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Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
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You're right everyone needs to have different streams of income, as well as a good profitable investment future. Investing part of the monthly salary in a detailed diversified investment portfolio in the financial markets is needed.
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If it changed by quite a bit you could probably remortgage and save alot of money. There would be fees though which would determine if its worth doing or not.
It is in france, you sign every page of the repayment plan which shows every payment you will make. I had a ten year mortgage which was fixed for the ten years, as would a twenty five year mortgage be fixed for the whole term.
Honestly, we need more people like you MYSTICFLIP if we had an army of people like you, we could stamp out these total loss in no time. I love that you are helping the victims, too it's ultra gratifying when you are to save people in real time like you do thanks 🙏🏻 for getting ours approved
If I recall he was telling people 6months ago to fix at ridiculously high rates, then rates came down straight after. Now he’s telling people to fix at rates that are the highest for the last 15years
Why is this such a huge crisis in the UK and not in other European countries. I live in Belgium and most mortgages are fixed for full term which is upto 35 years. Landlords aren’t increasing the rent because their mortgages are fixed too. Our highest fixed mortgages of 35 years is currently 3.75% which is an increase of 1.75% from a year ago.
@@TheNobbynoonar brexit effects are extremely underrated in the current situation of the UK economy, less workers putting more pressure on labour costs and higher costs on the import of essential items ( food for example) leads to a much more persistence inflation and therefore an higher increase of interest rates to fight it. UK has a much bigger inflation problem then EU at the moment. Brexit it’s not the only reason but surely helps
@@TheNobbynoonar that’s not what I am saying at all. It is the mortgage setup. In Belgium it is not normal to have a variable mortgage and majority have always had a fixed mortgage. The Netherlands had a similar system as the UK until the bank crisis. Interest only and a couple of years fixed mortgages but they changed all that after the bank crisis. This way the banks were forced to be responsible lenders. Under EU regulations it is however harder for banks to repossess a house as they can not sell a property under the value of the mortgage and not the value of property.
I just phoned the Coventry Building Society. They signed the Mortgage Charter but they do not comply. They will not arrange a new deal until 4 months is left on the current mortgage deal. The staff are rude and told me not to watch TV. Avoid this building society at all costs as their customer and complaints service is terrible.
I drive a car that is 20 years old and spent the last 13 years overpaying my mortgage with whatever I could afford. I now have under 23k left on it. I see so many people driving brand new cars on leases - why don't they put that money into paying off their mortgages instead?
I did the same, was paying 63% of take home pay for the final 3 years & made final payment in March 23. I have done well mostly driving old bangers - they've mostly been quite reliable and very minimal depreciation.
@@stevp372 nothing to do with being worried, it's about enduring the pain whilst the interest rates are low, whilst many people are in financial turmoil (and there's plenty like that now), I am having an easy life amongst all this hardship.
Mine just went up £500 in one hit! It had already gone up £200 due to the base rate…. It’s all coming together for them! You will have nothing and be happy..
Really like what Martin says, makes great sense. If you can afford a 5 year fix at 5.99% might be worth taking it, will probably balance out over the five years. I took out a 10 year fix at 2.49% back in 2017, probably cost me more for the first 5 years compared to shorter term deals that were out there, but now it’s looking great, overall I haven’t lost or won balanced out over time.
Actually you have won as you won't lose your home like many families will soon. You paid for certainty which was worth it countless times over. Theres some things you just don't bet over and a home is one of them
We will look back at these times as the good old times, we are in a new world now. Elites are pushing their agenda, society continues to roll over in pain. Shameful, conquered and devided.
So let me get this right if people lose their jobs and we enter a recession with people losing their homes and having nowhere to live the economy will be doing well ? It certainly is counterintuitive !
That's what the government are trying to do. They're trying to force a recession in an attempt to lower inflation. You might then wonder why we dont just accept inflation and my guess is because most voters are old people with savings. Better to keep those people happy than young people with mortgages.
Well that's how the rich stay in power and how they take everything off us while we just do nothing about remember 2008 when tax payers bailed the banks out and gave there bosses bonuses with it
Those most effected by the series of sharp rate increases are homeowners who entered the market during the last 15 years. Having only ever known super low rates, for them this was normality even though historically the picture was very different. Tough times ahead for many, sadly not all will survive. Speak to your lender if you need help.
Mortgage holders are just an easy target to milk. Everybody knows inflation is due to covid money printing and fuel/grain cost hikes due to Ukraine. Hardly anyone in the country has had payrises that have kept up with inflation since 2008, that excuse is pure BS.
I feel equally bad for tenants who not only have the rent increased by these inflationary pressures (utilities, mortgages, property management & maintenance fees) but also have to deal with increased taxation (landlords unable to deduct interest from tax). It's always been scary to watch tenants angry at landlords for raising rents but not really understanding it's the government. Only compounded by massive immigration (legal & otherwise).
Yes I agree but no one seems to talk about COVID and how the government have been caught lying about it all even evidence on text messages but all of a sudden they want to forget about it talk about small boats ffs
@@mramg6038 Let me tell you, the absolute worst scenario to be involved with, is owning a leasehold flat. You still have a landlord (management company), the industry isn’t regulated, so there’s no legislation in place to stop them from increasing the annual service charge willy-nilly. Over a ten year period my service charge had gone up over 100% from when I first bought the property. Thankfully, I only had a small mortgage (£30k) which I cleared. They also demand a sinking fund on top, so the total costs with council tax, energy and water are ridiculous. I sold up, which was a nightmare, took 18 months and cost me loads, but, now I’m finally rid, it’s the best feeling ever. I’m happy renting now.
The banks are sure happy to do the squeezing part on mortgage holders. Savings though..? Yeah, they're far less keen with that one. So only half the solution is actually being applied. 😑
@chloefgillingwater I know it's a hassle to move all your direct debits and other stuff, but you really should move. They are all not great, but you can certainly get a lot better elsewhere. They are ripping you off.
Do you have any ideas for people who have say a substantial 70% deposit but ear to little to get an effective mortgage!! The standard three times my salary is only about 30k which is ridiculous! Any ideas please?
Silly Billy’s. We just need to add hundreds a month to your mortgage and make you lose your job in order that you stop buying food and energy then we’ll all be fine. 🤡
What we need to do is ask for even bigger pay rises so we can survive. You can't stop inflation easily. You need to be harder on banks, supermarkets and energy companies etc, and prevent them from profiteering.
@@torotaxi1brainwashed by big business. If they actually taxed these big corporations and used that money for new uk businesses we'd be in a better place. The politicians have been payed off by the big boys.
The only advice anyone can give is (as always) don't over stretch yourself (over leverage), & make overpayments to reduce your exposure if you can afford to. Keep a savings buffer for any unexpected bills (boiler breaks, car needs tyres). If you are someone who has very low liquidity (& low capital in your house), then all you can do is sit tight & contact the bank/citizens advice with these mortgage holiday options etc. Not financial advice.
Lol! My monthly outgoings from JUST mortgage and utilities has risen £500 this year, my wages have gone up £15 ... i didn't over leverage, the government dont pay a fair wage!
