Martin Lewis Shares His Advice on Mortgages | Good Morning Britain

Major mortgage lenders face tough questions from MPs wanting to know how they're going to help more than 300,000 people whose mortgage costs will rise over the next couple of months. Martin Lewis talks to Susanna Reid and Ed Balls and shares his mortgage advice.
Broadcast on 11/07/23
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[@GillerHeston]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@eloign7147]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@rogerwheelers4322]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

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[@ENTERJAYKASHI]

Mortgage should be fixed for the whole length of the mortgage, it's ridiculous how the system is designed

[@jjefferyworboys8138]

Someone who fixed at say 5% would have be very pissed when new borrowers were paying under 2% ? There are as many arguments for this as against.

[@daryljackson6088]

If it changed by quite a bit you could probably remortgage and save alot of money. There would be fees though which would determine if its worth doing or not.

[@user-pj9bh3pt4z]

There are sometimes providors offering lifetime fixed rates.

[@anthonyfaucy2761]

The system is and always eas designed specifically to keep you poor

[@Simon-xc6iy]

It is in france, you sign every page of the repayment plan which shows every payment you will make. I had a ten year mortgage which was fixed for the ten years, as would a twenty five year mortgage be fixed for the whole term.

[@talhakeskin5227]

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[@mrjelfs3705]

You're gonna need more than Martin Lewis to save you from this.

[@yofinance1777]

Agree, too late for most.

[@MrPhilysis1]

Ignore Lewis, do your own research , make your own decision , bloke is a fraud

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[@DAHQatar]

Are you a bot? Are you paid to promote?

[@TheIrishEgyptian]

@@DAHQatarbingo

[@annasmith5849]

I just phoned the Coventry Building Society. They signed the Mortgage Charter but they do not comply. They will not arrange a new deal until 4 months is left on the current mortgage deal. The staff are rude and told me not to watch TV. Avoid this building society at all costs as their customer and complaints service is terrible.

[@anthonyfaucy2761]

Report them to a regulator or ombudsman

[@user-pj9bh3pt4z]

I drive a car that is 20 years old and spent the last 13 years overpaying my mortgage with whatever I could afford. I now have under 23k left on it. I see so many people driving brand new cars on leases - why don't they put that money into paying off their mortgages instead?

[@ep1929]

I did the same, was paying 63% of take home pay for the final 3 years & made final payment in March 23. I have done well mostly driving old bangers - they've mostly been quite reliable and very minimal depreciation.

[@stevp372]

What’s to say those people aren’t doing that? Maybe they’re still quite comfortable affording it all. It’s not them who are worried.

[@ep1929]

@@stevp372 nothing to do with being worried, it's about enduring the pain whilst the interest rates are low, whilst many people are in financial turmoil (and there's plenty like that now), I am having an easy life amongst all this hardship.

[@stevp372]

@@ep1929 I wasn’t addressing you and I don’t care for the “I’m alright Jack” comments.

[@anthonyfaucy2761]

Because of ego and show off culture. People love stroking their own egoes and the government is more than happy deceiving people into crippling debt

[@avakholwadia1420]

Why is this such a huge crisis in the UK and not in other European countries. I live in Belgium and most mortgages are fixed for full term which is upto 35 years. Landlords aren’t increasing the rent because their mortgages are fixed too. Our highest fixed mortgages of 35 years is currently 3.75% which is an increase of 1.75% from a year ago.

[@tiagofilipe395]

Because Britain is to good to be in EU... they do it better :D

[@TheNobbynoonar]

So, what you’re saying is, mortgages would be cheaper if the uk was back in the EU. I’m genuinely puzzled! Can you please explain?

[@tiagofilipe395]

@@TheNobbynoonar brexit effects are extremely underrated in the current situation of the UK economy, less workers putting more pressure on labour costs and higher costs on the import of essential items ( food for example) leads to a much more persistence inflation and therefore an higher increase of interest rates to fight it. UK has a much bigger inflation problem then EU at the moment. Brexit it’s not the only reason but surely helps

[@James-bc1jk]

Pure greed and the British people are thick and can't stand up for themselves and future for here children

[@avakholwadia1420]

@@TheNobbynoonar that’s not what I am saying at all. It is the mortgage setup. In Belgium it is not normal to have a variable mortgage and majority have always had a fixed mortgage. The Netherlands had a similar system as the UK until the bank crisis. Interest only and a couple of years fixed mortgages but they changed all that after the bank crisis. This way the banks were forced to be responsible lenders. Under EU regulations it is however harder for banks to repossess a house as they can not sell a property under the value of the mortgage and not the value of property.

[@xxx_efw_xxx]

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[@mandymorgan8103]

Mine just went up £500 in one hit! It had already gone up £200 due to the base rate…. It’s all coming together for them! You will have nothing and be happy..

[@DF-dd5nf]

I love Martin Lewis!!!! We are very lucky to have him. I am greatful to Martin. He is an angel ! And thanks to also Good morning Britain

[@JGrant60]

If I recall he was telling people 6months ago to fix at ridiculously high rates, then rates came down straight after. Now he’s telling people to fix at rates that are the highest for the last 15years

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[@dannyedwards878]

How can you save when you have nothing left?

