prices so high,the lenders are there to make money, AND NOTHING MORE, the more they lend you the more money they make even if you lose your home,

the BOE has no control over what you pay for a property, and how much it is worth, its your decision, so be sure that you are making the right one,

Wednesday, November 8, 2006 11:00AM Report Comment
 

5. sovietuk said...

Sad thing is the government has to (yet again) waste taxpayers money on paying an academic to state the obvious. How about getting rid of all of these useless advisors, scrapping all social benefits and all social hindrances on business. Reduce corporation tax, reduce VAT, slash regulation. Watch the foreign investment come flooding in and watch the economy expand at breakneck speed. Unfortunately impossible under a loony Socialist government. Bunch of twa*s

Wednesday, November 8, 2006 12:16PM Report Comment
 

6. talking rot said...

In my dictionary, sympathy comes inbetween sh*t and syphallis. I have no time for people who over stretch themselves. We can't afford to buy a house so we live with that fact and rent. Why put yourself in a dangerous gamble and then bleat when it all goes pear-shaped. Tough luck.

Wednesday, November 8, 2006 02:00PM Report Comment
 

7. inbreda said...

sovietuk - not sure if your suggesting an improvement on the uk. Are you a business or a person?

Wednesday, November 8, 2006 02:05PM Report Comment
 

8. Ilejustwait said...


If you take out any variable interest rate loan out you have to take in account that the interest rates can go up, and it is down to you to do your home work first,

why struggle to get on the property ladder, risk losing everything if payments can not be met, its people that pay these ridiculous high prices that keep house prices so high,the lenders are there to make money, AND NOTHING MORE, the more they lend you the more money they make even if you lose your home,

the BOE has no control over what you pay for a property, and how much it is worth, its your decision, so be sure that you are making the right one

Wednesday, November 8, 2006 02:38PM Report Comment
 

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