In response to the Bank of England raising interest rates at their fastest pace since gaining independence, many households with mortgages have seen their monthly repayments increase by 50%, from £600 to £900 overnight. This has put many households at risk of becoming cash-flow insolvent, and government schemes are in place to adjust repayments and provide liquidity. Looking to the future, wages will likely rise with inflation, and the value of mortgage debt will fall in real terms.
Original post here: Here’s What Happens When You Have $0 for a Home Down Payment
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