[@Randymanfred41]

Almost everyone, including the media, is anticipating a market catastrophe, and as a result, many are turning a blind eye to the opportunities in the market. I began investing in stocks and Defi earlier this year and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you’re quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, maximize it

[@Leighwilliams112]

What opportunities are there in the market and how do I profit from it?

[@Randymanfred41]

@@Leighwilliams112 You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.

[@Leighwilliams112]

@@Randymanfred41 I will really like to know how this actually work

[@Randymanfred41]

@@Leighwilliams112 All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.

[@Leighwilliams112]

@@Randymanfred41 Do you have an idea of any good broker I can start with?

[@mariowilson9002]

From £700 mortgage to £1700, that can’t be real!!!

[@JustMeTalking]

Yep... it's exactly real £350,000 mortgage was about £700 per month But now it'll be £1,700 (or more) per month

[@torotaxi1]

​@@JustMeTalkingwas it interest only because if it was a fixed rate at 2% at £700pcm going up to 6% then youd only be looking at 320quid extra

[@ladytee4269]

Ridiculous 😮😮😮😮

[@Mindziaks]

Our is going up from 1395 to 2620.. so really? cannot be real, well it is..

[@random6809]

@@Mindziaks That's about a 600,000 mortgage then?

[@ChrisLitton]

Feel so sorry for people who's mortgage rates up, I'm hoping things will improve soon.

[@yofinance1777]

We will look back at these times as the good old times, we are in a new world now. Elites are pushing their agenda, society continues to roll over in pain. Shameful, conquered and devided.

[@Goady1000]

What do you mean by improve? The rates are normal now

[@Kingkongkirk1234]

Yeah the rates are normal now, the banks lowered them to boost the economy after the recession and didn’t gradually put them back up

[@davidclark3581]

@@Goady1000hardly normal when mine has gone up5%

[@Goady1000]

@davidclark3581 you mean like they have been forever except for a small 15 year period that you luckily were apart of

[@cobbler40]

So let me get this right if people lose their jobs and we enter a recession with people losing their homes and having nowhere to live the economy will be doing well ? It certainly is counterintuitive !

[@dannylad1600]

That's what the government are trying to do. They're trying to force a recession in an attempt to lower inflation. You might then wonder why we dont just accept inflation and my guess is because most voters are old people with savings. Better to keep those people happy than young people with mortgages.

[@beverleysmith8704]

Well said

[@AM_o2000]

Recession is the lesser evil. Intractable inflation causes far more damage.

[@James-bc1jk]

Well that's how the rich stay in power and how they take everything off us while we just do nothing about remember 2008 when tax payers bailed the banks out and gave there bosses bonuses with it

[@VoiceOfThe]

It’s all part of the plan. You will own nothing by 2030 and be happy.

[@mrmeldrew693]

Mortgage holders are just an easy target to milk. Everybody knows inflation is due to covid money printing and fuel/grain cost hikes due to Ukraine. Hardly anyone in the country has had payrises that have kept up with inflation since 2008, that excuse is pure BS.

[@spencer2721]

Yes Covid printing money which Mr Martin Lewis encouraged the government to do!

[@sonictelephone1526]

💯

[@mramg6038]

I feel equally bad for tenants who not only have the rent increased by these inflationary pressures (utilities, mortgages, property management & maintenance fees) but also have to deal with increased taxation (landlords unable to deduct interest from tax). It's always been scary to watch tenants angry at landlords for raising rents but not really understanding it's the government. Only compounded by massive immigration (legal & otherwise).

[@James-bc1jk]

Yes I agree but no one seems to talk about COVID and how the government have been caught lying about it all even evidence on text messages but all of a sudden they want to forget about it talk about small boats ffs

[@VoiceOfThe]

@@mramg6038 Let me tell you, the absolute worst scenario to be involved with, is owning a leasehold flat. You still have a landlord (management company), the industry isn’t regulated, so there’s no legislation in place to stop them from increasing the annual service charge willy-nilly. Over a ten year period my service charge had gone up over 100% from when I first bought the property. Thankfully, I only had a small mortgage (£30k) which I cleared. They also demand a sinking fund on top, so the total costs with council tax, energy and water are ridiculous. I sold up, which was a nightmare, took 18 months and cost me loads, but, now I’m finally rid, it’s the best feeling ever. I’m happy renting now.

[@thedrivebygg]

Really like what Martin says, makes great sense. If you can afford a 5 year fix at 5.99% might be worth taking it, will probably balance out over the five years. I took out a 10 year fix at 2.49% back in 2017, probably cost me more for the first 5 years compared to shorter term deals that were out there, but now it’s looking great, overall I haven’t lost or won balanced out over time.