Couldn’t agree more. The UK has become more like the US over time, we’re a very materialistic society and overspend. People want multiple holidays and new cars (unbelievable that so many people use HP) that they can’t afford. Making sacrifices and doing things such as renting a room isn’t common. Obviously I don’t mean every single person, so please don’t take individual offence, I’m talking overall. My grandparents experienced the war and I learned so much from them. I have a good salary but I haven’t changed my actual core habits from when I had no money and was on benefits. What I mean is, I still buy second hand clothes, car etc, yes my car is of higher value than years ago, but it’s the mindset - keeping costs as low as possible to give yourself buffer for when things, and have changed.
@@cmptthor18I’m wondering if we will go into recession, can people still afford to eat out and go on holiday. People do seem to find money for big cars
Whilst cashing in on her capital gain. The significant (in some cases huge) capital gains that most homeowners have made aren't getting mentioned in media coverage. Instead, mortgage holders are being portrayed as at risk of falling into destitution.
People are buying mortgages and not houses because the interest is a scam. They let you live there until you loose it or pay at least 100% interest over the mortgage life. 😮
This is actually a really.good way of putting it Also, most people will move, once, twice or even 3 times before even contemplating paying for the house in full
Its funny home "owners" laugh at renters for not owning when they themselves don't really own their own house. Even on a fully paid off house I dare you to stop paying taxes and see how quick the government confiscates your home
Almost everyone, including the media, is anticipating a market catastrophe, and as a result, many are turning a blind eye to the opportunities in the market. I began investing in stocks and Defi earlier this year and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you’re quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, maximize it
@@Leighwilliams112 All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
When interest rates were ABNORMALLY LOW, it was a good tome to borrow, if, You heeded the continual warnings that rates will go up again. If YOU didn't heed these warnings WHOM DO YOU think is to blame?
Thing is they say about this being a 'normal interest rate' which is true, but the bigger problem is the fact that house prices have rised astronomically along with wages stagnating. If people had been given fair pay rises over the last 12 years then this wouldnt be as bad as it currently is. Oh and don't forget the goverment also allowing energy bills to be as high as they are.
my mortgage deal ends in 2 months, but my mortgage fully ends in 10 months, i pay £540 per month fixed rate just now, what would i be paying under variable rates for the rest of my mortgage what should i do ? i only owe £5000, i can pay it off but what benefit would i have having no mortgage ? ps RBS is who im with
I had 15 years low interest rates 0 percent Paid off early I knew this would happen It not rocket science Nothing free Unbelievable 15 years o percent interest rates Thanks I have a New morgage council tax Am on low-income now So get a good discount
@@footyball66 not all morgage the same Pay off early having repayment I had savings not doing nothing Switch to paying off mortgage It was low 2013 was low Back then had so many fixed rate mortgage term even 10 year's Anyway depends what you borrow and terms
Err not really. Not quite that straightforward. Going to depend on the size of your mortgage. A large percentile increase on a small amount is still a small amount.
What ^he/she said. Depends on debt level and personal wealth. Besides, most home owners will have made a significant (in some cases huge) capital gain. They can always sell up and cash in. No need for the taxpayer or the banks to bail them out.
depends how much your wages went up, if your investments are doing well, if you inherited recently, how much you have saved, how much you have overpaid on your mortgage. Then again, who the heck got 0.94%, they didn't go that low.
You're the best MYSTICFLIP ! Thank you for sharing the knowledge. I've actually gotten a few loans that you've suggested in the past. You bring so much to our tables. You're just full of great helpful info. You've taught me so much in the past few months and I'm grateful. You're an angel in disguise! Keep doing what you're doing my friend. Thanks once again MYSTICFLIP
18% of all mortgages are buy to lets, what's happens if landlord cant pay and needs to sell. Trade paper says buy to let mortgage arrears has increased by 42%
If energy wasnt up 200% for businesses and individuals perhaps inflation would be less sticky. The price of diesel and electricity hits everything from fished tuna to leisure centres
Doubtful. Interest rates are leading measures, meaning there is quite a lag before the pain is felt. If we're already seeing signs of trouble, then it wont be long before recession bakes in & inflation crashes down to earth. Bear in mind most of the inflation is a result of chip shortages on cars, COVID, and the QE printed. I suspect most people will erode their savings over Christmas & then face reality by Spring. Interest rates will pivot & we'll see a return to near 0 rates by this time next year.
@@mramg6038 I'm kinda lucky and have 3.5 years left on my 5 year to run. I got the mortgage at the perfect time really. Hoping things have settled a bit by the end of 2026
I wouldn't even mind higher payments so much but looking at the repayment calculator, my £1000 per month payment consists of over £900 of interest and less than £100 of principal payment. Can't believe that this is allowed! Paying 24k over 2 years but actually only reducing my principal by 2k.
Surely if the government were serious about reducing inflation they'd do through increased vat on luxury purchases. That way the low paid who rent wouldn't be affected as their landlords wouldn't need to increase the rent and people with mortages wouldn't be losing their houses. Those that are probably most able to fuel inflation because they have high disposable incomes and no mortgages could be targeted because at the moment they're still booking long holidays and ordering the latest designer luxury cars and gadgets.
I don't think you understand inflation. VAT is a flat tax across the economy. It's not factored into inflation. If VAT is reduced it will increase consumer spending and the bank is trying to decrease consumer spending to control inflation.
@@EpicSlug You're probably right as I'm no economist and I guess if it were as simple as the government charging a higher rate of vat on unessentials e.g holidays, cars, golf club memberships, spar days, etc, they would've thought of it. I was thinking of my own situation, I own a home and have properties rented out and don't have any debt at all, so I like a lot of my friends am completely unaffected by the governments efforts to reduce inflation. My letting agent is insisting that my rents are increased inline with inflation and that they need me to do this as their percentage will also increase, so they can cover their increased overhead cost, rents and staff pay rises etc.
@@EpicSlug Maybe tax the ultrarich like Bill Gates who just hoard all their wealth. Funny how he gaslights how he 'donates' to charity but his quiet as a bird nowadays. His donations are just tax evasion that he puts in offshore accounts
I'd like to feel positive - but in a country where lenders have announced they want to be the country's largest landlords, like Lloyds bank, you have to assume they will act in their own interests and repossess as many houses as they can.
Then they'll rent it back at hugely inflated prices. Why sell you something at a fixed price when they can get unlimited money with rent? Capitalism will always lead to fascism
Councils allegedly can provide housing support even with mortgages. So if one quit he could get assistance with the mortgage from council for their primary residence.
In time it will cool asset prices down (reduce inflation), & strengthen the value of your savings. In theory it will make it easier for people to get on the ladder, but I suspect the reality is that demand will continue to vastly outpace supply thanks to our open borders.
what happens when we lose our homes and have to rent. how do you think that will help renters? lots got furlough, i didnt. yet im paying it back for many of you. thats life.
@@kanedNunable I didn’t get furlough…and if you can’t afford your house at these interest rates then you are quite frankly irresponsible for buying a house. That’s why the market is so inflated people buying houses they can only afford at low interest rates, obviously housing supply is also a contributing factor.
