It can affect individual a lot

Increased interest rates = bigger payments

But there’s also your equity percentage.
Whenever you try and remortgage you get lower rates for more equity.

If you try and remortgage with negative equity no one will lend so you’ll have to stay with your existing lender who will probably move you to standard variable rate. At which point you’re royally f**ked…..

Posted By: matgore on June 27th 2022 at 12:43:37

Message Thread

Inflation (General Chat) - SimonOTBC, Jun 27, 08:44:53
- Inflation is a disaster (General Chat) - matgore, Jun 27, 11:57:29
  - I'd thought Simon was really limiting the lens to the individual circumstance (General Chat) - trafford_canary, Jun 27, 12:31:47
    - It can affect individual a lot (General Chat) - matgore, Jun 27, 12:43:37
- Depends if you are an "average" person I guess? (General Chat) - trafford_canary, Jun 27, 09:14:29
  - Yeah - we’re in a fortunate position of not having overstretched (General Chat) - SimonOTBC, Jun 27, 09:22:09
    - *if you’ve got a lot more debt than savings (n/m) (General Chat) - SimonOTBC, Jun 27, 09:30:03
      - Yes definitely. I am very lucky (General Chat) - trafford_canary, Jun 27, 09:33:42
- High inflation is a disaster (General Chat) - paulg, Jun 27, 08:59:03
- As I is well old grandad innit I remember back in the 70s (General Chat) - Old Splat, Jun 27, 08:53:19
- What will interest rates be in 4 years time? 😬 (General Chat) - SCC 28, Jun 27, 08:48:28
  - As long as you're not interest only you're payments could balance (General Chat) - trafford_canary, Jun 27, 09:16:55
    - So long as you’re not downsizing you can port your mortgage (General Chat) - SimonOTBC, Jun 27, 09:20:31
      - Yes this is very true!! I KEEP forgetting that (General Chat) - trafford_canary, Jun 27, 09:24:53
        
        👍 the only downside is you’re stuck with the same lender (General Chat) - SimonOTBC, Jun 27, 09:29:35
  - Banks don’t seem to be forecasting a long term rate hike (General Chat) - SimonOTBC, Jun 27, 08:50:22
    - GTFI (n/m) (General Chat) - SCC 28, Jun 27, 08:53:37
      - Also.... (General Chat) - SimonOTBC, Jun 27, 08:55:38
        
        Mentally ticking off the days till the 30 hour free childcare comes in (General Chat) - trafford_canary, Jun 27, 09:20:33

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