[@anthonyfaucy2761]

Actually you have won as you won't lose your home like many families will soon. You paid for certainty which was worth it countless times over. Theres some things you just don't bet over and a home is one of them

[@thedrivebygg]

@@anthonyfaucy2761 Thank you Anthony for your kind comments

[@sonictelephone1526]

The banks are sure happy to do the squeezing part on mortgage holders. Savings though..? Yeah, they're far less keen with that one. So only half the solution is actually being applied. 😑

[@sonictelephone1526]

@@chloefgillingwater I know it's a hassle to move all your direct debits and other stuff, but you really should move. They are all not great, but you can certainly get a lot better elsewhere. They are ripping you off.

[@spencer2721]

Move your money elsewhere then, it’s not difficult

[@davidharrison9324]

how can u save more money..if u have less to spend!!!!

[@jjefferyworboys8138]

Those most effected by the series of sharp rate increases are homeowners who entered the market during the last 15 years. Having only ever known super low rates, for them this was normality even though historically the picture was very different. Tough times ahead for many, sadly not all will survive. Speak to your lender if you need help.

[@philiphawkins4684]

Cheap rates have pushed houses prices to record levels as the older generation all buy second houses as holiday homes or rental properties.

[@footyball66]

What we need to do is ask for even bigger pay rises so we can survive. You can't stop inflation easily. You need to be harder on banks, supermarkets and energy companies etc, and prevent them from profiteering.

[@torotaxi1]

Higher pay rises leads to higher inflation = even higher interest rates

[@user-cy4lc3cu8m]

@@torotaxi1that is capitalist bollocks , an excuse

[@sb-kn6vb]

​@@torotaxi1brainwashed by big business. If they actually taxed these big corporations and used that money for new uk businesses we'd be in a better place. The politicians have been payed off by the big boys.

[@henryaung596]

​@@user-cy4lc3cu8mright!? I thought they always said "supply and demand"?

[@philyewin4880]

Surely if the government were serious about reducing inflation they'd do through increased vat on luxury purchases. That way the low paid who rent wouldn't be affected as their landlords wouldn't need to increase the rent and people with mortages wouldn't be losing their houses. Those that are probably most able to fuel inflation because they have high disposable incomes and no mortgages could be targeted because at the moment they're still booking long holidays and ordering the latest designer luxury cars and gadgets.

[@EpicSlug]

I don't think you understand inflation. VAT is a flat tax across the economy. It's not factored into inflation. If VAT is reduced it will increase consumer spending and the bank is trying to decrease consumer spending to control inflation.

[@philyewin4880]

@@EpicSlug You're probably right as I'm no economist and I guess if it were as simple as the government charging a higher rate of vat on unessentials e.g holidays, cars, golf club memberships, spar days, etc, they would've thought of it. I was thinking of my own situation, I own a home and have properties rented out and don't have any debt at all, so I like a lot of my friends am completely unaffected by the governments efforts to reduce inflation. My letting agent is insisting that my rents are increased inline with inflation and that they need me to do this as their percentage will also increase, so they can cover their increased overhead cost, rents and staff pay rises etc.

[@anthonyfaucy2761]

@@EpicSlug Maybe tax the ultrarich like Bill Gates who just hoard all their wealth. Funny how he gaslights how he 'donates' to charity but his quiet as a bird nowadays. His donations are just tax evasion that he puts in offshore accounts

[@bdoubleeb3039]

Silly Billy’s. We just need to add hundreds a month to your mortgage and make you lose your job in order that you stop buying food and energy then we’ll all be fine. 🤡

[@dannywalker3702]

Thing is they say about this being a 'normal interest rate' which is true, but the bigger problem is the fact that house prices have rised astronomically along with wages stagnating. If people had been given fair pay rises over the last 12 years then this wouldnt be as bad as it currently is. Oh and don't forget the goverment also allowing energy bills to be as high as they are.

[@my_carp_life3424]

If interest does not come down house price will because no one will be able to afford the monthly payments especially first time buyers

[@mramg6038]

The only advice anyone can give is (as always) don't over stretch yourself (over leverage), & make overpayments to reduce your exposure if you can afford to. Keep a savings buffer for any unexpected bills (boiler breaks, car needs tyres). If you are someone who has very low liquidity (& low capital in your house), then all you can do is sit tight & contact the bank/citizens advice with these mortgage holiday options etc. Not financial advice.

[@jjefferyworboys8138]

Agreed, renting out a spare room in the short term is a very good way of gaining extra tax free income.

[@Warbaman]

Lol! My monthly outgoings from JUST mortgage and utilities has risen £500 this year, my wages have gone up £15 ... i didn't over leverage, the government dont pay a fair wage!

[@PAZPERDEE]

Tough times for sure, but surely you can’t blame the wages you earn on the government.

[@cmptthor18]

Couldn’t agree more. The UK has become more like the US over time, we’re a very materialistic society and overspend. People want multiple holidays and new cars (unbelievable that so many people use HP) that they can’t afford. Making sacrifices and doing things such as renting a room isn’t common. Obviously I don’t mean every single person, so please don’t take individual offence, I’m talking overall. My grandparents experienced the war and I learned so much from them. I have a good salary but I haven’t changed my actual core habits from when I had no money and was on benefits. What I mean is, I still buy second hand clothes, car etc, yes my car is of higher value than years ago, but it’s the mindset - keeping costs as low as possible to give yourself buffer for when things, and have changed.