Interest rates were too low in the first place. Cheap money is what’s fuelled property prices and the fact not enough affordable homes have been built.
800,000 odd housing transactions a year/8 million over the last decade, all those buyers whether mortgaged of not have bought into a 'market' where house prices are over 9 times average pay.
Saw no one give a better solution than myself which is to allow those with private pensions to access their private pensions tax free to either pay off or reduce their mortgage, and the way to solve inflation is to take the money from those elites who ended up with all the printed money
I hope the government reverses taxation on landlords to allow rental prices to ease back down to normal levels. Otherwise, people who are liquidated from their house will have nowhere to turn.
I actually think the more landlords sell up the better, it will create more stock for new buyers. There is no coincidence since people have thought of houses as an investment for example to use as a pension rather than a home, things have gotten even harder for renters and first time buyers. Houses should be places for people to live not investments for people to get rich from while renters are getting poorer and poorer. They are basically getting someone to pay their mortgage, how is this helping someone who would like to buy a property for themselves.
@@spencer2721 the supply of rental accommodation is tiny. Any move to reduce it further will continue to hurt tenants. Not all tenants want to own a house - such as myself. I relocate for work, have been a student, and have friends who’re from abroad that want to rent until they find the right location. That said, I’m certain I’ll be proven right when there are few landlords left.
Sounds like landlord talk to me, the usual crap they come out with, you keep renting champ you will be much worse off when you are older, everyone would be better off if they could actually own a home, yes some people specifically want to rent, but this is a very small proportion and as you say usually temporary until they can find something suitable
@@spencer2721 I do find it interesting that you disregard population growth, lack of house building, and taxation. Increasing tax on PSR landlords has caused them to pivot towards HMO’s which are a blight to society (IMO). This goes hand in glove with budget cuts to local councils, which means the council is incentivised to grant HMO licenses as they’re good revenue makers for the local council coffers. Do you genuinely believe that this is just free market economics with evil landlords? Lol
Interest rates are still below the long-term average, people have been used to unrealistically low rates for too long and are unprepared for normality. Rates will rise more then return to 'normal'....which is 5-6%
I will be mortgage free in March 2024 and I will never take out another. You are a prisoner in your own home until you are mortgage free. Make as many big overpayments as you can 👍
One thing that never gets mentioned in alarmist coverage of the so-called mortgage crisis is the significant (in some cases huge) capital gain that most home owners will have made. Even those who bought a couple of years ago will have made 20%+ on what they paid, and those who bought a decade or more ago will have seen the value of their house double (or more). By contrast, renters will be seeing rents going up by similarly steep amounts without the consolation of a capital gain, but they're getting comparatively little mention. If you can't afford your new mortgage repayments, sell up and cash in on your capital gain. No need for the taxpayer or the banks to bail you out.
Completely untrue. I purchased my large semi detached house in a good area of Scotland in 2009 - I paid £172,325 for it . Today ( July 16, 2023 ) its valued at around £245,000. That's hardly a doubling in the value. And that's more than a decade.
@@scrimmy45 Regional exceptions don't invalidate the overall picture. And your capital gain is still significant, so that doesn't invalidate the overall point.
You do realise it's not as simple as sell up...the property prices have increased so much that the interest added to the value absolutely terrifies potential buyers and or priced out of the purchase ....why do you think homes get repossessed...its because they are difficult to sell 😢
@@charlotteharris3476 I do realise that it _is_ as simple as sell up. A glut of properties coming on to the market will have a softening effect on prices, making properties more affordable for prospective buyers despite the higher interest rates. In most cases the capital gain will have been sufficient that a softening of prices won't adversely impact sellers' bottom line.
let's say someone's credit card is at 5k,,, how on earth one is going to pay it off or as you say: pay it down to zero, if one doesn't have that kind of money? What are your suggestions? do you think MysticFLIP can actually do it ?? i heard great remarks
IF mortgage is the main money flow to be stopped, increasing inflation alone would make no sense. People need a roof over their head. If the rent is going up as a result of the rate hike, people won't stop buying anyway?? The interest rate can come down after it goes up, but the rent won't, period!!!
*ABSOLUTELY STUNNED* how Truss & Kwartang can walk the streets being safe from harm. During Kwartang & Liz Truss's term, the mini-budget resulted in a depreciation of Pound Sterling, an expected increase in interest rates affecting future mortgage rates, and financial instability. Currency fluctuates, but the enormous spook in the market during their period is still being felt today. The interest rates rose exponentially after the mini-budget & ain't recovered since. The verm1n were the clear catalyst. Martin Lewis said somet similar & I rate he knows his onions. I hope all the (none OxBridge, Windsor, Kensington, Mayfair silver spoon licking) - hard working Brit's who make this country great, all the best during these difficult times. Before we know it the Tories will be dust, rear view mirror legacy stuff - and order of equilibrium will be restored. In the meantime, maybe a 'BlackMirror' moment for the Tories?
@@yofinance1777 In a way I think alot of people deserve the hard times coming for them. Too much hate, selfishness and greed in society. We need a full reset
I dont think these interest rates will come back down 5% is completely normal a lot of these people commenting thinking the interest rates are must only be in their twenties and thirties its the property prices that are crippling not the interest rates 😢
Look at the ONS HPI Bulletins and down load all the December Bulletins going back to 2018, note the rises they quote and the UK average house price Then go to Land Registry and search HPI data tool. Now do the avereage UK house price each year from Jan to Dec in their tool (that is a year or 12 months and not the 13 months the ONS use). You will add up the rises to 37.3% on the ONS HPI bulletins and 28.2% on the Land Registry Uk average prices. That is roughly a trillion pounds over reported by the ONS in a 8.6 trillion pound market in just 5 years. They will come out with all sorts of bull but this is the Ponzi scheme and government departments were in on it. They had to keep up the lies so the rich could get richer. Screen print now before they all disappear.
This is interest rates normalising. Interest rates were too low for too long. Buckle up inflation is going to be an ongoing issue and interest rates will climb untill money markets tumbles down
🚩"Great advice"😮 really ?whats grateful about fixing your morgage at 6% when my current rate is 1.8% !? There is there is no good way out this situation. Everyone will be squeeze in only banks will be a winer as always 🚩
Rates will come back down, because of that huge pile of government debt that is running 100% of GDP. The only answer is more currency debasement and low rates. Saving cash longer than 2 years is pointless, also those MPs won't want to see the housing market crash.
Martin is really a consumer GOD and I wish we had politicians who really fight for consumers in ripoff Britain. The banks have finally started increasing savings rates that helps reduce inflation as savers put more away due to better savings interest, BOE just has one tactic of increasing lending rates to reduce inflation. If banks passed these to savings rates people would really save more rather than spend. On a different note, wholesale gas prices since 2 Feb 2023 for 6 months have been lower than the average since Mar 2015 through Jan 2021 !!! So why are the consumer gas and energy rates now more than double what they were in the 6 years previous to the Ukraine war???!!! This is just profiteering by energy distributors and energy companies. Does Martin agree… consumers need retail energy prices back to what they were before the war.
