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.

 

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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

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•       Get control of your finances and spending?

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·        Develop a millionaire mindset

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