3 ms·
If you think it’s bad in the US, it’s going to be a total catastrophe in the UK. * Similar problems with house prices going up * If you default on a mortgage
by physicsguy 4y ago
If you think it’s bad in the US, it’s going to be a total catastrophe in the UK.
* Similar problems with house prices going up
* If you default on a mortgage in the UK, you still owe the difference between what the bank are able to sell it for and your original loan.
* The period over which people have fixed interest rates is most commonly two years, and at that point, people have to remortgage, or go onto a “variable rate”. Many people will not be able to remortgage, so they’ll end up at the Bank of England’s interest rate plus an additional 3.5-4%.