Journalist at the Mail on Sunday is writing a feature today on how to get your finances recession ready. What should people do if…
- They’re still in a fixed deal but are worried about losing their job / seeing income fall and want longer term security?
- They want to remo but don’t know how long to go for / might be considering a house move soonish (family growing / downsizing etc)
- Can’t remo for some reason – recently self employed / credit blip etc – and they’re facing rising repayments as BOE hikes base rate?
- Some numbers looking at the payment shock lots of households are inevitably going to face when their two year fixes end later this year / early next. Product rates are higher by some margin on 2020 – what’s the implication for affordability assessments for those who stretched themselves last time they took a deal?
- How likely is it that households will face a payment shock like this? Or will high HPI insulate them from the worst?