Money Box Live: The Mortgage Dilemma
Money Box
BBC
4.2 • 825 Ratings
🗓️ 30 August 2023
⏱️ 30 minutes
🧾️ Download transcript
Summary
The Bank of England is expected to raise interest rates again this week, for the fourteenth consecutive time. The increase will hike the monthly repayments for anyone on a variable rate mortgage, for those trying to re-mortgage after coming off a fixed-rate and for first time buyers with new home loans.
In this podcast we look at the dilemmas created by high borrowing rates. The experts in this podcast are Sonya Matharu, Senior Mortgage Broker at The Mortgage Mum and Tom Bill, Head of UK Residential Research at Knight Frank.
Presenter: Sam Fenwick Producer: Amber Mehmood Researcher: Luke Smithurst Editor: Jess Quayle
(First broadcast 3pm, Wednesday 2nd August, 2023)
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. |
| 0:39.5 | BBC Sounds, music, radio podcasts. |
| 0:43.3 | Hello and welcome to the podcast of Moneybox Live. |
| 0:46.4 | Today, the mortgage dilemma. |
| 0:48.2 | Interest rates are expected to rise again this week. |
| 0:51.5 | Upping monthly payments by hundreds of pounds for some homeowners and adding more |
| 0:56.5 | uncertainty for those looking for new deals. So today we're looking at the dilemmas created by |
| 1:02.0 | high borrowing rates. What to do if you need to remortgage? What it means if you're trying to sell |
| 1:08.0 | or if you're trying to buy? Do you have a mortgage dilemma? We have a |
| 1:12.0 | panel of guests on hand to help with some solutions. We'll get straight into it and talk about |
| 1:17.3 | remorgaging. 1.5 million people will be coming off a fixed rate deal this year. Of those, 800,000 |
| 1:24.6 | will end in the next six months. Katie is one of those. She lives in Olney in |
| 1:30.0 | Buckinghamshire. Her mortgage is up for renewal in November. We completed on our house 18 months |
| 1:36.5 | ago, so it was in the December just before the Christmas. It was 350,000. We live in an area |
| 1:43.0 | where you would struggle to get anything below that. So we essentially |
| 1:47.7 | weren't given much option on what we could purchase. It was a beautiful new build and we thought |
... |
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