Truss DOWN but Mortgage Rates UP to 14-Year High as 100,000 reach end of...

Truss DOWN but Mortgage Rates UP to 14-Year High as 100,000 borrowers reach end of fixed rate deal every month

·        Prime Minister Liz Truss resigns after 38 days in office following a tumultuous few weeks

·        A new party leader and Prime Minister will be voted in by members by 28 October

·        Will ‘the markets’ get the leader they want with higher taxes, pain and austerity?

·        As mortgage rates hit new high, 100,000 reach end of fixed rate deal every month

·        Average two and fiver-year fixed rate deals reach 6.65% and 6.51%

·        Bank of England will raise rates again next month to fight inflation

·        Food prices rise at fastest rate for 42 years

·        Tax plans and Hunt budget in doubt

·        Markets and Pound rise on news

What does this mean for you?

FINANCIAL EDUCATION FOR FINANCIAL FREEDOM

Whatever you do, don’t do ANYTHING unless you are financially educated.

Can you change the economy, market or government policy?

No!

Can change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?

YES!

With the cost-of-living crisis getting worse, there’s never been a better time to learn how to get control of your money and change your financial blueprint.

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New Chancellor Hunt Reverses Tax Cuts and Long-Term Support For Energy B...

New Chancellor Hunt Reverses Tax Cuts and Long-Term Support For Energy Bills

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Newly appointed Chancellor, Jeremy Hunt MP, has ripped up his predecessor’s doomed mini budget after replacing Kwasi Kwarteng MP on Friday.

Wholesale government borrowing interest rates have stabilised after Mr Hunt steadied the ship and restored confidence in the ‘markets’, which have now factored in an interest rate peak next May of just over 5%.

SCRAPPED

INCOME TAX 

Jeremy Hunt ditched the plan to cut the basic rate by 1p from April.

Planned cut to corporation tax.

ENERGY BILLS

The typical household energy bill has been capped at £2,500 for the next two years.

The 'guarantee' policy was estimated to cost the government over £100billion. 

Now expected to be overhauled, with help targeted on the poorest after April.

DUTY-FREE SHOPPING FOR TOURISTS 

EASING IR35 RULES FOR SELF-EMPLOYED

DIVIDEND TAX CUT 

REMAINING

STAMP DUTY

Stamp duty was abolished under £250,000 at the mini-Budget, with first-time buyers exempt on up to £425,000.

That has already taken effect, and Mr Hunt said it will stay in place.

NATIONAL INSURANCE

The government promised to reverse the increase to National Insurance.

FINANCIAL EDUCATION FOR FINANCIAL FREEDOM

Whatever you do, don’t do ANYTHING unless you are financially educated.

Question: What can you do to change the economy, market or government policy?

Answer: Nothing!

Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?

Answer: EVERYTHING!

With the cost-of-living crisis getting worse, there’s never been a better time to learn how to manage your money and change your financial blueprint.

Check out my new training to help you get control of your finances and learn how to build real wealth in 28 days!

Click to join: https://bit.ly/3isugCr

 

#money #business #stockmarket #property #freetraining #financialfreedom #inflation #costoflivingcrisis #moneytips #getcontroloffinances #freetraining #mortgagerates #fixedratemortgage #jeremyhunt #tax

Higher interest rates will KILL buy-to-let property market

Higher interest rates will KILL buy-to-let property market

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Example of buying a £500,000 property with a £20,000 a year rent or 4% yield. That’s all very well but if you are then borrowing money on say an 80% mortgage, in the past your mortgage payments based on a 2% interest rate would be £8000 a year leaving you a gross profit before cost of £12,000 per annum.

Then interest rates went up to 4% meaning that your mortgage payments rose to £16,000 per annum.

At 5% your mortgage payments will be £20,000, in which case you would not even break even after paying costs such as insurance and letting agency fees.

At 6% per annum your mortgage payments would be £24,000 a year leaving you with a loss of £4000 per annum before costs.

However, that’s not the whole story. Rates are expected to go higher and have already breached 6% for the residential market based on five-year fixed rates.

At 8% the interest only mortgage on a £400,000 loan Will be £32,000 a year.

Even if you only borrowed £300,000, the mortgage payment will be £24,000 a year not only leaving you a loss but an obtainable from the lender which would want a buffer zone in case of rental void.

The higher the interest rate the less you can borrow.

It’s unlikely that the lender would give you more than £200,000 based on an 8% interest rate, which would mean that you would need £300,000 as a deposit.

In short, higher interest rates will wipe out any hope of a monthly residual yield or profit for buy to let buyers using islands value by to let mortgages.

Bearing in mind that the high growth model for most investors is based on using maximum leverage and borrowing against their properties, higher interest rates will wipe out a large percentage of the potential buyers as the deals no longer stack up. 

Learn how to invest and build wealth.

The Bank of England were forced to bail out the pensions industry after it nearly collapsed and brought down the financial industry with it.

Whatever you do, don’t do ANYTHING unless you are financially educated.

