With central bank rates at an all-time low, variable mortgage borrowers are still being punished with massive margins being taken by the banks.
I'm surprised that there has been no fuss about this. We seem to have been abandoned by politicians and by the media, who rely on easy tracker rate stories and read out press releases from the banks' PR departments. All of a sudden, it has become normal for media to report increases as us deserving what we get, where heretofore variable rate hikes were widely reported and quite controversial.
I understand that when we took out a variable-rate loan that that meant the rate could be changed, but I think we are entitled to expect the rate to relate in some reasonable way to the general cost of credit.
I wonder to what degree this divide-and-conquer policy of sacrificing one group, which seems to have been adopted by the establishment, is contributing to mortgage difficulties generally.
I'm surprised that there has been no fuss about this. We seem to have been abandoned by politicians and by the media, who rely on easy tracker rate stories and read out press releases from the banks' PR departments. All of a sudden, it has become normal for media to report increases as us deserving what we get, where heretofore variable rate hikes were widely reported and quite controversial.
I understand that when we took out a variable-rate loan that that meant the rate could be changed, but I think we are entitled to expect the rate to relate in some reasonable way to the general cost of credit.
I wonder to what degree this divide-and-conquer policy of sacrificing one group, which seems to have been adopted by the establishment, is contributing to mortgage difficulties generally.