Mortgage Rate Rises

Richie said:
It depends how it's said and comes across I guess... Couple of examples may help:

1. I'm glad I managed to clear my mortgage today. I feel for those having to deal with the current crisis as it would hurt me also.

2. Mortgage free now. Sod paying a mortgage at the current rates, but then again, I borrowed sensibly and didn't over extend.

The written form can be easily interpreted differently than its intention though so I appreciate it wasn't your intention.

Stating that a mortgage of nearly £3,000 is "only 15% of nett home pay" is more likely to be interpreted in the negative, particularly in a thread where most people are really concerned about the rises and may not be able to afford to stay in their home.

I'm not saying anyone should be "ashamed" of being wealthy (especially if self made) however is there an argument about having humility when bringing it up in certain conversations? Perhaps, perhaps not.
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There are plenty of people who post in this thread gloating that they are mortgage free (actually, far more people come here to gloat than offering the empathy you talk about above) - although to be clear I'm not implying you are one of those people.

This forum has a wide wide range of wealth. We don't criticize lottery winners or those who profited massively from Crypto from posting threads about their Lambos or winnings.
 
ci_newman said:
This forum has a wide wide range of wealth. We don't criticize lottery winners or those who profited massively from Crypto from posting threads about their Lambos or winnings.
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I've always felt that posting specifics about your income or wealth is a bit crass, although it's very common on these forums. More like something Americans would do.
 
EvilRob said:
I've always felt that posting specifics about your income or wealth is a bit crass, although it's very common on these forums. More like something Americans would do.
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But equally though, financially literacy in this country is very poor because we don't cover it as part of the curriculum. Discussion boards like this are a valuable source of learning and there is no "one rule fits all" for what people should do based on their individual wealth. I have learnt a LOT of financial advice from here and other boards such as r/UKPersonalFinance, and something that applies to one person won't necessarily apply to me.
 
flea.rider said:
plz explain ? why you think this ? i did the same ..but thats just age and knowing what happened before will happen again
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Because it is totally relative to every individual, yet folk feel the need to come in here and preach some gospel line with zero qualified statement. It is peak captain hindsight behaviour that ignores all the investment and effort in creating a "system" that works for people (i.e affordability checks).
 
Some people borrow the maximum amount they can, others don't. There's no right or wrong.

We worked out how much we could afford per month adding in a rate rise and went with that.
 
TheOracle said:
Some people borrow the maximum amount they can, others don't. There's no right or wrong.

We worked out how much we could afford per month adding in a rate rise and went with that.
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There is no right or wrong.
Usually, borrowing the max is best. It's very rare in recent history it isn't the best way forward.

Especially first house. As at this point earnings are likely to go up as you progress in career.
Also. The penalty/cost/stress of moving house can be delayed/avoided.
 
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Classic Blue Theme said:
Because it is totally relative to every individual, yet folk feel the need to come in here and preach some gospel line with zero qualified statement. It is peak captain hindsight behaviour that ignores all the investment and effort in creating a "system" that works for people (i.e affordability checks).
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affordability checks??? banks are there to make money sure they will say yeah you can afford it today tom or next month and sure if the interest rates don't go up to much .. but then **** hits the fan and there's a few in trouble .
if the affordability checks where any good would you not be able to sue the person who gave you the go ahead ?? just like you can sue a surveyor if there's any major work he didn't pick up on your house
 
ci_newman said:
But equally though, financially literacy in this country is very poor because we don't cover it as part of the curriculum. Discussion boards like this are a valuable source of learning and there is no "one rule fits all" for what people should do based on their individual wealth. I have learnt a LOT of financial advice from here and other boards such as r/UKPersonalFinance, and something that applies to one person won't necessarily apply to me.
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I prefer to hear it. It's good to know that you're being underpaid when you hear someone else is getting 20k more than you for doing the same job.

I don't understand the "keep your salary to yourself" mentality. Seems like it only benefits the corporations
 
ci_newman said:
There are plenty of people who post in this thread gloating that they are mortgage free (actually, far more people come here to gloat than offering the empathy you talk about above) - although to be clear I'm not implying you are one of those people.
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Oh, I agree. My initial "wang" post wasn't replying to you though, it was to another poster altogether so I wasn't singling you out in any way.

I wish I was mortgage free. I've a long, long time to go :(

ci_newman said:
This forum has a wide wide range of wealth. We don't criticize lottery winners or those who profited massively from Crypto from posting threads about their Lambos or winnings.
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You may be right. I haven't read those threads to see.

flea.rider said:
plz explain ? why you think this ? i did the same ..but thats just age and knowing what happened before will happen again
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Part of the answer is in your post. Your age and experiences shaped your thought process on mortgage costs.

I don't think @Classic Blue Theme is having a go at everyone that deemed they borrowed sensibly and didn't over extend. I'll guess that, like me, he is having a go at the people who did this and then decry the youth of today for not doing the same.

In general this is from the older generation who seem to be unwilling to grasp the concept that hosting costs Vs wages are completely different now to when they bought their own home decades ago.

Whether you fall into that group, I have no idea.

People can preach if they choose to but at least have the intelligence and humility to admit that housing costs are proportionally and hugely more expensive than when they bought their homes in the 70s/80s/90s.
 
I honestly don't see it as willy waving or gloating. Everyone has their own financial situation. It is good to get an idea of all the different people we have on the forums here.
 
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413x said:
This is why we need to get out early! Soon as any tangible sea level rises actually start happening a vast swathe of the countries properties might plummet in value.
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The government will invest in sea defence and stop this from happening unless it happens on a biblical scale but then we will all be buggered then.
 
40% of the worlds population lives in Coastal Zones, you think migration is bad now...

Though when talking about sea level rises its in averages again, which don't tell the whole story. Its predicted to rise a lot more on some places than others and even fall in some places. It also combines with the double whammy of land areas that are sinking - ironically in areas where there is a lot of oil/gas/water extraction as the ground sinks into the created voids.
 
SixTwoSix said:
Mortgage free here :)

...as i'm still renting :(
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I paid about 200k in rent over 18 years. Throughout vast periods of those 18 years whenever housing came up in conversation, I was often helpfully reminded by friends, families and colleagues that my rent was more than their mortgage and that "I could have a mortgage instead for that". My response was usually just, "yeah" then move on as I couldn't be bothered discussing. Not asking for pity, but some people's lack of understanding as to how/why not many people can raise thousands for a deposit is concerning on many levels.
 
413x said:
Pfft. Wouldn't bet on that! We cave even get a park footbridge repaired in 2 years!
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We had a massive flood in 2013 and they spent 100 million on a flood barrier protecting 14000 homes and 800 business. I think it the best tidal flooding protection outside of London. It was also delivered in 3 years which is quite an achievement for a UK workforce :P.
 
IvanDobskey said:
I honestly don't see it as willy waving or gloating. Everyone has their own financial situation. It is good to get an idea of all the different people we have on the forums here.
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It depends how you put it, plenty of people have rocked up in this thread to say they'd been sensible. The implication is that others have not been which may be true but it's not for captain hindsight to say.

Like the whole thing about borrowing to the max, some will borrow to the max because they want to get the biggest house, some will borrow to the max because there's literally no other option if they want to buy a house in a place that works for them.

It's impossible to tell but you can spot the people who are an issue miles away with the moralising tone that people in difficulty should have known better or done something differently.
 
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