[@lesleyhubble2976]

@@cmptthor18I’m wondering if we will go into recession, can people still afford to eat out and go on holiday. People do seem to find money for big cars

[@user-ub4pl6tz2e]

I had 15 years low interest rates 0 percent Paid off early I knew this would happen It not rocket science Nothing free Unbelievable 15 years o percent interest rates Thanks I have a New morgage council tax Am on low-income now So get a good discount

[@footyball66]

how can anyone who took a mortgage out in 2019 pay it off early.......

[@user-ub4pl6tz2e]

@@footyball66 not all morgage the same Pay off early having repayment I had savings not doing nothing Switch to paying off mortgage It was low 2013 was low Back then had so many fixed rate mortgage term even 10 year's Anyway depends what you borrow and terms

[@random6809]

@@footyball66 You can't without having massive savings in the bank. Nobody just pays off in 4 years lol

[@kathleenweinberg6442]

It's just to much the prices are ridiculous

[@timalbutt4753]

Too many people over inflated there mortgages because borrowing was so low! Went on holidays, got cars, bought lots of other items! Hence the inflation rate rising! They then only signed a 2yr deal! What did they expect the interest rate to be in 2yrs time?!…. We shouldn’t bail out these people, end of! It’s tough… if they did there history on rates rather than fixing for 2yrs they would have signed 5-7-10yr fixed at the low rates… 🤷‍♂️🤦‍♂️

[@SmithyD86]

So much more complicated than that. I don't disagree with the premise but things like printing money for furlough during covid and then paying a chunk of people's energy have caused massive inflation. Under normal circumstances you want the economy to grow so buying things isn't a bad thing - inflation being 'allowed' to rise so much whilst people are locked in with nothing at all they can do about it - it's hard to blame people, the government are also responsible. Also the banks aren't passing on the interest to savers so everyone is still spending and not saving - making things even worse!

[@kanedNunable]

wow, way to be a heartless cnt. so we lose our homes to pay for your furlough, even tho i didnt get furlough. nice. why not tax the people who actually got furlough to pay it back?!

[@timalbutt4753]

@@kanedNunable how do you know I had furlough? We are the generation that has never gone without… we don’t know how to save for a rainy day! always been on holiday, new cars, new clothes,TV in every room, always food in the fridge… the list goes on and on… all we are doing now is going to go through the hardships our parents went through depending on your age and your grandparents… no more… I grew up in poverty and hid behind the sofa when the provident guy came to collect The banks and loan company’s set traps for us all the time (wrongly in my eyes) and they have done for 100s of years and we the people have fallen for it again… The rich will get richer and the poorer will get poorer…

[@samhunter1205]

And yet another eternal rule of the internet is proven true . . . people who end all their sentences with exclamation marks are morons.

[@torotaxi1]

People should have fixed for 5 years and not overextended themselves in the first place. Surely banks stress tested these people for rates rising?

[@Retsel.]

Vanessa, what I would suggest if you are a "mortgage prisoner" and never had the foresight to see this would happen is sell up and downsize x

[@AM_o2000]

Whilst cashing in on her capital gain. The significant (in some cases huge) capital gains that most homeowners have made aren't getting mentioned in media coverage. Instead, mortgage holders are being portrayed as at risk of falling into destitution.

[@haydenharris3059]

People are buying mortgages and not houses because the interest is a scam. They let you live there until you loose it or pay at least 100% interest over the mortgage life. 😮

[@alexbramwell1870]

This is actually a really.good way of putting it Also, most people will move, once, twice or even 3 times before even contemplating paying for the house in full

[@haydenharris3059]

@@alexbramwell1870 I agree and thanks ✌

[@anthonyfaucy2761]

Its funny home "owners" laugh at renters for not owning when they themselves don't really own their own house. Even on a fully paid off house I dare you to stop paying taxes and see how quick the government confiscates your home

[@jguk2597]

Do you have any ideas for people who have say a substantial 70% deposit but ear to little to get an effective mortgage!! The standard three times my salary is only about 30k which is ridiculous! Any ideas please?

[@a1white]

Wait. So if my deal ends on 6 months and I “lock in” a new deal now, do they move me onto the new deal now or in 6 months?

[@richardgilson2468]

Why cant we have good people like martin as mps? He should be our chancellor.

[@bazmole]

If energy wasnt up 200% for businesses and individuals perhaps inflation would be less sticky. The price of diesel and electricity hits everything from fished tuna to leisure centres

[@seant6731]

Mortgage Charter - window dressing / re-branding of rights you already had. I.e. mostly those options already exist / no real tangible benefits.

[@Duggie258]

Rates will go higher, and remain until end of 2024! Economy is holding up and inflation is not coming down fast enough, if at all

[@mramg6038]

Doubtful. Interest rates are leading measures, meaning there is quite a lag before the pain is felt. If we're already seeing signs of trouble, then it wont be long before recession bakes in & inflation crashes down to earth. Bear in mind most of the inflation is a result of chip shortages on cars, COVID, and the QE printed. I suspect most people will erode their savings over Christmas & then face reality by Spring. Interest rates will pivot & we'll see a return to near 0 rates by this time next year.