If you bail out mortgages then where is the compensation for savers? savers have missed out for over ten years with low rates. Let the markets do what they've always done and stop this nanny attitude towards those who have been short sighted enough to borrow beyond their means.
Yes, but your property taxes aren't. They can therefore use that lever to control inflation. I believe some houses in San Fran cost around $90k per year in property tax, for example.
During the banking crisis both political parties failed to nationalise the banks. Labour should have allow the bank to crashed.They are private businesses. Smaller businesses are not rescued.
Everyone was warned that interest rates only had one direction to so make sure you calculate for when interest rates do go up. All those caught out just ignored the advice now they are c9ncerned. The tax payer can't keep paying your mortgage for uou it's time you paid your own mortgage, which include the interest rate.
The difference is that historically the loan to value percentages were much lower, as the cost of houses were lower and wages compared to the cost of your property were MUCH higher. So, the only way that these interest rates stay 'normal' is that either homes reduce massively in value or that wages rise significantly to reverse that position. So Martin is simply parroting the boomer/Gen X line that 'oh, we had it harder with interest rates'. No you did not.
People in that generation only learn when their kids can't afford to buy one and still haven't started a family now in their 30s-40s wondering when they will get their grandchildren
@@anthonyfaucy2761 the entire generation is made up of the biggest snowflakes and complainers ever. They are responsible for why the entire world is fucked. Had the benefit of all the properly funded public services and affordable housing, yet they want to deny it to others. Bastards the lot of them
But our generation wasn't up to our eyeballs in debt either and we earned much less😊....most people probably can afford these interest rate rises if everything else wasn't on the Never Never....fact!
WRONG!!! You can be sure that rates WILL go lower because the government owes out the most debt of everyone and they will default if rates stay this high as they won’t afford the interest on their gilts/gov bonds
This is bad, house prices are going to crash hard. People have to sell. Rates are going to continue to go higher as the uk bank rate is based on the US fed funds rate. And the US is going to keep raising rates to fight inflation.
Well, it sounds like maybe the U.S will raise interest rates 1 or 2 more times before starting to bring it them down again. So maybe the worst of it all will be late this year / early next year.
Historical rates are somewhere between 6 - 8 % people should have budgeted for these rates. I have sympathy but look at the amount of new cars on the road, which are leased, why not drive an old banger, what about the amount of new clothes, new tech, new toys, no one budgets any more, or few under forty do.
The best indicator for a house price bubble is the Earnings to Price ratio! This has been true for the last 150 years. The housing bubble territory is x9 times, and the average is x4.5. In 2021, this ratio hit x10.5. This ratio will need to fall to x5, but this never falls suddenly, it will fall overtime, so prepare for stagnation. Those who bought huge mortgages with 5-year fixed, well be prepared, because Bank of Englands inability to tackle inflation early on (because they were protecting the housing market) will drag you into paying 7-8% mortgage! The smartest people sold out quickly, they took their 5% hit, those waiting will end up taking a 25% hit
@@thedayistoday3618 are you kidding me! Check again, it was x10 in 2022, it has now fallen to x9. This is average earnings vs average house prices, the maths isn't hard. 275k for average earnings vs 32k earnings (this is generous) = x8.5
let's do the same maths in London, avg house price is 562k vs avg earnings of 60k = x9.3!. Most Londoners trying to buy a decent house in zone 3, a 3-bed semi with extension potential will have to pay 750k, for them to get a normal mortgage of around x4.5, their joint incomes would need to be £166k, this is the state of the housing market. Now consider the situation where,
@@harlyslamm2888 average salary in London is 40k , the majority of people live in flats and you can easily get one for 350k. That is around 4.5 using 2 incomes.
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This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He always puts a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attention to the Mysticflip on the internet movement when I say ancestral your a gift to our people
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
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That's a lovely comment 😊 ❤
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You're right everyone needs to have different streams of income, as well as a good profitable investment future. Investing part of the monthly salary in a detailed diversified investment portfolio in the financial markets is needed.
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I trade as a side hustle while keeping my job. I'm tired of trading in losses myself. I've blown my account twice and it's frustrating. I see people making a living out of trading and I want to do the same. Please can you recommend me a reliable Advisor?
Sure, the advisor that guides me is Margaret Johnson Arndt, I got to know her through my wife. but you could further investigate her credentials and contact her yourself. She's well-grounded and known, shouldn't be a hassle finding her page.
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You're gonna need more than Martin Lewis to save you from this.
Agree, too late for most.
Mortgage should be fixed for the whole length of the mortgage, it's ridiculous how the system is designed
Someone who fixed at say 5% would have be very pissed when new borrowers were paying under 2% ? There are as many arguments for this as against.
If it changed by quite a bit you could probably remortgage and save alot of money. There would be fees though which would determine if its worth doing or not.
There are sometimes providors offering lifetime fixed rates.
The system is and always eas designed specifically to keep you poor
It is in france, you sign every page of the repayment plan which shows every payment you will make. I had a ten year mortgage which was fixed for the ten years, as would a twenty five year mortgage be fixed for the whole term.
Honestly, we need more people like you MYSTICFLIP if we had an army of people like you, we could stamp out these total loss in no time. I love that you are helping the victims, too it's ultra gratifying when you are to save people in real time like you do thanks 🙏🏻 for getting ours approved
I love Martin Lewis!!!! We are very lucky to have him. I am greatful to Martin. He is an angel ! And thanks to also Good morning Britain
If I recall he was telling people 6months ago to fix at ridiculously high rates, then rates came down straight after. Now he’s telling people to fix at rates that are the highest for the last 15years
Why is this such a huge crisis in the UK and not in other European countries. I live in Belgium and most mortgages are fixed for full term which is upto 35 years. Landlords aren’t increasing the rent because their mortgages are fixed too. Our highest fixed mortgages of 35 years is currently 3.75% which is an increase of 1.75% from a year ago.
Because Britain is to good to be in EU... they do it better :D
So, what you’re saying is, mortgages would be cheaper if the uk was back in the EU. I’m genuinely puzzled! Can you please explain?
@@TheNobbynoonar brexit effects are extremely underrated in the current situation of the UK economy, less workers putting more pressure on labour costs and higher costs on the import of essential items ( food for example) leads to a much more persistence inflation and therefore an higher increase of interest rates to fight it. UK has a much bigger inflation problem then EU at the moment. Brexit it’s not the only reason but surely helps
Pure greed and the British people are thick and can't stand up for themselves and future for here children
@@TheNobbynoonar that’s not what I am saying at all. It is the mortgage setup. In Belgium it is not normal to have a variable mortgage and majority have always had a fixed mortgage. The Netherlands had a similar system as the UK until the bank crisis. Interest only and a couple of years fixed mortgages but they changed all that after the bank crisis. This way the banks were forced to be responsible lenders. Under EU regulations it is however harder for banks to repossess a house as they can not sell a property under the value of the mortgage and not the value of property.
I just phoned the Coventry Building Society. They signed the Mortgage Charter but they do not comply. They will not arrange a new deal until 4 months is left on the current mortgage deal. The staff are rude and told me not to watch TV. Avoid this building society at all costs as their customer and complaints service is terrible.
