Every person I know who currently has a mortgage (late 20s to mid 40s) now basically has unsustainable borrowing if rates stay as they are. Majority have erc that meant leaving 3 days ago to potentially lock in a high 3s rate still doesn’t make financial sense.
i mean, what’s going to happen? People defaulting left right and centre? People in all the traditional ‘good’ jobs, having their homes repossessed and onto debt management plans? Surely not right? Try as my mother might it’s not a comparable situation to the 80s/90s when interest rates were 10%, borrowing was less and cost of living was less. Surely they’ll have to reverse parts of this budget? Millions becoming homeless, especially with a lack of social housing can’t be great for the economy