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Money Box: Rising Mortgage Costs and Young People's Finances

24/06/2023

Rising Mortgage Costs and Young People's Finances

BBC Radio 4 - Money Box, Rising Mortgage Costs and Young People's Finances

If you're a homeowner impacted by rising rates, what are your options?

We look at the options available to home owners struggling with rising interest rates, what are the long term financial implications you should consider?

Rising interest rates are putting pressure on those homeowners with variable mortgages, or with fixed terms due to end this year. The Chancellor Jeremy Hunt has met with the big banks to discuss the forbearance options lenders can offer to customers in difficulty. We discuss the long term financial implications of options such as payment deferrals, extending the length of the mortgage or switching to interest only with Sarah Coles, Head of Personal Finance at Hargreaves Lansdown.

The children's charity Barnardos is concerned about the impact of rising living costs on young people aged 18-25. The charity worked with the Co-op to survey 2,500 people in that age bracket. Almost 9 in 10 responded that having enough money to cover basic needs was considered 'aspirational', and more than half had worried about whether they could afford things in the last six months. We speak to a 20 year old care leaver about their relationship with money. 

And what should you do to protect large sums of money from fraud? We've been contacted by listeners in the process of buying and selling a house, wondering where to keep large sums safe until they're ready to make their purchase. Reporter Dan Whitworth has the answers. 

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researcher: Sandra Hardial
Editor: Beatrice Pickup

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