A state of anxiety afflicts the owners of mortgage housing in Britain whenever the Bank of England raises interest rates in an effort to reduce inflation. There was a lot of talk about the disastrous picture of banks confiscating housing due to the inability of their owners to pay their monthly installments. Nothing has happened yet, but the statement of Prime Minister Richie Sunak, in which he called on the owners of mortgaged housing to hold their nerves to increase the suffering of this group, the most of which is in Britain.
An interest rate of about seven percent, and homeowners of the mortgage type, and most of them are invited to hold their nerve for two years until the storm passes.
At least that’s the advice Prime Minister Rishi Sunak gave them.
This means that this group is called upon to face all kinds of surprises that may be expected from the rate hike, which will not stop soon.
Steve Dennis is the owner of a real estate agency
The first intervener
“Richie Sunak’s advice is similar to the advice of France’s Queen Marie Antoinette, who advised serving cakes to the hungry instead of bread. Sunak is a billionaire…he doesn’t understand people’s suffering…he lives in a different world…what he said is politically bad and on a high level of sensitivity.”
Surprisingly, the thinking of the prime minister, which is part of the thinking of the Conservative Party, does not consider himself obligated to help the owners of mortgage housing, because owning housing in Britain in the eyes of the Conservatives is not a right, but rather an aspiration and ambition.
George Dorby, a member of the Conservative Party
The second intervenor
“The government has a margin to assess the situation and try to influence those who have authority in this field. However, it cannot control private budgets or spend on individual shares of housing. I understand the suffering of those who choose to buy mortgaged homes, but this is not entirely the responsibility of the government.”
In practice, the government cannot go beyond its regulatory mission. It cannot do anything to save the owners of mortgaged homes in their struggle with the high interest on their monthly payments.
The third intruder
“They do whatever they want and they don’t care about the working class or the people who are fighting for their housing..I am lucky because I do not have mortgaged housing…but I have the impression that the prime minister will not let things go too far in the sense that one day we will witness the confiscation of housing by the banks.” Because its owners were unable to pay, I think it must come in at some point.”
This did not prevent the Parliament from summoning the owners of the banks to understand the situation closely, but the banks, no matter how willing they were to accompany the floundering in paying the monthly installments, but as we were told, they cannot act against their nature.
Intervention 4
“Banks can’t afford to lose and customers usually pay the price… I don’t see a change in sight because the government doesn’t seem to have the power to do anything.”
The government’s wage hike, albeit in a modest manner, came under the pressure of trade union demands, leaving the inflation rate to falter for months, warning that the suffering of mortgaged housing owners would continue.
2023-07-13 14:21:32
#Reportage #Raising #interest #rate #owners #mortgage #housing #weighs #heavily #British
