Enjoy that update? What other questions do you have? Do comment below.
@PM-wg8bz Жыл бұрын
I’m here for Ken’s frustration 😂
@TheHumblePenny Жыл бұрын
😂
@MrRoyck10 Жыл бұрын
A well delivered review showing sensitivity to the biting hardship, the rate of inflation and the low rise of wages is pushing middle income families further into poverty. I hate to imagine the plight of low income families, this country is now a nation of food banks. Please those who can afford please drop off food at your local food bank so that people struggling can get help. Thanks Ken.
@TheHumblePenny Жыл бұрын
Great shout 👍🏾👍🏾
@TheHumblePenny Жыл бұрын
Great shout 👍🏾👍🏾
@njemilenantan2269 Жыл бұрын
It really feels like prices are rising absolutely quickly. Food is now so expensive. Shop around for deals in various supermarkets or revert to markets.
@TheHumblePenny Жыл бұрын
Yeah it's mad what's going on with food prices! Good suggestions
@Heidi123 Жыл бұрын
Aldi for me.
@njemilenantan2269 Жыл бұрын
@@Heidi123 I use them all and I do not even drive. Going to try some of the local markets, which I do not get to often.
@TheHumblePenny Жыл бұрын
@@Heidi123 yup 😅
@ask_why000 Жыл бұрын
Time for a backyard garden?
@richardmunday2608 Жыл бұрын
You mentioned that you would get on the market asap, if you were in a position to do 100% mortgage in a potentially declining market is that something you would consider?
@TheHumblePenny Жыл бұрын
I got on the property ladder in 2008 with nearly 100% Mortgage and a declining market. I persevered at 5.99% fixed rate for 5 years. It paid off long term. So there you go.
@richardmunday2608 Жыл бұрын
@@TheHumblePenny thanks for replying. Trying to explain to people that negative equity is like losing money on the stock market you’ve only lost money if you sell!
@Kwabena_X_ Жыл бұрын
Randomly stumbled on this video. Great video. Liked and subscribed
@TheHumblePenny Жыл бұрын
👊🏾
@kmarialovesnature Жыл бұрын
Hi there, I think I really don't understand mortgages. Why is it better to overpay when you have a current lower rate. Is it not better to save the money instead at a higer interest rate and then pay a lump after your fixed term ends?
@inatehex Жыл бұрын
I tried to enjoy the update, but the amount of adverts was ridiculous.
@TheHumblePenny Жыл бұрын
That's interesting. We don't even control how many ads. Interesting they chose to add lots of ads to this video. Thanks for the feedback.
@3xAudio Жыл бұрын
Even worse to get out of the renters trap. Think I might just emigrate to Australia and work flat for a couple years and see if I can save anything. Might get a sun tan at least 😂
@burropoco Жыл бұрын
9:18 Part of Ken's warcry at Speakers' Corner before we all march down to Threadneedle street to speak with the MPC 🤣 Pure passion.
@TheHumblePenny Жыл бұрын
😂🙏🏾
@amandasumpter6765 Жыл бұрын
I have an offset mortgage which is variable at 1.74% above the BOE base rate. I cant work out whether thats a good thing or not but every day I'm saving interest. Last month the interest saved was £121. It sounds good in the long run. 🤷
@cbrockett6736 Жыл бұрын
Great video Ken! One of the most valuable and informative videos on your channel 😊
@TheHumblePenny Жыл бұрын
Thank you 😊
@bazt2053 Жыл бұрын
Ken you’re a credit and a blessing! Loved the perspective, you went a little church there and it shows you really care 👍 😁 keep up the good work
@TheHumblePenny Жыл бұрын
I couldn't help it! 😊
@debowaleomole6634 Жыл бұрын
Ken!! Absolutely love your channel and I thank God and thank you for all you do. I'm however now thinking you need to be in the BOE advising and guiding them. Useful and brilliant content as ever. Thank you.
