So mortgage interest rates are spiking again. The SVR's (or whatever they are called these days) of most banks are now north of 6% and the affordability nonsense for re-mortgaging doesn't seem to have been sorted out. People are going to be utterly fvcked as they roll off their fixed rates. Even for those who can get a deal it is going to be north of 5%. That means people are looking at their mortgage interest payments going up by something like 250% to 400%.
I just don't see a way we avoid mass repossessions if rates stay this high over the next 12 months. The rental market is still incredibly tight as well so landlords are going to look to push at least some of the cost increase (much of which is not tax deductible) onto tenants.
The press are surprisingly quiet about this. All the focus is still on food costs and energy bills which I guess reflects the boomer bias of our media but this is surely going to wipe out vast numbers of Gen X and down.