Who's to blame for this mortgage pain?
The News Agents
Global
4.1 • 5.4K Ratings
🗓️ 22 June 2023
⏱️ 36 minutes
🧾️ Download transcript
Summary
For the thirteenth time in a row interest rates have gone up.
They’re now at 5% - the highest level since 2008.
What is the knock on effect for all of us paying mortgages?
Why are we struggling so much more than other countries to bring down inflation?
And what will the political ramifications to all this be - will it make it easier for Labour to win an election - or will people rally to their government at a time of crisis and prefer the devil they know, to the devil they don't?
Transcript
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| 0:00.0 | The Newsagents podcast is brought to you by HSBC UK, opening up a world of opportunity. |
| 0:08.1 | This is a global player original podcast. |
| 0:11.8 | I've probably lost about 5K so far just over the last 10 months with the interest rate rises. |
| 0:18.5 | And ultimately, we will just be paying thousands of pounds of interest |
| 0:22.8 | and no capital of the property. That is Rob's story and about a million other people who are coming |
| 0:28.7 | off fixed rate mortgages and are seeing that what they're going to be paying is considerably north |
| 0:35.9 | of where they were and are wondering how on earth they find the money |
| 0:41.7 | to pay for these higher interest rates on their mortgage. We've just had the 13th interest rate |
| 0:48.9 | rise in a row and people with mortgages are really starting to feel the pain or continuing to feel the pain, |
| 0:57.9 | a jump of half a percentage point which takes it up to 5% altogether. |
| 1:04.2 | That is the highest rate that we've seen it since April of 2008, i.e. the middle of the financial crash, which changed our world forever. |
| 1:15.0 | So today we're going to be talking about what it's like if you're trying to pay a mortgage, |
| 1:19.0 | how we try and get inflation down, and what it says about the state of our economy and how it's run altogether. |
| 1:25.9 | There was a phrase from a Tory Chancellor who said, if it isn't hurting, it isn't working. |
| 1:32.3 | Well, it's hurting, but bringing inflation down doesn't seem to be working. |
| 1:38.3 | Welcome to the newsagents. |
| 1:44.2 | It's John. It's Emily. agents. The News Agents. |
| 1:46.4 | It's John. |
| 1:47.3 | It's Emily. |
| 1:48.2 | And we're at Newsagents HQ, where we don't have a mortgage on this place, thankfully. |
| 1:53.0 | But if you do have a mortgage and it's fixed rate and it's coming to an end and you've |
| 1:59.7 | seen the news about how much interest rates are |
... |
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