Report them to a regulator or ombudsman
I drive a car that is 20 years old and spent the last 13 years overpaying my mortgage with whatever I could afford. I now have under 23k left on it. I see so many people driving brand new cars on leases - why don't they put that money into paying off their mortgages instead?
I did the same, was paying 63% of take home pay for the final 3 years & made final payment in March 23.
I have done well mostly driving old bangers - they've mostly been quite reliable and very minimal depreciation.
What’s to say those people aren’t doing that? Maybe they’re still quite comfortable affording it all. It’s not them who are worried.
@@stevp372 nothing to do with being worried, it's about enduring the pain whilst the interest rates are low, whilst many people are in financial turmoil (and there's plenty like that now), I am having an easy life amongst all this hardship.
@@ep1929 I wasn’t addressing you and I don’t care for the “I’m alright Jack” comments.
Because of ego and show off culture. People love stroking their own egoes and the government is more than happy deceiving people into crippling debt
Mine just went up £500 in one hit! It had already gone up £200 due to the base rate…. It’s all coming together for them! You will have nothing and be happy..
Really like what Martin says, makes great sense. If you can afford a 5 year fix at 5.99% might be worth taking it, will probably balance out over the five years. I took out a 10 year fix at 2.49% back in 2017, probably cost me more for the first 5 years compared to shorter term deals that were out there, but now it’s looking great, overall I haven’t lost or won balanced out over time.
Actually you have won as you won't lose your home like many families will soon. You paid for certainty which was worth it countless times over. Theres some things you just don't bet over and a home is one of them
@@anthonyfaucy2761 Thank you Anthony for your kind comments
Feel so sorry for people who's mortgage rates up, I'm hoping things will improve soon.
We will look back at these times as the good old times, we are in a new world now. Elites are pushing their agenda, society continues to roll over in pain. Shameful, conquered and devided.
What do you mean by improve? The rates are normal now
Yeah the rates are normal now, the banks lowered them to boost the economy after the recession and didn’t gradually put them back up
@davidclark3581 you mean like they have been forever except for a small 15 year period that you luckily were apart of
From £700 mortgage to £1700, that can’t be real!!!
Yep... it's exactly real
£350,000 mortgage was about £700 per month
But now it'll be £1,700 (or more) per month
@@JustMeTalkingwas it interest only because if it was a fixed rate at 2% at £700pcm going up to 6% then youd only be looking at 320quid extra
Ridiculous 😮😮😮😮
Our is going up from 1395 to 2620.. so really? cannot be real, well it is..
@@Mindziaks
That's about a 600,000 mortgage then?
So let me get this right if people lose their jobs and we enter a recession with people losing their homes and having nowhere to live the economy will be doing well ? It certainly is counterintuitive !
That's what the government are trying to do. They're trying to force a recession in an attempt to lower inflation.
You might then wonder why we dont just accept inflation and my guess is because most voters are old people with savings. Better to keep those people happy than young people with mortgages.
Well said
Recession is the lesser evil. Intractable inflation causes far more damage.
Well that's how the rich stay in power and how they take everything off us while we just do nothing about remember 2008 when tax payers bailed the banks out and gave there bosses bonuses with it
It’s all part of the plan. You will own nothing by 2030 and be happy.
Those most effected by the series of sharp rate increases are homeowners who entered the market during the last 15 years. Having only ever known super low rates, for them this was normality even though historically the picture was very different. Tough times ahead for many, sadly not all will survive. Speak to your lender if you need help.
Cheap rates have pushed houses prices to record levels as the older generation all buy second houses as holiday homes or rental properties.
Mortgage holders are just an easy target to milk.
Everybody knows inflation is due to covid money printing and fuel/grain cost hikes due to Ukraine.
Hardly anyone in the country has had payrises that have kept up with inflation since 2008, that excuse is pure BS.
Yes Covid printing money which Mr Martin Lewis encouraged the government to do!
💯
I feel equally bad for tenants who not only have the rent increased by these inflationary pressures (utilities, mortgages, property management & maintenance fees) but also have to deal with increased taxation (landlords unable to deduct interest from tax). It's always been scary to watch tenants angry at landlords for raising rents but not really understanding it's the government. Only compounded by massive immigration (legal & otherwise).
Yes I agree but no one seems to talk about COVID and how the government have been caught lying about it all even evidence on text messages but all of a sudden they want to forget about it talk about small boats ffs
@@mramg6038
Let me tell you, the absolute worst scenario to be involved with, is owning a leasehold flat. You still have a landlord (management company), the industry isn’t regulated, so there’s no legislation in place to stop them from increasing the annual service charge willy-nilly. Over a ten year period my service charge had gone up over 100% from when I first bought the property. Thankfully, I only had a small mortgage (£30k) which I cleared. They also demand a sinking fund on top, so the total costs with council tax, energy and water are ridiculous. I sold up, which was a nightmare, took 18 months and cost me loads, but, now I’m finally rid, it’s the best feeling ever.
I’m happy renting now.
The banks are sure happy to do the squeezing part on mortgage holders. Savings though..? Yeah, they're far less keen with that one. So only half the solution is actually being applied. 😑
@chloefgillingwater I know it's a hassle to move all your direct debits and other stuff, but you really should move. They are all not great, but you can certainly get a lot better elsewhere. They are ripping you off.
Move your money elsewhere then, it’s not difficult
If interest does not come down house price will because no one will be able to afford the monthly payments especially first time buyers
How can you save when you have nothing left?
Do you have any ideas for people who have say a substantial 70% deposit but ear to little to get an effective mortgage!! The standard three times my salary is only about 30k which is ridiculous! Any ideas please?
Silly Billy’s. We just need to add hundreds a month to your mortgage and make you lose your job in order that you stop buying food and energy then we’ll all be fine. 🤡
What we need to do is ask for even bigger pay rises so we can survive. You can't stop inflation easily. You need to be harder on banks, supermarkets and energy companies etc, and prevent them from profiteering.
Higher pay rises leads to higher inflation = even higher interest rates
@@torotaxi1that is capitalist bollocks , an excuse
@@torotaxi1brainwashed by big business. If they actually taxed these big corporations and used that money for new uk businesses we'd be in a better place. The politicians have been payed off by the big boys.
@@Theos1919right!? I thought they always said "supply and demand"?
The only advice anyone can give is (as always) don't over stretch yourself (over leverage), & make overpayments to reduce your exposure if you can afford to. Keep a savings buffer for any unexpected bills (boiler breaks, car needs tyres). If you are someone who has very low liquidity (& low capital in your house), then all you can do is sit tight & contact the bank/citizens advice with these mortgage holiday options etc. Not financial advice.
Agreed, renting out a spare room in the short term is a very good way of gaining extra tax free income.
Lol! My monthly outgoings from JUST mortgage and utilities has risen £500 this year, my wages have gone up £15 ... i didn't over leverage, the government dont pay a fair wage!
Tough times for sure, but surely you can’t blame the wages you earn on the government.
