Well it is true that you don't get to fail if you never try.
Horses for courses and all that.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Horses for courses and all that.
There'll probably be cases of the kids never leaving home, just taking the place over once the parents pop off. How the hell an average or below salary worker will ever be able to afford a place down south for example is beyond me.
Soldato
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ignorance is bliss
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Hah yeah I guess so... being in a happy place now it's hard to regret anything but I would certainly have made various bits of my life a damn site easier if I'd stayed at home.
IMO, mid to late 20s is a good time to move out. I got my place at 23 and didn't know anything about running a place!
I do feel sorry for those in their 30s who are desperate to move out. I went back to my parents for a few days a couple of years back after a injury and hospital stay as it was much more disabled friendly and even though I wasn't up to much, I found it stifling! I was glad to get my independence back even though it was tough to move.
I do feel sorry for those in their 30s who are desperate to move out. I went back to my parents for a few days a couple of years back after a injury and hospital stay as it was much more disabled friendly and even though I wasn't up to much, I found it stifling! I was glad to get my independence back even though it was tough to move.
Permabanned
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- by the tower the one up north ..
moved out when i was 17 had a bad time .. didn't get my head together till i met the wife at 24 ... so din't want that for mine .. hence they could stay till they where ready to leave ..Approaching 30 I was just starting to get some stick for it at work
I made a vow to have my own house before 30
I had 5 months to spare in the end.
Anyway, enjoy...
Sky news:
''The UK will be pushed into a recession by the end of the year, according to analysts at Bloomberg Economics.
Experts at the news agency said the Bank of England - which last week shocked investors by raising interest rates half a percentage point to 5% - will tip the country into a year-long recession starting in the fourth quarter of this year.
They note a downturn was the price of "taming an inflation rate that remains stubbornly close to double digits".
Analysts have also said that money markets are almost fully pricing in the Bank of England raising rates to 6.25% by December and that could see the UK economy hit a "far worse slump".
Last week, the peak forecast was 6% - a few months ago it was only 4.5%.
The latest analysis follows the Bank of England's decision to raise the base interest rate last week to 5% - the highest level since 2008.
Economists had expected the Monetary Policy Committee to raise interest rates by only a quarter percentage point, but the MPC voted 7-2 for the surprise increase, explaining that it was aiming to bring higher-than-expected inflation under control and indicating concern about high wage increases and company profit margins.
The majority of investors now expect another 0.5 percentage point rise at the start of August.
The UK currently has higher inflation than any other country in the G7 and is expected to see its interest rates peak higher than other major economies.''
Sky news:
''The UK will be pushed into a recession by the end of the year, according to analysts at Bloomberg Economics.
Experts at the news agency said the Bank of England - which last week shocked investors by raising interest rates half a percentage point to 5% - will tip the country into a year-long recession starting in the fourth quarter of this year.
They note a downturn was the price of "taming an inflation rate that remains stubbornly close to double digits".
Analysts have also said that money markets are almost fully pricing in the Bank of England raising rates to 6.25% by December and that could see the UK economy hit a "far worse slump".
Last week, the peak forecast was 6% - a few months ago it was only 4.5%.
The latest analysis follows the Bank of England's decision to raise the base interest rate last week to 5% - the highest level since 2008.
Economists had expected the Monetary Policy Committee to raise interest rates by only a quarter percentage point, but the MPC voted 7-2 for the surprise increase, explaining that it was aiming to bring higher-than-expected inflation under control and indicating concern about high wage increases and company profit margins.
The majority of investors now expect another 0.5 percentage point rise at the start of August.
The UK currently has higher inflation than any other country in the G7 and is expected to see its interest rates peak higher than other major economies.''
I checked with our broker and the lender’s solicitors today, everything is on track and nothing required from us so I guess we just wait for things to happen!
Lol. Look at them losers in the UK. Sure glad I'm not living there...
Well at least I can escape to Europe easily....
I suppose it's not all bad, we have our NHS, so proud of that....
Only Positive is tories are done for.
What does sunak and his lot of toffs do when you know you're done?
Go. Full spite and make it even more. Difficult for Labour? Or try your best for the good of the country?.. Yeah. Not the latter
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I'd say we should get even more aggressive, maybe a .75% or even a full 1% in August. Will of course depend on the next inflation numbers, especially core CPI which rose from 6.9 to 7.4% in May.
