Just as this issue of Mortgage Strategy was about to go to print, the Bank of England announced it would hold the base rate at 5.25%, as predicted.
It was a sigh of relief for many, including the editorial team here as some of our copy would have dated very quickly had interest rates gone up!
Had the decision been to lift rates, many lenders would have raised their pricing; and, with numerous borrowers already tightly squeezed on affordability, a 0.25% rise in mortgage payments could have proved too much.
AI seems to have a mind of its own, which I guess is the whole point
Following Pepper Advantage’s recent report showing arrears numbers rose more than 23% in Q3 compared to the same period last year — the highest rate since the crash in 2007/08 — it’s clear times are tough for more and more people. It’s a pity that, with all the advances in technology that are ultimately intended to make life easier and better, there are so many individuals and families who struggle to make ends meet.
I’m not sure how artificial intelligence (AI) can help curb inflation or pay bills but, with all of the focus currently on the merits of AI, maybe it’s time to task it with fixing the economy. Surely it can’t do a worse job than some of our politicians!
Speaking of AI, I must admit to finding it intimidating, but then again, I do struggle with the likes of Excel so perhaps I’m just the wrong audience….
It’s a pity that, with all the advances in technology that are ultimately intended to make life easier, there are so many individuals and families who struggle to make ends meet
This week a colleague signed up to Otter.ai, and without his knowledge the system recorded and transcribed each of the meetings in his Outlook calendar, sending on a recording and written summary of the event to all attendees. A great tool if you know what you’re doing, but maybe not for the unfamiliar!
AI seems to have a mind of its own, which I guess is the whole point — and, in an industry that was not so long ago considered backwards when it came to technology, it certainly has created some incredible advances for professionals and customers alike.
Outside the industry it also has its uses.
Just today (2 November) it was announced that The Beatles would release their ‘final’ single, ‘Now and Then’, featuring all four band members. This was possible only thanks to the magic of AI.
I guess it does come in useful, now and then.
This article featured in the November 2023 edition of MS.
If you would like to subscribe to the monthly print or digital magazine, please click here.
Original Article
