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A comment on UK banks and lenders suspend offering new mortgages amid market turmoil. Parent comment

Re:UK banks and lenders suspend offering new mortgages amid ... by happymellon on Tuesday September 27, 2022 @08:14AM (#32994370)
I think you mean the pound, since this is what we are talking about.

The current situation in the UK is due to economic policy from the past 10+ years. Suppressing interest rates to nothing, and encouraging borrowing for extended periods is not fiscally responsible. Make hay while the sun shines unfortunately did not happen, so now the clouds are rolling in there is no buffer.

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Re:UK banks and lenders suspend offering new mortgages amid ... by dazc on Tuesday September 27, 2022 @12:56PM (#32997959)
Look at a graph of USD against GBP, Euro and Yen for the past 5 years. I agree with the general sentiment but this isn't a problem that is exclusive to the UK.
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Re:UK banks and lenders suspend offering new mortgages amid ... by happymellon on Wednesday September 28, 2022 @01:18AM (#33004499)
Do we have an article talking about some financial institutions suspending new mortgage offers in the Eurozone?

I'm not saying that inflation isn't a problem elsewhere, I'm saying that the issue in this scenario is that the markets are panicking due to general long term financial mismanagement and doubt over the sustainability of current policy from both the Government and the Bank of England.

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Re:UK banks and lenders suspend offering new mortgages amid ... by dazc on Wednesday September 28, 2022 @11:14AM (#33008963)
Borrowing rates will have to rise, as they have done already in the US, as everyone has been fully aware for sometime.

My confidence in financial institutions ability to see what is clearly in front of them has been severely tested over the past few months.

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