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It'll do more harm than good.
Just need to keep nearish to USA to Try and stop imports getting to expensive. But not even sure that holds with the state of things here.
US inflation is a lot lower than ours, and they were more aggressive at rate hikes. But core inflation excludes our biggest imports (food and energy), which went up and at 7.5% is out of control.
Also, easiest way to stop imports getting too expensive is to raise interest rates which strengthens the currency.
Soldato
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Its not working because the original cause of inflation is not domestic, its as simple as that.
If more support had been given against the non-domestic causes which caused the initial inflation spikes, then inflation wouldn't have been embedded in the economy in the first place, and we wouldn't have got the wage spirals and domestic inflation that has resulted since.
Failure to act quickly enough, and in the right ways, has led to the inflation becoming embedded.
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Deleted User 298457
I'm not sure I totally agree - reason being is, I witnessed a flood of money hit the market 2020-2022. Unfortunately I checked my pay rise for 2020 and it was 0% lol, so I clearly missed out. You only have to count the number of mega renovations going on in some of these high-end streets.
But anecdotally, just following the watch market - and maybe micro-financing has a role to play here, but a Seamaster was £2770 once upon a time. It is now almost £5000 for the same watch - and it is still selling like a hot potato. There is a glut of money in the system coming from somewhere.
Perhaps there was a glut of equity release mortgages and there is just a tonne of money being thrown at folk who wouldn't typically have it? And they are then spending it on things previously reserved for the "upper middle"?
Soldato
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- Wilds of suffolk
Interesting take.
The direct action to suppress the fuel increases I believe unusually was adjusted out of the inflation figures. Where as the impact of the £400 wasn't.
My issue is that in order to truly mostly negate the impact of the imported inflation it would have required bonkers levels of borrowing.
Not only that its still potentially going to happen again to some extent this coming winter.
Food prices wont be really fixed until Ukraine is resolved, same really with utilities.
This is in regards the direct import of these items themselves.
Your ignoring the secondary impact which is why its a spiral. Everything we import is likely to be affected by those items as well and inflation in the source country.
So I agree you could have dampened the wage spirals to some extent, and the domestic inflation but the cost I am not sure we could bear into the medium term.
IMO interest rate policy and its immediate effect is now even less effective since too many people are on fixed rates.
Those people worry about the future but see no impact until they need to remortgage.
Soldato
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- Birmingham
I agree there does seem to be a huge amount of money around.
But how does that impact core inflation in a direct way? To take your example of buying a premium watch, which is probably made in China, I can't see that the money spent on that is trickling its way into the pockets of normal people giving them more to spend and so on. Any premium product seems to me likely to have an effect of taking money out of our country rather than putting money into the mass public's pockets.
So I wonder where all this money is coming from and where it is going, because there doesn't seem to be any shortages on normal products.
So to me this is wholly supply side inflation for core goods, not demand led at all. There is lots of money around, being spent on premium products, but that money is not in the hands of normal people buying normal goods.
So as the issue is not demand led, I can't see it being solved by forcing demand down. If anything, forcing demand down will mean retailers wanting to increase their margins on stuff that does still sell, i.e essentials, in order to maintain margins.
I agree it would have been incredibly expensive to cap prices of all core goods. The problem ultimately is lack of domestic resilience and over-reliance on global markets.
Agreed true. I still can't get past how people can realistically cut their demand of core goods though. People need to eat.
I don't think they can which is why the rate setters look at other figures which excludes that data.
I did speak to the covenency solicitor intrgrar earlier not the new lender barclays ,I was going to call the new lender but got called in to meetings .
I spoke to the solicitors and they said I shouldn't have canceled my direct debit with old lender as they can't 100% gauretee the completion date.
Iv already cancelled the direct debit and informed virgin (previous lender,) do i need to ring them up again? Am In risk of getting charged a fee or black mark for non payment if this doesn't complete in time?
Iv been told to wait till 30th of this
month when funds "should" be released
If virgin take it I have to pay a manual a standard Variable rate payment from me can this be claimed back?
Edit just spoke to the new lender the funds should be available for the broker to pay off although they cannot do it until 30th as that's when my erc expires
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