Question: What can you do to change the economy, market or government policy?

Answer: Nothing!

Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?

Answer: EVERYTHING!

With the cost-of-living crisis getting worse, there’s never been a better time to learn how to manage your money and change your financial blueprint.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

 

#money #business #stockmarket #property #freetraining #financialfreedom #inflation #costoflivingcrisis #moneytips #getcontroloffinances #freetraining #mortgagerates #fixedratemortgage

 

NEW Housing Slowdown Warnings From RICS As Mortgage Rates Rise

NEW Housing Slowdown Warnings From RICS As Mortgage Rates Rise

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New warnings of a housing slowdown were issued this week as the number of people struggling with mortgages are forecast to reach a 15-year high, the Royal Institute of Chartered Surveyors (RICS) said. The RICS is the body which regulates and controls the surveyor who carry out surveys and valuations for all the major lenders in the UK.

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Details:

·        House sales in September hit their lowest levels since 2020/21

·        Rising mortgage rates will drive house prices down this year, say RICS

·        Bank of England said this week the number struggling to pay mortgages will rise next year

·        New house buyer inquiries fell in September for he fifth month in a row, say the RICS.

·        Fewer properties for sale has pushed up housing prices, but warned this will end.

·        Banks, such as HSBC have issued similar warnings of a housing market slowdown

·        Higher interest rates will make buy-to-let purchases unsustainable

·        Fixed rate deals have reached around 6%, a 300% rise and a gamechanger

·        Mortgage lenders will not lend to investors if deals do not stack up financially

·        Up to 200,000 households will need to remortgage in the next year, say BBC.

The news comes of top of a brewing financial crisis in the City of London as the Bank of England are again printing money to bail out financial institutions – this time it’s the people running your pension funds.

Tail wagging the dog as centrals banks tell elected governments how to run the country!

Question: What can you do to change the economy, market or government policy?

Answer: Nothing!

Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?

Answer: EVERYTHING!

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#money #business #stockmarket #property #freetraining #financialfreedom #inflation #costoflivingcrisis #moneytips #getcontroloffinances #freetraining #mortgagerates #fixedratemortgage

Cost of 5 year fixed rate mortgages soar to 12-year high

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Cost of 5 year fixed rate mortgages soar to 12-year high

Typical 5-year fixed rate mortgage now 6.02%, the highest since 2010, say Moneyfacts.

Some 2-year fixed rates have topped 6% this week, up from just over 2% in 2021.

Borrowers will be hit with massive payment rises when fixed deals expire.

Get control of your finances and learn investment for beginners

In this video, I take you through the basics of getting control of your finances and learning how to become financially free.

Watch video version - https://youtu.be/J8xSMrLDsNw

With the cost-of-living crisis getting worse, there’s never been a better time to learn how to manage your money and change your financial blueprint.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

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#money #business #stockmarket #property #freetraining #financialfreedom #inflation #costoflivingcrisis #moneytips #getcontroloffinances #freetraining #mortgagerates #fixedratemortgage

Get control of your finances and learn investment for beginners

Get control of your finances and learn investment for beginners

In this video, I take you through the basics of getting control of your finances and learning how to become financially free.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!

Click to join: https://bit.ly/3isugCr

If you’re serious and want to get started…Claim your free Wealth Accelerator Discovery Call with me now:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

 

#money #business #stockmarket #property #foodprices #freetraining #financialfreedom #inflation #costoflivingcrisis #moneytips #getcontroloffinances #freetraining

Labour's attack on buy-to-let property landlords will wreck the UK priv...

Labour's attack on buy-to-let property landlords will wreck the UK private rented sector

Labour plans sweeping private rental reforms in the buy-to-let property market

What can you do transform your finances and become financially free?

To help you get through this and come out stronger at the other end I have prepared a brand-new training, which you can access right now from the comfort of your home.

Check out my new training to help you get control of your finances and learn how to become financially free in 28 days! - Click to join: https://bit.ly/3isugCr

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Labour's Shadow Levelling Up, Housing & Communities Secretary, Lisa Nandy, laid out the party's plans to reform the private rented sector on Monday. In her speech she essentially promised that, should Labour come to power, rent payments will be considered an ‘optional extra’ for tenants, with the party planning to end automatic repossessions for rent arrears. Source NRLA

Watch video version - https://youtu.be/oRXiwu_ekBQ

In this video we also talk about:

1 Pound, Dollar and Euro all at same rate

2 Pension funds dump shares and bonds, FT reports

3 UK economy grew by 0.2% in second quarter to avoid recession

4 Energy prices in the UK rise 1 October despite government cap

5 US stocks record longest run of quarterly losses since 2008 market crash

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#freetraining #business #money #savemoney #buytoletinvestor #propertyinvestor #mortgages  #financialfreedom #economy #money  #buytolet #investing #property #houseprices #interestrates #inflation #wealth #taxcuts #kwasikwarteng #labour #rentalreform #lisanandy