The Bank of England twice-yearly Financial Stability Report warned that two million households will see their mortgage repayments go up between £200 and £499 per month over the next three and a half years.
A further one million households will see their monthly payments rise by at least £500.
The bank of England has raised interest rates from 0.1% in December 2021 to 5% to curb rising prices.
The current cost-of-living crisis has been called the cost-of-greed crisis after it was reported that many utility and retail companies were seeing record profits after pushing up their prices to combat the crisis.
While the public were forced to struggle severe hardships, companies and share holders were enjoying big profits and bigger bonuses.
The further increase in mortgage repayments is going to put even more strain on people who are already struggling to survive.
I also read today that a 24-year-old woman who has £50,000 in savings is struggling to buy her first home in the area that she works.
Half of her salary was going on the £775 rent for a one bedroom flat in Cardiff. There are bills and other living costs to go on top of that too.
In an interview with the BBC, Freya Milner said:
scroll down to carry on reading…
FREE Digital Copy - No Cost to You...
OVER 30,000 COPIES SOLD AT £19.95!
To claim your FREE COPY, simply complete your details below and hit the submit button!
Send For Your FREE Copy Now!
“I have £50,000 saved but I still can’t buy a house. My salary isn’t enough to cover the threshold to get a mortgage of £200,000.”
“I was told by previous generations ‘get a good degree and the rest will sort itself’ but it hasn’t.”
(Ahhhhhh, the old ‘go to university, get a degree, and then get a good job,’ fallacy.)
“Although I work full time I can’t earn enough. I don’t drink, I don’t go out to eat more than once a month, normally for a friend’s birthday.”
“I wouldn’t mind renting if it wasn’t so expensive for a property that often comes with a huge amount of issues.”
She said that many of the properties in the Welsh capital were low quality, and that she once lived in a property where the ceiling had collapsed in which meant she was “so cold I couldn’t sleep.”
She also said, “I think young people are disheartened. How can we save for the future when we can’t save enough to beat the price hump from renting to owning?”
It reminds me of a joke (if you can call it that) I see a lot of young people sharing on social media these days:
“Mortgage lenders won’t give mortgages to youngsters over concerns they can’t pay the £800 month repayments, although they have been paying £1,250 each month in rent for the last three years.”
With living costs still increasing, there is only so much cutting back and saving a person can do.
There appears to be no respite in sight, and with people struggling as much as they are at the moment, there is only one real option that I can see for most people, and that is to find a way to make more money.
People fear that making extra money can be hard and will require a lot of money upfront to get started with.
This is not true; you can get started with just £100 with an incredibly easy to use, and easy to understand system like ‘The Easy As 1-2-3 Betfair System’, by John Banks.
John makes a couple of simple checks to see which horses qualify and then he places his bets.
It’s as easy as that.
There is nothing complex to learn or any complicated working-out to be done, simply check that a specific criterion is met, and you are good to go.
With the ‘The Easy As 1-2-3 Betfair System’ you could be doubling your money every 3 to 4 weeks.
Discover more here:
Easy As 1-2-3
Kind regards.
John Harrison.
P.S… You can started right away with just £100 and after 6 months, you could be sitting on a decent tax free £12,800!
Here’s that link again: