Interest rate rises to HIGHEST since 2009…what does this mean for the housing market?

A positive set of economic data, which in particular reflects a healthy labour market with unemployment at its lowest level for 42 years and the number of positions vacant at a record high, together with inflation stubbornly sat at 2.4 per cent for the last couple of months, pushed the Bank to move the rate upwards towards more normalised levels. Mr Haldane notably recommended last month that the interest rate should increase. Whilst the Bank Rate held in June, the unanimous vote amongst the Monetary Policy Commission (MPC) this month…

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Retiring with an interest only mortgage? Help is at hand but you NEED to act soon | Property | Life & Style

GETTY 1.67m full interest only and part capital repayment mortgage accounts remain outstanding in the UK Then the credit crunch hit, and the failure of some endowment funds left many borrowers who thought they had a repayment vehicle with a deficit of thousands of pounds, whilst others struggled to meet lender affordability criteria to move onto a standard repayment mortgage, leaving them marooned on an interest only deal. As it stands now, due to lending legislation introduced in 2014, ironically interest only mortgages are generally the preserve of high earners…

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How to Live Off Interest

With careful planning, it is possible to live off the interest from your investments. The more money that you can invest upfront, the more interest you will be able to collect as income. If you can’t live entirely off of your interest earnings, you may be able to collect enough from small scale investments to cover some living expenses. Steps Making an Investment Strategy Create an investment plan. Taking your salary and expenses into account, make a plan for earning and investing money. Look at your monthly income and necessary…

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