MORE Pain For Housing Market As Interest Rates Rise 0.5% To 5% WIth More Hikes To Come From Bank Of England To Curb Inflation

The Bank of England have hiked base interest rates for the 13th time by 0.5% to 5% causing more misery and pain for beleaguered homeowners and further downward pressure on house prices.

 

How To Develop A Millionaire Mindset - Free training webinar. 3 Steps To Success Money Management and Financial FREEDOM!...register now below to avoid disappointment. https://bit.ly/3QPp8IH

 

The governor of the Bank of England, Andrew Bailey, said they have not ruled out further interest rate rises, pouring further anxiety on homeowners already struggling to meet the payments and cope with higher food prices and living costs.

 

Watch full video - https://youtu.be/Xw8cYNnlrn4

 

The markets are already factoring in a base rate of 6%, which would be disastrous for mortgages and house prices as borrowing becomes unaffordable for residential and buy-to-let property investors. 

 

Buy-to-Let property deals no longer stack up at higher rates.

 

The average 5-year fixed rate mortgage is near 6%, but some borrowers were already facing 6-7% interest rates before this latest rate rise. Could we see a return of a 10% mortgage?

 

The housing market has already started to slow down, and this will add further stress to affordability as lenders have pulled thousands of mortgage products already.

 

One economist said that 50% of borrowers holding fixed-rate mortgages have yet to renew.

 

In January the FCA warned that, as many as 750,000 homeowners face default, which means they could be repossessed and lose their homes.

House prices have been rescued by rate cuts and money printing in 2008 after the banks collapsed, and again 2020, but prices and transactions are now falling in the UK and in many other western economies.

 

Finally, spare a thought for Turkish people. The government has just hiked rates by 6.65%!

 

So what can you do to survive?

 

The government have met with the major lenders today. The banks have agreed to help borrowers by allowing product switches to interest only among other measures to be released. Your credit file will not be affected in the first six months.

 

Here are my money survival tips:

 

·        Talk to your lender – don’t bury your head in the sand.

·        Rent a room scheme.

·        Get a part-time job.

·        Learn how to manage your money.

·        Learn how to invest and grow your money into wealth.

 

See: – Transfer Property Into A Limited Company Without Paying CGT or Stamp Duty https://youtu.be/mtGq7WaVxLA

 

See also:

Housing Market in DEEP Trouble: https://youtu.be/USGREwntT1I

Interest Rates Will Rise, Property Prices Will Fall And Opportunities Will Open Up:

https://www.youtube.com/watch?v=ziTf2jOagB8&t=179s

How To Develop A Millionaire Mindset

I want to show you exactly how you can:

•       Not only survive, but thrive in a recession or depression?

•       Get control of your finances and spending?

•       Save and invest for your future?

•       Learn about money and finance?

·        Develop a millionaire mindset

To help you, I am running a free training webinar. 

3 Steps To Success Money Management and Financial FREEDOM!

I want to help you get control of your money, learn how to invest and become financially free by developing a millionaire mindset – which is not about buying flashy things and looking rich!

Join me online on my free live money management training Wednesday at 8.00PM.

Places are limited, so register now below to avoid disappointment.

https://bit.ly/3QPp8IH

 

#interestrates #property #mortgages #remortgage #mortgagerates #homebuyers #estateagent #housepricefall #finance #moneytraining #moneymanagement #wealth   #bankofengland #inflation #money  #housingmarket #propertycrash #section24 #GeorgeOsbourne #taxrise #millionaire #millionairemindset #andrewbailey #blackwednesday #georgesoros #andrewtate