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I hadn't realised that it's only very recently that the UK mortgage market became overwhelmingly fixed-rate
(media.kbin.social)
we bought last year at the end of the low rate period, fixed for 5. Its been a worrying few months but actually we have been very lucky. We have to accept the fact that we borrowed at historic lows, and the upcoming renewal in 4 years will likely be more expensive; we have to accept the average over the life of the borrowing. This reality isnt made clear in the application process, they borrow on past performance of your savings and salaries. But the flip side of that coin is it was now or never, as we both hit 40 to buy first time. We certainly dont want to be paying off debt when retired, and millions likely will be.
The problem as always is theres loads of housing but in the wrong parts of the country. If government really pushed it they could take the weight off of londons economy and provide incentives to move; subsidies for travel, EV subsidies, tax relief etc. The stranglehold is that so many mortgages in london depend on ever increasing value as savings rates are abysmal compared to property value increase. Normal people can get their heads round easy money but its bitten the last 5 or 6 governments on the arse because we cant escape the loop without bankrupting or repossessions on a massive scale.
these are my thoughts and they is mine