So a few weeks back I posted about the ability to still get a remortgage at a sensible rate etc.
Then the last 2 weeks of mayhem has happened, there's been loads of chat about lack of lending etc.
So, this evening I have just done the remortgage of my other house, the cost has gone up by .54% over what I was paying, roughly £175 extra (a "jump" of about 11%.
So not really the death jump that the press would suggest, clearly the fall in prices is a pain, neither property is in the sub 75% LTV band now... had they been in it, the rates would only be about .25% over the expiring ones - Doh!
It’s just not doom and gloom out there! warnings of lights not working if there's an earthquake somewhere etc are pointless. The facts speak for themselves: if you were stupid and highly leveraged, you are still stupid and highly geared. Had you lost your job last year you'd be out, if you lose your job now you still be out (but you may get gov't help now).
Yes your pension will take a hit, yes it costs more to run your car etc But the pension is not affecting you now or for the next few years and will recover; we as brits drive too much anyway, you can save 20% on your fuel just in altering your driving habits (as aviation enthusiast you know all about fuel efficiencies don't you). If you're about to retire, you shouldn't have a mortgage anyway but if your pot takes a hit, work another couple of years or take the cash and make out on 6% bank interest.
If your at the "not able to buy" end of the market, then your laughing as rents are cracking good value compared to interest and house costs.
Just how is this causing a big impact on the man in the street (estate agents excluded) going about their normal (not those jacking it all in to retrain as a fATPL) day to day life?
iX
Hmmm
if you were stupid and highly leveraged, you are still stupid and highly geared. Had yoiu lost your job last year you'd be out, if you lose your job now you still be out
That's the problem. You might be alright. The stupidly over leveraged fellow customers you are now losing their jobs are dragging you down.
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