@TheHumblePenny Жыл бұрын
Aww thank you 😊🙏🏾. Please share with others
@stewartfearn3473 Жыл бұрын
Ken you mentioned that savers were losing out fixing at 4.5% for say a year against 10% inflation. Of course what matters is cpi in May 24 not now and I fully expect a gain over inflation on fixing savings now over the coming year. Yes cash has been poor recently but every dog has its day and if there is an equity and housing correction cash may win over the next year.
@veganmakeit6095 Жыл бұрын
I can’t stand these high interest rates I am selling my property because my fixed rate is ending it was 1.4% I feel it’s better to rent than pay this high mortgage payments, my neighbours are a big problem and I am anyway not happy with my property, I bought it at £215k using help to buy equity loan, had it for 2 years. Hoping to buy a better home for myself if prices go down and interest rates come down again 😢 any advise?
@smann7236 Жыл бұрын
How much deposit did you put down?
@Nunkz Жыл бұрын
Hell of a situation to be in
@gracelynf1945 Жыл бұрын
I moved to a lovely area in Kent property was really cheap, you can also try auctions depending on how much cash you have, btw you can also get a mortgage for auctions, buying is still cheaper than renting. Good luck.
@xoxstarxox7779 Жыл бұрын
Can you rent out a room to help with mortgage costs?
@smann7236 Жыл бұрын
@@xoxstarxox7779 good question... everyone gives me mixed answers... someone told me mortgage people don't allow it or like it due to risk...
@rknaik76 Жыл бұрын
All in graphs and stats. When the energy reduction reflect in elect and gas bills ? While raising its quick but while reducing it will take months.
@zpr592 Жыл бұрын
Im 52 and fortunate enough to get a bonus this year that will put me into 60% tax trap by 20k but im not sure if I should chunk into pension to bring myself down to 40% or pay off car pcp thats about to fall off 1.45% ... financial head says grab the 20k into pension the other part tells me to take the £8000 now with how world is..
@888ssss Жыл бұрын
people with big debts are done for. this wont stop.
@TheHumblePenny Жыл бұрын
It's a tough time.
@888ssss Жыл бұрын
@@TheHumblePenny no. its just reality.
@Chanesmyname Жыл бұрын
They are using 1970/80 economic strategy in the 21st Century and things have changed on a scale that could not have been imagined, that is how big the impact of the internet and media speed is on every aspect of life.
@CableistooPricey Жыл бұрын
10 year swap rates are pinned at 4% and likely to go much lower, the BOE is hiking as fast as they can and the market is pricing in cuts even faster. Deflationary crisis similar to 2008 is immanent, inflation will be the last of everyones worries soon enough
@arcreations164 Жыл бұрын
I am literally at a point where I am deciding between a 2 Yr or 5 Yr fix. I am watching your video for your words of wisdom before I take my decision.
@njemilenantan2269 Жыл бұрын
@ARcreations I am not a financial specialist my cousin is though but in the USA but financially she has never steered me wrong. She told me to not tie yourself in to any fixed term more than two years.
@m.l.2483 Жыл бұрын
If you can, consider a 2 year tracker mortgage as an alternative
@TheHumblePenny Жыл бұрын
5 year fixed rates look very attractive right now. One thing I know is that these rates will be rising for quite some time yet!
@njemilenantan2269 Жыл бұрын
@@TheHumblePenny However, is that a wise strategy if you wish to utilise any equity you have in say a property? It may be a good idea if it is your residential mortgage and you plan on staying in the property for a number of years but not if an investment. Just my humble opinion.
@juicybear7696 Жыл бұрын
My bank currently has an isa rate of 2.5%. I have over 200k in there. Won't the bank have to raise its rates to match now? Great channel my friend.
@TheHumblePenny Жыл бұрын
Thank you 😊. Great bank account 👍🏾. No, the banks don't necessarily have to. Although they'd need to in order to stay competitive.
@juicybear7696 Жыл бұрын
@@TheHumblePenny thank you. I feel like Barclays and HSBC rates as big boy banks are now way behind the percentage now. But because they are so big they are never in a hurry.