[@sonictelephone1526]

@@mramg6038 I'm kinda lucky and have 3.5 years left on my 5 year to run. I got the mortgage at the perfect time really. Hoping things have settled a bit by the end of 2026

[@Duggie258]

@@mramg6038 no chance brother

[@osmanpoyrazpala72]

Hello , Do you think MysticFlip can have a mortgage foreclosure be removed ????

[@cobbler40]

If you have a mortgage at 0.94% and have to remortgage at 6.6% you can’t afford it !

[@sonictelephone1526]

Err not really. Not quite that straightforward. Going to depend on the size of your mortgage. A large percentile increase on a small amount is still a small amount.

[@AM_o2000]

What ^he/she said. Depends on debt level and personal wealth. Besides, most home owners will have made a significant (in some cases huge) capital gain. They can always sell up and cash in. No need for the taxpayer or the banks to bail them out.

[@andrewcottle2899]

£50 for 50base points on a 100k mortgage. 50 base points is half a %. So 600 quid a month increase.

[@AM_o2000]

@@andrewcottle2899 A 6% increase on a 100K mortgage equates to £6K/annum in interest. Divided by 12 months equals £500/month increase.

[@footyball66]

depends how much your wages went up, if your investments are doing well, if you inherited recently, how much you have saved, how much you have overpaid on your mortgage. Then again, who the heck got 0.94%, they didn't go that low.

[@Trypyyyy]

The last line was scary... We have become mrtgage prisoners we went from paying £700 a month in 2022 to £1700 a month in 2023

[@aceofspades5786]

18% of all mortgages are buy to lets, what's happens if landlord cant pay and needs to sell. Trade paper says buy to let mortgage arrears has increased by 42%

[@cobbler40]

So if you take out a mortgage you have no idea how much the final amount will be or the interest rate over time !

[@jjefferyworboys8138]

Rather like life !

[@HainEmir]

You're the best MYSTICFLIP ! Thank you for sharing the knowledge. I've actually gotten a few loans that you've suggested in the past. You bring so much to our tables. You're just full of great helpful info. You've taught me so much in the past few months and I'm grateful. You're an angel in disguise! Keep doing what you're doing my friend. Thanks once again MYSTICFLIP

[@jameshunter5899]

my mortgage deal ends in 2 months, but my mortgage fully ends in 10 months, i pay £540 per month fixed rate just now, what would i be paying under variable rates for the rest of my mortgage what should i do ? i only owe £5000, i can pay it off but what benefit would i have having no mortgage ? ps RBS is who im with

[@mariowilson9002]

“Which come first the mortgage or the individual?” 😂😅… only the fact that you need to put the question, tells us everything, isn’t it???

[@adrian19831983]

Councils allegedly can provide housing support even with mortgages. So if one quit he could get assistance with the mortgage from council for their primary residence.

[@cengizcakmak8442]

let's say someone's credit card is at 5k,,, how on earth one is going to pay it off or as you say: pay it down to zero, if one doesn't have that kind of money? What are your suggestions? do you think MysticFLIP can actually do it ?? i heard great remarks

[@cbr-lo]

And from now people start to panic :/

[@Paul-zz1cr]

Mr Happy.

[@HARPER77]

The same man who told everyone stay on a standard duel fuel tariff and don't get a fixed. Thanks for that....

[@dawidek2215]

I wouldn't even mind higher payments so much but looking at the repayment calculator, my £1000 per month payment consists of over £900 of interest and less than £100 of principal payment. Can't believe that this is allowed! Paying 24k over 2 years but actually only reducing my principal by 2k.

[@shabaz621]

Didnt you sign for this,?

[@richlee509]

MAKE massive amounts of overpayments

[@random6809]

@@richlee509 Read the T&C first to see the maximum you can make.

[@myaphextwin807]

I will be mortgage free in March 2024 and I will never take out another. You are a prisoner in your own home until you are mortgage free. Make as many big overpayments as you can 👍

[@sebluketravis2438]

*ABSOLUTELY STUNNED* how Truss & Kwartang can walk the streets being safe from harm. During Kwartang & Liz Truss's term, the mini-budget resulted in a depreciation of Pound Sterling, an expected increase in interest rates affecting future mortgage rates, and financial instability. Currency fluctuates, but the enormous spook in the market during their period is still being felt today. The interest rates rose exponentially after the mini-budget & ain't recovered since. The verm1n were the clear catalyst. Martin Lewis said somet similar & I rate he knows his onions. I hope all the (none OxBridge, Windsor, Kensington, Mayfair silver spoon licking) - hard working Brit's who make this country great, all the best during these difficult times. Before we know it the Tories will be dust, rear view mirror legacy stuff - and order of equilibrium will be restored. In the meantime, maybe a 'BlackMirror' moment for the Tories?

