- Mortgage Market Sees Silver Lining: Rate Cuts Emerge
- Exploring the Aftermath: Mortgage Rates and Homeowners’ Finances
- Bonus Topics: Premium Bonds, Customer Service Anecdotes, and Viral Carrier Bag Story
After months of mortgage calamity, better news eventually arrived this week with a slew of substantial rate cuts from major lenders.
Halifax, Nationwide, and NatWest are among the banks that have made significant cuts to their home loans, and analysts believe that the mortgage market may have passed its apex of panic.
This is the silver lining of a very dark cloud, as mortgage rates are significantly higher than they have been in recent years, and almost all homeowners whose fixed-rate mortgages are up for renewal will be required to pay significantly more.
What happens next, if this is the conclusion of Mortgage Mayhem Part 2 (the uncalled-for sequel to Liz Truss and Kwasi Kwarteng’s original installment)?
This week on the podcast, Georgie Frost, Helen Crane, and Simon Lambert examine the devastation of the past few months and speculate on the future of mortgage rates and homeowners.
They also discuss what this means for people’s finances and how mortgage rate increases are likely to gobble up the majority of people’s pay raises and then some. After such a lengthy period of stagnant real wages, Simon explains why this is a significant issue.
In happier news, the interest rate on Premium Bonds has risen substantially, so are they now a no-brainer?
(For those listening to the podcast and searching for it, here is the link to our Premium Bonds winning chances stats piece Simon mentions).
In addition, what story of excellent customer service did Simon bring back from vacation?
And lastly, how did Helen’s old carrier bag go viral?
