I’m really surprised that this isn’t getting far more political coverage considering the number of people it affects.
The cost of mortgages.
We’ve another two Bank of England Monetary Policy Committee (MPC) meetings before the end of the year, both of which will likely result in significant interest rate increases to counter inflation. This will mean the monthly mortgage payment for people on standard variable rate mortgages, or those coming out of an existing deal and securing a new one, will be considerably higher.
Repossessions are going to increase, without a doubt, but what I can’t understand is why this isn’t getting more political focus……. It’s an issue that is going to affect millions.
I’ve already said before that once these homes are taken back by the banks, they are likely to stay in corporate ownership and rented back to people.
The future certainly isn’t bright….