Sunak will be feeling the pressure from this if inflation doesn’t actually come down.

  • mannycalavera@kbin.social
    link
    fedilink
    arrow-up
    1
    ·
    1 year ago

    AHH interesting that makes more sense then because we remortgaged before those changes in the rules.

    As an example, a borrower taking out a two-year fixed-rate mortgage at 2.2% with a revert to rate of 4% would need to show they could afford the monthly repayments on a rate of 7%.

    I mean… they ain’t going to be coming off onto the 4% 🥲 but stress testing at 7% should still (for the time being) mean that everyone with a mortgage should have been aware of the risks and budgeted accordingly. No?

    No-one wants to pay more of course… I have sympathy for that. I just don’t understand the shock that some people are claiming.