Couldn’t agree more. The UK has become more like the US over time, we’re a very materialistic society and overspend. People want multiple holidays and new cars (unbelievable that so many people use HP) that they can’t afford. Making sacrifices and doing things such as renting a room isn’t common. Obviously I don’t mean every single person, so please don’t take individual offence, I’m talking overall. My grandparents experienced the war and I learned so much from them. I have a good salary but I haven’t changed my actual core habits from when I had no money and was on benefits. What I mean is, I still buy second hand clothes, car etc, yes my car is of higher value than years ago, but it’s the mindset - keeping costs as low as possible to give yourself buffer for when things, and have changed.
@@cmptthor18I’m wondering if we will go into recession, can people still afford to eat out and go on holiday. People do seem to find money for big cars
Vanessa, what I would suggest if you are a "mortgage prisoner" and never had the foresight to see this would happen is sell up and downsize x
Whilst cashing in on her capital gain. The significant (in some cases huge) capital gains that most homeowners have made aren't getting mentioned in media coverage. Instead, mortgage holders are being portrayed as at risk of falling into destitution.
People are buying mortgages and not houses because the interest is a scam. They let you live there until you loose it or pay at least 100% interest over the mortgage life. 😮
This is actually a really.good way of putting it
Also, most people will move, once, twice or even 3 times before even contemplating paying for the house in full
@@alexbramwell1870 I agree and thanks ✌
Its funny home "owners" laugh at renters for not owning when they themselves don't really own their own house. Even on a fully paid off house I dare you to stop paying taxes and see how quick the government confiscates your home
Almost everyone, including the media, is anticipating a market catastrophe, and as a result, many are turning a blind eye to the opportunities in the market. I began investing in stocks and Defi earlier this year and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you’re quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, maximize it
What opportunities are there in the market and how do I profit from it?
@@Leighwilliams112 You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
@@Randymanfred41 I will really like to know how this actually work
@@Leighwilliams112 All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
@@Randymanfred41 Do you have an idea of any good broker I can start with?
When interest rates were ABNORMALLY LOW, it was a good tome to borrow, if, You heeded the continual warnings that rates will go up again. If YOU didn't heed these warnings WHOM DO YOU think is to blame?
Thing is they say about this being a 'normal interest rate' which is true, but the bigger problem is the fact that house prices have rised astronomically along with wages stagnating. If people had been given fair pay rises over the last 12 years then this wouldnt be as bad as it currently is. Oh and don't forget the goverment also allowing energy bills to be as high as they are.
my mortgage deal ends in 2 months, but my mortgage fully ends in 10 months, i pay £540 per month fixed rate just now, what would i be paying under variable rates for the rest of my mortgage what should i do ? i only owe £5000, i can pay it off but what benefit would i have having no mortgage ? ps RBS is who im with
how can u save more money..if u have less to spend!!!!
I had 15 years low interest rates 0 percent
Paid off early
I knew this would happen
It not rocket science
Nothing free
Unbelievable 15 years o percent interest rates
Thanks
I have a New morgage council tax
Am on low-income now
So get a good discount
how can anyone who took a mortgage out in 2019 pay it off early.......
@@footyball66 not all morgage the same
Pay off early having repayment
I had savings not doing nothing
Switch to paying off mortgage
It was low
2013 was low
Back then had so many fixed rate mortgage term even 10 year's
Anyway depends what you borrow and terms
@@footyball66
You can't without having massive savings in the bank. Nobody just pays off in 4 years lol
Wait. So if my deal ends on 6 months and I “lock in” a new deal now, do they move me onto the new deal now or in 6 months?
If you have a mortgage at 0.94% and have to remortgage at 6.6% you can’t afford it !
Err not really. Not quite that straightforward. Going to depend on the size of your mortgage. A large percentile increase on a small amount is still a small amount.
What ^he/she said. Depends on debt level and personal wealth. Besides, most home owners will have made a significant (in some cases huge) capital gain. They can always sell up and cash in. No need for the taxpayer or the banks to bail them out.
£50 for 50base points on a 100k mortgage. 50 base points is half a %. So 600 quid a month increase.
@@andrewcottle2899 A 6% increase on a 100K mortgage equates to £6K/annum in interest. Divided by 12 months equals £500/month increase.
depends how much your wages went up, if your investments are doing well, if you inherited recently, how much you have saved, how much you have overpaid on your mortgage. Then again, who the heck got 0.94%, they didn't go that low.
You're the best MYSTICFLIP ! Thank you for sharing the knowledge. I've actually gotten a few loans that you've suggested in the past. You bring so much to our tables. You're just full of great helpful info. You've taught me so much in the past few months and I'm grateful. You're an angel in disguise! Keep doing what you're doing my friend. Thanks once again MYSTICFLIP
It's just to much the prices are ridiculous
18% of all mortgages are buy to lets, what's happens if landlord cant pay and needs to sell. Trade paper says buy to let mortgage arrears has increased by 42%
If energy wasnt up 200% for businesses and individuals perhaps inflation would be less sticky. The price of diesel and electricity hits everything from fished tuna to leisure centres
The last line was scary... We have become mrtgage prisoners we went from paying £700 a month in 2022 to £1700 a month in 2023
Hello , Do you think MysticFlip can have a mortgage foreclosure be removed ????
Rates will go higher, and remain until end of 2024! Economy is holding up and inflation is not coming down fast enough, if at all
Doubtful. Interest rates are leading measures, meaning there is quite a lag before the pain is felt. If we're already seeing signs of trouble, then it wont be long before recession bakes in & inflation crashes down to earth. Bear in mind most of the inflation is a result of chip shortages on cars, COVID, and the QE printed. I suspect most people will erode their savings over Christmas & then face reality by Spring. Interest rates will pivot & we'll see a return to near 0 rates by this time next year.
@@mramg6038 I'm kinda lucky and have 3.5 years left on my 5 year to run. I got the mortgage at the perfect time really. Hoping things have settled a bit by the end of 2026
@@mramg6038 no chance brother
I wouldn't even mind higher payments so much but looking at the repayment calculator, my £1000 per month payment consists of over £900 of interest and less than £100 of principal payment. Can't believe that this is allowed! Paying 24k over 2 years but actually only reducing my principal by 2k.
Didnt you sign for this,?
MAKE massive amounts of overpayments
@@richlee509
Read the T&C first to see the maximum you can make.
“Which come first the mortgage or the individual?”
😂😅… only the fact that you need to put the question, tells us everything, isn’t it???
So if you take out a mortgage you have no idea how much the final amount will be or the interest rate over time !
Rather like life !
Why cant we have good people like martin as mps? He should be our chancellor.
Surely if the government were serious about reducing inflation they'd do through increased vat on luxury purchases. That way the low paid who rent wouldn't be affected as their landlords wouldn't need to increase the rent and people with mortages wouldn't be losing their houses. Those that are probably most able to fuel inflation because they have high disposable incomes and no mortgages could be targeted because at the moment they're still booking long holidays and ordering the latest designer luxury cars and gadgets.
I don't think you understand inflation. VAT is a flat tax across the economy. It's not factored into inflation. If VAT is reduced it will increase consumer spending and the bank is trying to decrease consumer spending to control inflation.