[@yofinance1777]

Shows how conquered and distracted society is. We are finished. Sad times coming

[@anthonyfaucy2761]

@@yofinance1777 In a way I think alot of people deserve the hard times coming for them. Too much hate, selfishness and greed in society. We need a full reset

[@seeseeteevee]

Martin is really a consumer GOD and I wish we had politicians who really fight for consumers in ripoff Britain. The banks have finally started increasing savings rates that helps reduce inflation as savers put more away due to better savings interest, BOE just has one tactic of increasing lending rates to reduce inflation. If banks passed these to savings rates people would really save more rather than spend. On a different note, wholesale gas prices since 2 Feb 2023 for 6 months have been lower than the average since Mar 2015 through Jan 2021 !!! So why are the consumer gas and energy rates now more than double what they were in the 6 years previous to the Ukraine war???!!! This is just profiteering by energy distributors and energy companies. Does Martin agree… consumers need retail energy prices back to what they were before the war.

[@sang3Eta]

Bonds are already paying 6%+

[@mrmister769]

I went to a party at my sisters last week. Got the big house, big mortgage and ill never have that. I am not bothered, possessions and all that don't mean Jack to mean

[@bobstirling6885]

Interest rates are still below the long-term average, people have been used to unrealistically low rates for too long and are unprepared for normality. Rates will rise more then return to 'normal'....which is 5-6%

[@jaimecosta2966]

It was a questioj of time

[@coolstorybrooooo7643]

But fixing penalises you if you want to move house.

[@AM_o2000]

One thing that never gets mentioned in alarmist coverage of the so-called mortgage crisis is the significant (in some cases huge) capital gain that most home owners will have made. Even those who bought a couple of years ago will have made 20%+ on what they paid, and those who bought a decade or more ago will have seen the value of their house double (or more). By contrast, renters will be seeing rents going up by similarly steep amounts without the consolation of a capital gain, but they're getting comparatively little mention. If you can't afford your new mortgage repayments, sell up and cash in on your capital gain. No need for the taxpayer or the banks to bail you out.

[@scrimmy45]

Completely untrue. I purchased my large semi detached house in a good area of Scotland in 2009 - I paid £172,325 for it . Today ( July 16, 2023 ) its valued at around £245,000. That's hardly a doubling in the value. And that's more than a decade.

[@AM_o2000]

@@scrimmy45 Regional exceptions don't invalidate the overall picture. And your capital gain is still significant, so that doesn't invalidate the overall point.

[@charlotteharris3476]

You do realise it's not as simple as sell up...the property prices have increased so much that the interest added to the value absolutely terrifies potential buyers and or priced out of the purchase ....why do you think homes get repossessed...its because they are difficult to sell 😢

[@AM_o2000]

@@charlotteharris3476 I do realise that it _is_ as simple as sell up. A glut of properties coming on to the market will have a softening effect on prices, making properties more affordable for prospective buyers despite the higher interest rates. In most cases the capital gain will have been sufficient that a softening of prices won't adversely impact sellers' bottom line.

[@leighvaughton2740]

I'd like to feel positive - but in a country where lenders have announced they want to be the country's largest landlords, like Lloyds bank, you have to assume they will act in their own interests and repossess as many houses as they can.

[@anthonyfaucy2761]

Then they'll rent it back at hugely inflated prices. Why sell you something at a fixed price when they can get unlimited money with rent? Capitalism will always lead to fascism

[@andrewzolotar9358]

🚩"Great advice"😮 really ?whats grateful about fixing your morgage at 6% when my current rate is 1.8% !? There is there is no good way out this situation. Everyone will be squeeze in only banks will be a winer as always 🚩

[@crashleyt]

You can't save when you have to spend to live .if all prices on everything went down I would love to save money in savings

[@TheFourSatoshis]

WRONG!!! You can be sure that rates WILL go lower because the government owes out the most debt of everyone and they will default if rates stay this high as they won’t afford the interest on their gilts/gov bonds

[@paulsaintclair9761]

Wage inflation ??????? no annual pay rise for me ... that's o% is that inflation ?????

[@michaelg1724]

Saw no one give a better solution than myself which is to allow those with private pensions to access their private pensions tax free to either pay off or reduce their mortgage, and the way to solve inflation is to take the money from those elites who ended up with all the printed money

[@tonyc1167]

santander is one of the worst banks going, you get zero help with them. been with that bank over 10 years now thinking of switching. isa account is a joke an all

[@cobbler40]

I suppose if we are all naked living in cardboard box this would be a win for Hunt.

[@paulmatthews9366]

Correct. He's a communist. Only he won't be living in one.

