Just watching his programme. He is talking about 1% mortgages.
Does anyone remember when we were paying 15% interest on mortgages.
Everyone seems to have forgotten about this horrendous overpayment.
Although I don't doubt his sincerity, I find him increasingly annoying and smug - especially since he's been made CBE. Doesn't sit well with me to have someone worth tens of millions telling us plebs how to manage our money.
The Bank has always said that the current MLR is unsustainable in the long term, with an intention to eventually take it back closer to 5%. So anyone taking on a mortgage now ought to ensure that they'll be able to keep up the repayments when mortgage interest rates climb back to somewhere around 6%.
I remember the mortgage rate going up so high. We had a letter almost every month telling us the rate was going up again. I honestly don’t know how we survived It was in the 1960’s I think
I was broke and renting at the time but my peers who were trying to get on the property ladder had to have two jobs and take in lodgers to cover the mortgage payments.
Now we’re all older and have private pensions and a few savings, the rates are rock bottom!