Are adjustable rate mortgages the norm in the UK?

by SydBarrett 12 Replies latest jw friends

• 

  Simon

  But yeah, fixed rates were more common the North America than they were in the UK. Different market, different process to house-buying entirely. Some things better, some things worse.

  We were fortunate in our recent mortgage renewals - our current 5 year term is fixed at 1.79%, way lower than fixed or variable rates are now, but previously we were on a 5 year variable rate term which was better than the fixed option at the time.

  I'd hate to be facing a renewal coming up any time soon (we have about 2 years left to go, but then it's all done).
• 

  TonusOH

  The CEO of JPMorgan Chase recently said that he thinks interest rates will go up more than is being projected, and a base rate of 7% is possible. That would mean mortgage rates starting at 8.5%.

  On the other hand, when interest rates are high, you have an actual tool for dealing with an economic downturn- lowering interest rates. Since 2024 is an election year in the USA, expect the White House to put strong pressure on the Fed to lower rates. An angry electorate is not a friend to incumbents.
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  Teddnzo

  We are now seeing globally inflation in the things we need (food, energy and resources) and deflation in the things we have (property, stocks and investments)

  the stock market is going down which means most people’s pension and other investments are going down. Property is crashing in many places around the world.

  here in the UK house prices are falling by about £1000 per week.

  average house prices in the UK have now fallen by £26K in the last 26 weeks and will continue to fall.

  people are getting poorer. Of course in the congregation we often hear isn’t it wonderful to follow direction not to get advanced education and have lots of investments that are all going down now.

  the problem is Borg do not follow their own advice. They have invested heavily in property around the world which is all crashing now, and they invested in the stock market which is also going down.

  as the financial crisis worsens the donations will get less as JDubs struggle to pay the bills and put food food on the table because most of them are uneducated cleaners