[@sonictelephone1526]

You spelled his name wrong. It begins with a C

[@d.hughestiling6841]

This was always supposed to happen . People should have got better mortgage advice rather than strapping there selves up to the hilt

[@JD-hh2qb]

Still better then renters

[@hungrywolf4454]

No guarantee full stop 🛑

[@tntwentyone2951]

This is interest rates normalising. Interest rates were too low for too long. Buckle up inflation is going to be an ongoing issue and interest rates will climb untill money markets tumbles down

[@barandemirok2797]

Wealth is not just about finance, but health and wellness is critical especially in our black community! No need to have stuff and money if you don't have your good health? Rick Ross finally understands this truth now! What does it profit a man/woman to gain the whole world if you don't have optimum health to enjoy it all! Let change the mindset about the diet & wealth in the black community so we can all go up together! Above all things... I wish that you be in good health and prosper even as your soul prospers! God bless you brothers! and remember to use MYSTICFLIP for your credit fixing, loan and grant approval.

[@stevep9221]

Look at the ONS HPI Bulletins and down load all the December Bulletins going back to 2018, note the rises they quote and the UK average house price Then go to Land Registry and search HPI data tool. Now do the avereage UK house price each year from Jan to Dec in their tool (that is a year or 12 months and not the 13 months the ONS use). You will add up the rises to 37.3% on the ONS HPI bulletins and 28.2% on the Land Registry Uk average prices. That is roughly a trillion pounds over reported by the ONS in a 8.6 trillion pound market in just 5 years. They will come out with all sorts of bull but this is the Ponzi scheme and government departments were in on it. They had to keep up the lies so the rich could get richer. Screen print now before they all disappear.

[@flitsies]

Everyone was warned that interest rates only had one direction to so make sure you calculate for when interest rates do go up. All those caught out just ignored the advice now they are c9ncerned. The tax payer can't keep paying your mortgage for uou it's time you paid your own mortgage, which include the interest rate.

[@ThatAnnoyingStepdad]

Don't get a mortgage, it's the worst way to owning your own home. Get a real financial education so you can buy for cash later in life

[@alicanalmanar7618]

The confidence you take in your work is really inspiring and amazing, special thanks The time and efforts you had put into getting me approved for business grant. Take my cordial thanks! You are really an efficient, organized and result-oriented man Thank you for all the extra hours and extra effort you had to put on for getting my grant approved. I appreciate every bit of your effort. Thank you for pulling this off so smoothly... MYSTICFLIP

[@naratipmath]

IF mortgage is the main money flow to be stopped, increasing inflation alone would make no sense. People need a roof over their head. If the rent is going up as a result of the rate hike, people won't stop buying anyway?? The interest rate can come down after it goes up, but the rent won't, period!!!

[@carlyndolphin]

Interest rates were too low in the first place. Cheap money is what’s fuelled property prices and the fact not enough affordable homes have been built.

[@aceofspades5786]

800,000 odd housing transactions a year/8 million over the last decade, all those buyers whether mortgaged of not have bought into a 'market' where house prices are over 9 times average pay.

[@mramg6038]

I hope the government reverses taxation on landlords to allow rental prices to ease back down to normal levels. Otherwise, people who are liquidated from their house will have nowhere to turn.

[@AM_o2000]

Better still, create a level playing field by closing the loopholes for holiday lets to stem the exodus of landlords into Airbnb.

[@spencer2721]

I actually think the more landlords sell up the better, it will create more stock for new buyers. There is no coincidence since people have thought of houses as an investment for example to use as a pension rather than a home, things have gotten even harder for renters and first time buyers. Houses should be places for people to live not investments for people to get rich from while renters are getting poorer and poorer. They are basically getting someone to pay their mortgage, how is this helping someone who would like to buy a property for themselves.

[@mramg6038]

@@spencer2721 the supply of rental accommodation is tiny. Any move to reduce it further will continue to hurt tenants. Not all tenants want to own a house - such as myself. I relocate for work, have been a student, and have friends who’re from abroad that want to rent until they find the right location. That said, I’m certain I’ll be proven right when there are few landlords left.

[@spencer2721]

Sounds like landlord talk to me, the usual crap they come out with, you keep renting champ you will be much worse off when you are older, everyone would be better off if they could actually own a home, yes some people specifically want to rent, but this is a very small proportion and as you say usually temporary until they can find something suitable

[@mramg6038]

@@spencer2721 I do find it interesting that you disregard population growth, lack of house building, and taxation. Increasing tax on PSR landlords has caused them to pivot towards HMO’s which are a blight to society (IMO). This goes hand in glove with budget cuts to local councils, which means the council is incentivised to grant HMO licenses as they’re good revenue makers for the local council coffers. Do you genuinely believe that this is just free market economics with evil landlords? Lol

[@HeadshotBomber]

Seems really fair to people that cant afford to buy a house...

[@mramg6038]

In time it will cool asset prices down (reduce inflation), & strengthen the value of your savings. In theory it will make it easier for people to get on the ladder, but I suspect the reality is that demand will continue to vastly outpace supply thanks to our open borders.

[@kanedNunable]

what happens when we lose our homes and have to rent. how do you think that will help renters? lots got furlough, i didnt. yet im paying it back for many of you. thats life.

[@HeadshotBomber]

@@kanedNunable I didn’t get furlough…and if you can’t afford your house at these interest rates then you are quite frankly irresponsible for buying a house. That’s why the market is so inflated people buying houses they can only afford at low interest rates, obviously housing supply is also a contributing factor.

