The Telegraph’s ‘middle class’ mortgage case study is a proper jaw-dropper

As no-one anywhere needs reminding, homeowners are facing spiralling monthly mortgage bills with interest rates expected to go up again this week.

A five-year fixed rate £250,000 mortgage back in 2018 cost £1,175 a month, compared to £1,553 today, reported the BBC.

They are the kind of numbers we can (just about) relate to. Not at the Daily Telegraph, however, where the example of just how much the ‘middle class’ is suffering right now was rather different.

It was highlighted by @thhamilton over on Twitter and it’s quite the read.

Somehow the Telegraph has managed to illustrate a real issue with the least relatable case study imaginable, in every possible way. pic.twitter.com/ats9szT0UJ

— Tom Hamilton (@thhamilton) June 18, 2023

And here is that excerpt in full.

Tough times all round, of course, but ‘middle class Britain’? Maybe. Maybe not …

Ah yes, just your standard middle class family with a very normal middle class £5,250,000 mortgage

— George Dibb (@GeorgeDibb) June 18, 2023

I also find Fraser’s decision to accept a 1.89% variable rate turning out be ‘the worst in history’ stretches my credulity and I finished history at A-level.

— Celia Richardson (@CeliaRichards0n) June 18, 2023

WILL NO-ONE THINK OF THE MILLIONAIRES?

— Joanne Harris (@Joannechocolat) June 18, 2023

I actually didn’t think it could be as bad as you were suggesting but it was so much worse.

— Rob Davies (@ByRobDavies) June 18, 2023

I get what you are saying, and your right, but this issue with interest rates will effect everyone. Regardless of income, if your mortgaged up to the hilt related to income your screwed regardless. Top, middle, bottom

— Matt Nevitt (@matt_nevitt) June 18, 2023

Yes that’s exactly my point. That’s why I said it was a real issue, and why this is a poor case study to choose to illustrate the impact of mortgage rates on “middle-class Britain”.

— Tom Hamilton (@thhamilton) June 18, 2023

And finally …