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  • Estimated number of mortgages reaching end of fixed rate period by initial fixed rate

    • lots of caveats but suggests around 300,000 per quarter at the moment, peaking at around 375,000 in Q2 next year


    This is nightmare for most of middle class - someone with a £250k mortgage currently paying 3% would see their interest rate rise to 6.5% or simple terms annual interest bill rise from £7,500 to £16,250 They would need to find over £700 extra per month to not lose their house

    https://twitter.com/Guy_Stallard/status/1574321288025616384

  • It's not just the middle class though is it, it's anyone who has a mortgage or rents from someone with a mortgage, they will all suffer, I don't know why he singled out the middle class

  • Nah.

    History shows that when the middle classes get hit by catastrophic events wiping out their savings nothing bad comes of it.

  • 2008 mortgage crash in the USA was part caused by a rapid rise in interest rates.

    That trickled down...to all of us in a bad way.

    OK so a part the "middle class" which you have a chip on your shoulder for (judging by your posts) about loses their houses. No problem, those get bought cheap by groups with cash and then rented back out for...super high rents. Cos what are you going to do, be homeless? Oh, yeah, that will happen too.

    So now barely any ordinary income band (25-75% income percentile) middle class person owns a house but all sort of funds/land lord groups do. And social houses won't be built either, the £ crashed now, tax incomes tanked.

    Meanwhile there are still no social houses, and there's even less £ going around to spend.

    Me as a middle class mortgage owner? Make me pay more tax (some my cash is going to stop one person going homeless atm...) and stop encouraging private property funds/improving house values pls stupid government...the economy doesn't gain much from rising property prices anyway.

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