[@charlotteharris3476]

I dont think these interest rates will come back down 5% is completely normal a lot of these people commenting thinking the interest rates are must only be in their twenties and thirties its the property prices that are crippling not the interest rates 😢

[@Nippa_play]

If you bail out mortgages then where is the compensation for savers? savers have missed out for over ten years with low rates. Let the markets do what they've always done and stop this nanny attitude towards those who have been short sighted enough to borrow beyond their means.

[@The_Unintelligent_Speculator]

Pay the fee for long term wealth.

[@Swiftskypie]

I'm no financial expert but was wondering if the bank of England could try a base rate for mortgage borrowing lower than any other kind of borrowing so for example drop mortgage loan base rate of say 2% and and all other borrowing at say 7%

[@AM_o2000]

Why? As discussed in the video, squeezing mortgage holders is a big part of the strategy to bring down inflation.

[@bobsmithy9024]

It's also is a great way for the Bank of England to ensure a Labour victory at the next general election. If people are struggling to pay their mortgage what incentive is there to vote Conservative? None.

[@Swiftskypie]

@Amy__Morgan because they have tried that and it hasn't worked

[@AM_o2000]

@@Swiftskypie Incorrect. They're in the process of trying it and it hasn't yet worked because they haven't raised the base rate far enough. As a strategy, it has a long track record of working.

[@rod85y]

Well housing is simply too expensive if you are paying cash

[@alanbailie5458]

The difference is that historically the loan to value percentages were much lower, as the cost of houses were lower and wages compared to the cost of your property were MUCH higher. So, the only way that these interest rates stay 'normal' is that either homes reduce massively in value or that wages rise significantly to reverse that position. So Martin is simply parroting the boomer/Gen X line that 'oh, we had it harder with interest rates'. No you did not.

[@anthonyfaucy2761]

People in that generation only learn when their kids can't afford to buy one and still haven't started a family now in their 30s-40s wondering when they will get their grandchildren

[@alanbailie5458]

@@anthonyfaucy2761 the entire generation is made up of the biggest snowflakes and complainers ever. They are responsible for why the entire world is fucked. Had the benefit of all the properly funded public services and affordable housing, yet they want to deny it to others. Bastards the lot of them

[@charlotteharris3476]

But our generation wasn't up to our eyeballs in debt either and we earned much less😊....most people probably can afford these interest rate rises if everything else wasn't on the Never Never....fact!

[@directdrains6107]

Sell the house and buy a caravan

[@harlyslamm2888]

The best indicator for a house price bubble is the Earnings to Price ratio! This has been true for the last 150 years. The housing bubble territory is x9 times, and the average is x4.5. In 2021, this ratio hit x10.5. This ratio will need to fall to x5, but this never falls suddenly, it will fall overtime, so prepare for stagnation. Those who bought huge mortgages with 5-year fixed, well be prepared, because Bank of Englands inability to tackle inflation early on (because they were protecting the housing market) will drag you into paying 7-8% mortgage! The smartest people sold out quickly, they took their 5% hit, those waiting will end up taking a 25% hit

[@thedayistoday3618]

The house price ratio is not 9 it's around 5 if you base it off 2 incomes, it's falling because of wage inflation .

[@harlyslamm2888]

@@thedayistoday3618 are you kidding me! Check again, it was x10 in 2022, it has now fallen to x9. This is average earnings vs average house prices, the maths isn't hard. 275k for average earnings vs 32k earnings (this is generous) = x8.5

[@harlyslamm2888]

let's do the same maths in London, avg house price is 562k vs avg earnings of 60k = x9.3!. Most Londoners trying to buy a decent house in zone 3, a 3-bed semi with extension potential will have to pay 750k, for them to get a normal mortgage of around x4.5, their joint incomes would need to be £166k, this is the state of the housing market. Now consider the situation where,

[@thedayistoday3618]

@@harlyslamm2888 average salary in London is 40k , the majority of people live in flats and you can easily get one for 350k. That is around 4.5 using 2 incomes.

[@gusleonard9397]

Rates will come back down, because of that huge pile of government debt that is running 100% of GDP. The only answer is more currency debasement and low rates. Saving cash longer than 2 years is pointless, also those MPs won't want to see the housing market crash.

[@RobertGillontheinterweb]

Martin isn’t authorised to give mortgage advice

[@Alex-mu4ue]

This is bad, house prices are going to crash hard. People have to sell. Rates are going to continue to go higher as the uk bank rate is based on the US fed funds rate. And the US is going to keep raising rates to fight inflation.

[@VoiceOfThe]

It’s unsustainable and needs to happen and will within the next 12 months. The inverted yield curve is key.

[@footyball66]

Well, it sounds like maybe the U.S will raise interest rates 1 or 2 more times before starting to bring it them down again. So maybe the worst of it all will be late this year / early next year.

[@mrsmd4616]

I've never understood the language used with Mortgages. Your not a home owner your a mortgage owner

[@drkarenbukharibukhari9931]

🎉2ndlife🎉