@@EpicSlug You're probably right as I'm no economist and I guess if it were as simple as the government charging a higher rate of vat on unessentials e.g holidays, cars, golf club memberships, spar days, etc, they would've thought of it. I was thinking of my own situation, I own a home and have properties rented out and don't have any debt at all, so I like a lot of my friends am completely unaffected by the governments efforts to reduce inflation. My letting agent is insisting that my rents are increased inline with inflation and that they need me to do this as their percentage will also increase, so they can cover their increased overhead cost, rents and staff pay rises etc.
@@EpicSlug Maybe tax the ultrarich like Bill Gates who just hoard all their wealth. Funny how he gaslights how he 'donates' to charity but his quiet as a bird nowadays. His donations are just tax evasion that he puts in offshore accounts
I'd like to feel positive - but in a country where lenders have announced they want to be the country's largest landlords, like Lloyds bank, you have to assume they will act in their own interests and repossess as many houses as they can.
Then they'll rent it back at hugely inflated prices. Why sell you something at a fixed price when they can get unlimited money with rent? Capitalism will always lead to fascism
Mortgage Charter - window dressing / re-branding of rights you already had. I.e. mostly those options already exist / no real tangible benefits.
Councils allegedly can provide housing support even with mortgages. So if one quit he could get assistance with the mortgage from council for their primary residence.
Where Morgan at?
Seems really fair to people that cant afford to buy a house...
In time it will cool asset prices down (reduce inflation), & strengthen the value of your savings. In theory it will make it easier for people to get on the ladder, but I suspect the reality is that demand will continue to vastly outpace supply thanks to our open borders.
what happens when we lose our homes and have to rent. how do you think that will help renters? lots got furlough, i didnt. yet im paying it back for many of you. thats life.
@@kanedNunable I didn’t get furlough…and if you can’t afford your house at these interest rates then you are quite frankly irresponsible for buying a house. That’s why the market is so inflated people buying houses they can only afford at low interest rates, obviously housing supply is also a contributing factor.
The same man who told everyone stay on a standard duel fuel tariff and don't get a fixed. Thanks for that....
I suppose if we are all naked living in cardboard box this would be a win for Hunt.
Correct. He's a communist. Only he won't be living in one.
You spelled his name wrong. It begins with a C
This was always supposed to happen . People should have got better mortgage advice rather than strapping there selves up to the hilt
Bonds are already paying 6%+
And from now people start to panic :/
Interest rates were too low in the first place. Cheap money is what’s fuelled property prices and the fact not enough affordable homes have been built.
800,000 odd housing transactions a year/8 million over the last decade, all those buyers whether mortgaged of not have bought into a 'market' where house prices are over 9 times average pay.
Saw no one give a better solution than myself which is to allow those with private pensions to access their private pensions tax free to either pay off or reduce their mortgage, and the way to solve inflation is to take the money from those elites who ended up with all the printed money
I hope the government reverses taxation on landlords to allow rental prices to ease back down to normal levels. Otherwise, people who are liquidated from their house will have nowhere to turn.
Better still, create a level playing field by closing the loopholes for holiday lets to stem the exodus of landlords into Airbnb.
I actually think the more landlords sell up the better, it will create more stock for new buyers. There is no coincidence since people have thought of houses as an investment for example to use as a pension rather than a home, things have gotten even harder for renters and first time buyers. Houses should be places for people to live not investments for people to get rich from while renters are getting poorer and poorer. They are basically getting someone to pay their mortgage, how is this helping someone who would like to buy a property for themselves.
@@spencer2721 the supply of rental accommodation is tiny. Any move to reduce it further will continue to hurt tenants. Not all tenants want to own a house - such as myself. I relocate for work, have been a student, and have friends who’re from abroad that want to rent until they find the right location. That said, I’m certain I’ll be proven right when there are few landlords left.
Sounds like landlord talk to me, the usual crap they come out with, you keep renting champ you will be much worse off when you are older, everyone would be better off if they could actually own a home, yes some people specifically want to rent, but this is a very small proportion and as you say usually temporary until they can find something suitable
@@spencer2721 I do find it interesting that you disregard population growth, lack of house building, and taxation. Increasing tax on PSR landlords has caused them to pivot towards HMO’s which are a blight to society (IMO). This goes hand in glove with budget cuts to local councils, which means the council is incentivised to grant HMO licenses as they’re good revenue makers for the local council coffers. Do you genuinely believe that this is just free market economics with evil landlords? Lol
Interest rates are still below the long-term average, people have been used to unrealistically low rates for too long and are unprepared for normality. Rates will rise more then return to 'normal'....which is 5-6%
I will be mortgage free in March 2024 and I will never take out another. You are a prisoner in your own home until you are mortgage free. Make as many big overpayments as you can 👍
One thing that never gets mentioned in alarmist coverage of the so-called mortgage crisis is the significant (in some cases huge) capital gain that most home owners will have made. Even those who bought a couple of years ago will have made 20%+ on what they paid, and those who bought a decade or more ago will have seen the value of their house double (or more). By contrast, renters will be seeing rents going up by similarly steep amounts without the consolation of a capital gain, but they're getting comparatively little mention. If you can't afford your new mortgage repayments, sell up and cash in on your capital gain. No need for the taxpayer or the banks to bail you out.
Completely untrue.
I purchased my large semi detached house in a good area of Scotland in 2009 - I paid £172,325 for it . Today ( July 16, 2023 ) its valued at around £245,000. That's hardly a doubling in the value. And that's more than a decade.
@@scrimmy45 Regional exceptions don't invalidate the overall picture. And your capital gain is still significant, so that doesn't invalidate the overall point.
You do realise it's not as simple as sell up...the property prices have increased so much that the interest added to the value absolutely terrifies potential buyers and or priced out of the purchase ....why do you think homes get repossessed...its because they are difficult to sell 😢
@@charlotteharris3476 I do realise that it _is_ as simple as sell up. A glut of properties coming on to the market will have a softening effect on prices, making properties more affordable for prospective buyers despite the higher interest rates. In most cases the capital gain will have been sufficient that a softening of prices won't adversely impact sellers' bottom line.
let's say someone's credit card is at 5k,,, how on earth one is going to pay it off or as you say: pay it down to zero, if one doesn't have that kind of money? What are your suggestions? do you think MysticFLIP can actually do it ?? i heard great remarks
You can't save when you have to spend to live .if all prices on everything went down I would love to save money in savings
IF mortgage is the main money flow to be stopped, increasing inflation alone would make no sense. People need a roof over their head.
If the rent is going up as a result of the rate hike, people won't stop buying anyway?? The interest rate can come down after it goes up, but the rent won't, period!!!
*ABSOLUTELY STUNNED* how Truss & Kwartang can walk the streets being safe from harm. During Kwartang & Liz Truss's term, the mini-budget resulted in a depreciation of Pound Sterling, an expected increase in interest rates affecting future mortgage rates, and financial instability. Currency fluctuates, but the enormous spook in the market during their period is still being felt today. The interest rates rose exponentially after the mini-budget & ain't recovered since. The verm1n were the clear catalyst. Martin Lewis said somet similar & I rate he knows his onions.
