Got three friends using different UK banks for savings accounts, getting 5-7% interest rates.
Yield is coming from interest rates on debt.
Heard of people's mortgages rising by crazy numbers e.g. Β£800 per month.
As I said in 2022, even if you're on a fixed rate, you're still probably fucked if they don't lower rates because in the UK they're mostly fixed for a short term.
Something is going to give.
Why would it rise? Isnβt it fixed?
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https://www.thetimes.co.uk/money-mentor/article/five-things-to-do-if-fixed-rate-mortgage-ending/
Nnnnnnnnnope
Why would you sign a contract that would end your low interest rate of .1% or 1%?
Well, I wouldn't. But I guess because the alternative doesn't even give you a term so you think you're taking the smart option. A lot of people are on variable rate!