@XORTION Жыл бұрын
My Barclays is 5.2%, what do you mean? Also chase bank is 3.1%
@juicybear7696 Жыл бұрын
@@XORTION what I mean?? I said it's 2.5%
@RhysMorgan2015 Жыл бұрын
Thanks Ken, appreciate the video.
@TheHumblePenny Жыл бұрын
You're most welcome 🙏🏾
@smann7236 Жыл бұрын
From the comments people want to know more about investing in property...I'm not sure if you already made video but any chance of a video of how to buy house with you living in it and having a roommate to help with mortgage ( renting out room), and how to go about it with the bank for mortgage. And if that means you need higher deposit or more risk for bank if you are a single income earner as a blue colour worker..thank youuu.
@danielhart3820 Жыл бұрын
Hi Ken, I have a fixed mortgage of 1.2% until 2026. Would you recommend over paying the mortgage, or putting the money into savings accounts and earning interest on that instead? Considering interest rates on my savings is 4% and my mortgage is 1.2% doesn't It make more sense to earn interest off my savings that I would be overpaying? Thanks
@sandramcmahon1543 Жыл бұрын
Earn interest on your savings and then make a payment at the end of your deal 👍🏻
@samalex2024 Жыл бұрын
Daniel Hart. Which company were you able to get a fixed rate mortgage at 1.2%?
@danielhart3820 Жыл бұрын
@@samalex2024 halifax, but I took this deal out in 2021
@TheHumblePenny Жыл бұрын
Earn your guaranteed interest and build that up to overpay later ✅️
@danielhart3820 Жыл бұрын
@@TheHumblePenny thanks for your reply. Just as I thought 👍👍
@thindo Жыл бұрын
With Brexit don't expect the food prices to fall as we are growing less and importing more
@ask_why000 Жыл бұрын
Also-also, can't you just lock in a CD ladder while rates are higher, at a stable bank less likely to fail.
@eseakinbode7239 Жыл бұрын
Thanks Humble Penny for your advice. My fixed ratr is running out in September. I have started looking at rates, and it's not so competitive right now. The increase means £200 increase which is a lot at the moment. I am thinking should i lock it down now or wait closer to September. One of things i have learnt from you video is amending the variables i.e increase the mortgage term or do an interest only mortgage. I pray God see's us through these times.
@badass6656 Жыл бұрын
Good but banks are paying around 0.5% in simple saving rates. Will sophisticated people and institutions lend money to the government at 4% + rather than deposit cash in bank accounts? In America this phenomenon is causing money to move out of smaller regional banks therefore central bank rate rises will be limited in the US. It is likely that this movement of money will occur in the UK if central bank rates continue to rise. If this proves correct UK rate rises might ultimately be limited to prevent the possibility of a banking crisis.
@XORTION Жыл бұрын
Saving rates are 3-4%..
@badass6656 Жыл бұрын
@@XORTION If you can play chase the rate merry go round and comply with all the restrictrictions.
@JJ-mc8lu Жыл бұрын
Unfortunately we need to take the pain for a few years as this is not going away any time soon.
@thindo Жыл бұрын
We need you as The Bank of England Governer as the current one is Useless
@stuartregan1627 Жыл бұрын
Rates shoud of been normalised years ago . Cheap debt , almost free money and printing trillions in QE was only ever going to lead to massive inflation .
@KraneD Жыл бұрын
BOE Governor: Let's raise rates, reduce disposable income, trigger layoffs and hopefully force the economy into recession to cool off these price rises. Analyst: How far would we need to raise the rates for prices to start falling? BOE Governor: I have no idea. We'll only know when we've over done it and they start egging us.
@TheHumblePenny Жыл бұрын
😂
@zoltanvincze5101 Жыл бұрын
Best video to understand whats going on with interest rates thank you! 👔📉
@paultweedley2026 Жыл бұрын
Great news for belegared savers .
@TheHumblePenny Жыл бұрын
Indeed.
@amsmith29 Жыл бұрын
Good man
@TheHumblePenny Жыл бұрын
👊🏾
@dss7741 Жыл бұрын
Sooo eventually a loaf of bread is going to cost 20quid