I hope all the (none OxBridge, Windsor, Kensington, Mayfair silver spoon licking) - hard working Brit's who make this country great, all the best during these difficult times. Before we know it the Tories will be dust, rear view mirror legacy stuff - and order of equilibrium will be restored. In the meantime, maybe a 'BlackMirror' moment for the Tories?
Shows how conquered and distracted society is. We are finished. Sad times coming
@@yofinance1777 In a way I think alot of people deserve the hard times coming for them. Too much hate, selfishness and greed in society. We need a full reset
I dont think these interest rates will come back down 5% is completely normal a lot of these people commenting thinking the interest rates are must only be in their twenties and thirties its the property prices that are crippling not the interest rates 😢
Don't get a mortgage, it's the worst way to owning your own home. Get a real financial education so you can buy for cash later in life
Still better then renters
Look at the ONS HPI Bulletins and down load all the December Bulletins going back to 2018, note the rises they quote and the UK average house price Then go to Land Registry and search HPI data tool. Now do the avereage UK house price each year from Jan to Dec in their tool (that is a year or 12 months and not the 13 months the ONS use). You will add up the rises to 37.3% on the ONS HPI bulletins and 28.2% on the Land Registry Uk average prices. That is roughly a trillion pounds over reported by the ONS in a 8.6 trillion pound market in just 5 years. They will come out with all sorts of bull but this is the Ponzi scheme and government departments were in on it. They had to keep up the lies so the rich could get richer. Screen print now before they all disappear.
This is interest rates normalising.
Interest rates were too low for too long.
Buckle up inflation is going to be an ongoing issue and interest rates will climb untill money markets tumbles down
🚩"Great advice"😮 really ?whats grateful about fixing your morgage at 6% when my current rate is 1.8% !? There is there is no good way out this situation. Everyone will be squeeze in only banks will be a winer as always 🚩
Rates will come back down, because of that huge pile of government debt that is running 100% of GDP. The only answer is more currency debasement and low rates. Saving cash longer than 2 years is pointless, also those MPs won't want to see the housing market crash.
Martin is really a consumer GOD and I wish we had politicians who really fight for consumers in ripoff Britain. The banks have finally started increasing savings rates that helps reduce inflation as savers put more away due to better savings interest, BOE just has one tactic of increasing lending rates to reduce inflation. If banks passed these to savings rates people would really save more rather than spend. On a different note, wholesale gas prices since 2 Feb 2023 for 6 months have been lower than the average since Mar 2015 through Jan 2021 !!! So why are the consumer gas and energy rates now more than double what they were in the
6 years previous to the Ukraine war???!!! This is just profiteering by energy distributors and energy companies. Does Martin agree… consumers need retail energy prices back to what they were before the war.
If you bail out mortgages then where is the compensation for savers? savers have missed out for over ten years with low rates. Let the markets do what they've always done and stop this nanny attitude towards those who have been short sighted enough to borrow beyond their means.
No guarantee full stop 🛑
Shock they need the working class to suffer while they just keep getting paid
But fixing penalises you if you want to move house.
When you take a mortgage in America it’s fixed for its duration.
Yes, but your property taxes aren't. They can therefore use that lever to control inflation. I believe some houses in San Fran cost around $90k per year in property tax, for example.
@@mramg6038 I don't really know much about how property in the US works. Are property taxes similar to council tax?
I've never understood the language used with Mortgages. Your not a home owner your a mortgage owner
During the banking crisis both political parties failed to nationalise the banks. Labour should have allow the bank to crashed.They are private businesses. Smaller businesses are not rescued.
Everyone was warned that interest rates only had one direction to so make sure you calculate for when interest rates do go up.
All those caught out just ignored the advice now they are c9ncerned.
The tax payer can't keep paying your mortgage for uou it's time you paid your own mortgage, which include the interest rate.
The difference is that historically the loan to value percentages were much lower, as the cost of houses were lower and wages compared to the cost of your property were MUCH higher. So, the only way that these interest rates stay 'normal' is that either homes reduce massively in value or that wages rise significantly to reverse that position. So Martin is simply parroting the boomer/Gen X line that 'oh, we had it harder with interest rates'. No you did not.
People in that generation only learn when their kids can't afford to buy one and still haven't started a family now in their 30s-40s wondering when they will get their grandchildren
@@anthonyfaucy2761 the entire generation is made up of the biggest snowflakes and complainers ever. They are responsible for why the entire world is fucked. Had the benefit of all the properly funded public services and affordable housing, yet they want to deny it to others. Bastards the lot of them
But our generation wasn't up to our eyeballs in debt either and we earned much less😊....most people probably can afford these interest rate rises if everything else wasn't on the Never Never....fact!
WRONG!!! You can be sure that rates WILL go lower because the government owes out the most debt of everyone and they will default if rates stay this high as they won’t afford the interest on their gilts/gov bonds
This is bad, house prices are going to crash hard. People have to sell. Rates are going to continue to go higher as the uk bank rate is based on the US fed funds rate. And the US is going to keep raising rates to fight inflation.
It’s unsustainable and needs to happen and will within the next 12 months.
The inverted yield curve is key.
Well, it sounds like maybe the U.S will raise interest rates 1 or 2 more times before starting to bring it them down again. So maybe the worst of it all will be late this year / early next year.
Well housing is simply too expensive if you are paying cash
Historical rates are somewhere between 6 - 8 % people should have budgeted for these rates. I have sympathy but look at the amount of new cars on the road, which are leased, why not drive an old banger, what about the amount of new clothes, new tech, new toys, no one budgets any more, or few under forty do.
This is why usury and interest is haram!
The best indicator for a house price bubble is the Earnings to Price ratio! This has been true for the last 150 years. The housing bubble territory is x9 times, and the average is x4.5. In 2021, this ratio hit x10.5.
This ratio will need to fall to x5, but this never falls suddenly, it will fall overtime, so prepare for stagnation. Those who bought huge mortgages with 5-year fixed, well be prepared, because Bank of Englands inability to tackle inflation early on (because they were protecting the housing market) will drag you into paying 7-8% mortgage!
The smartest people sold out quickly, they took their 5% hit, those waiting will end up taking a 25% hit
The house price ratio is not 9 it's around 5 if you base it off 2 incomes, it's falling because of wage inflation .
@@thedayistoday3618 are you kidding me! Check again, it was x10 in 2022, it has now fallen to x9. This is average earnings vs average house prices, the maths isn't hard. 275k for average earnings vs 32k earnings (this is generous) = x8.5
let's do the same maths in London, avg house price is 562k vs avg earnings of 60k = x9.3!.
Most Londoners trying to buy a decent house in zone 3, a 3-bed semi with extension potential will have to pay 750k, for them to get a normal mortgage of around x4.5, their joint incomes would need to be £166k, this is the state of the housing market. Now consider the situation where,
@@harlyslamm2888 average salary in London is 40k , the majority of people live in flats and you can easily get one for 350k. That is around 4.5 using 2 incomes.
Mr Happy.
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Wage inflation ??????? no annual pay rise for me ... that's o% is that inflation ?????
This comment section is absolutely riddled with spam.
Pay the fee for long term wealth.
Time to short the market losers 😂😂😂😂😂😂😂😂😂😂😂😂