Landlords, Heat Networks and Happiness
Money Box
BBC
4.2 • 825 Ratings
🗓️ 3 December 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
The interest rate rose to 3% this week affecting mortgage rates. We'll be looking at what that means for buy-to-let landlords. Many will have interest only mortgages linked to the interest rate so they'll begin rising almost at once. What does it mean for landlords but also tenants?
We'll discuss how the freeze in tax thresholds impacts your income and look at what could happen over the coming years.
Why over half a million households could be facing heating bills more than double those covered by the Energy Price Guarantee. It's because they warm their homes using heat networks - communal heating systems used in blocks of flats or housing estates.
New figures suggest more than half of NHS and public sector workers eligible to get cheaper broadband are missing out.
And is happiness linked to your income? How much per year would it take to make you happy? Email us with your thoughts now to moneybox@bbc.co.uk
Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Sandra Hardial Editor: Jess Quayle
(First broadcast 12pm, Saturday 5th November, 2022)
Transcript
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| 0:00.0 | You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one. |
| 0:06.5 | I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds. |
| 0:11.2 | I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects, |
| 0:16.0 | relationships, identity, comedy, even one that mixes poetry, music and inner city life. |
| 0:22.4 | So one day I'll be helping host develop their ideas, the next fact-checking, a feature, |
| 0:28.3 | and the next looking at how a podcast connects with its audience, and maybe that's you. |
| 0:33.6 | So if you like this podcast, check out some others on BBC Sounds. |
| 0:39.4 | BBC Sounds, music, radio podcasts. |
| 0:43.2 | Hello, welcome to this Moneybox podcast. |
| 0:46.3 | How frozen tax allowances will heat up your tax bill? |
| 0:51.0 | Half a million households whose homes are in heat networks could soon be paying twice as much |
| 0:56.4 | as the rest of us for their energy. Around half the people who get cheap broadband don't ask for it |
| 1:02.5 | and Moneybox always brings you information, facts, analysis, even advice. But today we want to talk |
| 1:09.3 | about being, well, happy. |
| 1:25.7 | Farrell-L Williams there, but is happiness linked to money? How much per year would it take to make you happy? |
| 1:32.9 | Here what our listeners told us later. But first, the Bank of England raised bank rate to 3% this week, the highest level for 14 years, and the biggest rise for more than 30. |
| 1:46.5 | Some mortgage rates will increase at once. |
| 1:51.8 | There's even a suggestion, though, that fixed rate mortgages may edge down a smidge. One group of people who are feeling the effect of rising rates, particularly, are by to let landlords. Their |
| 1:56.8 | mortgages are typically interest only. Some are linked to bank rate, so we'll be rising |
| 2:01.2 | almost at once. Others are fixed, but when they run out, the average two-year fixed rate for |
| 2:06.7 | buy-to-let mortgages is now 6.71% and there's less choice. The data provider money |
| 2:13.4 | facts told us there are less than half as many buy-to- let mortgage deals now on the market as they were this time last year. |
... |
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