Redwurzel
Well-known member
There seems to be a lot of requests in the last week to help people with mortgages.
Although I can see its tough at present for mortgage holders that need to move to a new deal from a very low old rate, I could not support helping in some cases people on decent incomes over say those needing to use food banks and trying to live on say less than say £250 a week.
Maybe the Government can put pressure on lenders to extend mortgage lengths to keep payments down for those struggling, say making a 25 year mortgage a 30 year mortgage. or allow peopole to go interest only forsay the next 2 years. I do expect base interest rates to drop form Q2 in 2024, but could rise to 5.75% this winter . Hence a typical 2 year fixed mortgate is now 6%, still below underlying inflation of around 7%.
Also it needs to be bore in mind house prices have risen from about £170k in 2013 to about £287k in 2023 in the last 10 years for average UK property - about 69%
Although I can see its tough at present for mortgage holders that need to move to a new deal from a very low old rate, I could not support helping in some cases people on decent incomes over say those needing to use food banks and trying to live on say less than say £250 a week.
Maybe the Government can put pressure on lenders to extend mortgage lengths to keep payments down for those struggling, say making a 25 year mortgage a 30 year mortgage. or allow peopole to go interest only forsay the next 2 years. I do expect base interest rates to drop form Q2 in 2024, but could rise to 5.75% this winter . Hence a typical 2 year fixed mortgate is now 6%, still below underlying inflation of around 7%.
Also it needs to be bore in mind house prices have risen from about £170k in 2013 to about £287k in 2023 in the last 10 years for average UK property - about 69%