Are we in for a mortgage crisis in the UK? In this video I go over the key things you need to look out for and how to protect yourself.
*ADDITION THIS THIS VIDEO I had originally had a section in the video addressing the issues if you are really struggling with mortgage increases. The video simply became too long but I may look to address this in a separate video but what I want to cover are: 1) Speak with your lender - you may be able to switch from repayment to interest only or increase the term 2) Keep an eye on legislation - there were announcements on potential support in the Autumn statement 3) Consider speaking with the following who may able to help out more: https://www.stepchange.org/ https://www.citizensadvice.org.uk/
**Swap rates could have been an entire video on their own. So what I've covered here is a big oversimplification and can't cover all considerations around market forces. Bear that in mind.
TIMECODES 0:00 - The UK Mortgage Crisis 1:00 - All eyes on the base rate 3:30 - What you need to know - different mortgages - pros and cons 5:12 - The Impact of Economic Cycles 7:04 - Issues with timing 8:21 - Swap Rates 10:30 - A way to think about the difference 11:40 - Step-by-step
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