Mortgage Rate Rises

adam cool dude said:
Yeah my son is 4 now. Since he started nursery with the 30 hours a week it has been bliss. Our daughter who is 16 babysits on the weekends if I need a bit of OT. £15 for the entire day. Child labour ftw.
Click to expand...
My wife left work to look after the kids until they were able to go to school on their own. She then went part time in school hours, never had any child care
 
I'm expecting 65. I could go earlier, but I'm expecting my daughters will go to university, so I'll need cash for that.

I might end up with loads of money left me (mum's house is worth loads), but am working on the safe side.
 
adam cool dude said:
Yeah my son is 4 now. Since he started nursery with the 30 hours a week it has been bliss. Our daughter who is 16 babysits on the weekends if I need a bit of OT. £15 for the entire day. Child labour ftw.
Click to expand...
I love that age gap tbh but my wife is fighting for something closer... I would love 3 (secretly) but I need to earn enough to retire her I think.
 
Lol. Just seen an article about a new mortgage lender...

Talk about taking advantage of people's fear...

Perenna’s deal will let people fix their mortgage rate for 20 or 30 years. That means they will pay the same level of interest for the whole term.

The company is still finalising its pricing but estimated that the rates for its deals would come in at between 6.5% and 7.5%, which it said was “comparable to two-year fixes at the moment”.

6.5-7.5pc?

Yeah...no. I'd rather ride the roller-coaster!
 
  • Like
Reactions: TNA
413x said:
Lol. Just seen an article about a new mortgage lender...

Talk about taking advantage of people's fear...

Perenna’s deal will let people fix their mortgage rate for 20 or 30 years. That means they will pay the same level of interest for the whole term.

The company is still finalising its pricing but estimated that the rates for its deals would come in at between 6.5% and 7.5%, which it said was “comparable to two-year fixes at the moment”.

6.5-7.5pc?

Yeah...no. I'd rather ride the roller-coaster!
Click to expand...
Maybe I'll regret this bit that appears to be the absolute worst mortgage deal going.
 
413x said:
Lol. Just seen an article about a new mortgage lender...

Talk about taking advantage of people's fear...

Perenna’s deal will let people fix their mortgage rate for 20 or 30 years. That means they will pay the same level of interest for the whole term.

The company is still finalising its pricing but estimated that the rates for its deals would come in at between 6.5% and 7.5%, which it said was “comparable to two-year fixes at the moment”.

6.5-7.5pc?

Yeah...no. I'd rather ride the roller-coaster!
Click to expand...
Let's hope hindsight doesn't end up mocking this :)
 
dlockers said:
Childcare is a 2-3 year problem max (at a prolific level, anyway). 15 hours free helps; 30 hours if you are under 100k; and you get 2k top-up.
Click to expand...
I strongly disagree for families where both parents work fulltime in jobs that cannot facilitate caring for a primary school age child whilst working, and don't have 'free' childcare options like family members easily at hand. Even if you only have 1 child, it goes on much longer because:
  • School hours are typically shorter than working days, so you may need wrap around care. School age kids are too old for the free childcare, so you have to pay for breakfast/after school clubs etc.
  • School holidays you need holiday clubs etc if you don't have someone that can look after the kids. Even with parents taking annual leave to look after the kids it's hard to cover it all, as there is 12 weeks a year and a lot of couples will only get 10 weeks annual leave. It's kind of 'depressing' having a summer when you can't have any/much time off on the same days as your partner too. Annual leave is just drained by having 1 parent at home with the kids and then another week it's a different parent.
  • Children get sick, nursery age kids especially, meaning you sometimes need days off to care for them. I know that's not a direct financial cost, but you still have to pay the nursery and potentially you might have to take unpaid leave.
  • The 15/30hrs free childcare is a bit of a myth anyway because it only applies 38 weeks of the year, plus many nurseries charge top up fees for the value-add care they provide above and beyond what is stipulated by the government (it's basically just an excuse to charge more money, but there's not a lot you can do about it).
If you have multiple kids, obviously the duration is extended anyway. I've been paying childcare bills for 9 years and counting.
 
Last edited:
HangTime said:
I strongly disagree for families where both parents work fulltime in jobs that cannot facilitate caring for a primary school age child whilst working, and don't have 'free' childcare options like family members easily at hand. Even if you only have 1 child, it goes on much longer because:
  • School hours are typically shorter than working days, so you may need wrap around care. School age kids are too old for the free childcare, so you have to pay for breakfast/after school clubs etc.
  • School holidays you need holiday clubs etc if you don't have someone that can look after the kids. Even with parents taking annual leave to look after the kids it's hard to cover it all, as there is 12 weeks a year and a lot of couples will only get 10 weeks annual leave. It's kind of 'depressing' having a summer when you can't have any/much time off on the same days as your partner too. Annual leave is just drained by having 1 parent at home with the kids and then another week it's a different parent.
  • Children get sick, nursery age kids especially, meaning you sometimes need days off to care for them. I know that's not a direct financial cost, but you still have to pay the nursery and potentially you might have to take unpaid leave.
  • The 15/30hrs free childcare is a bit of a myth anyway because it only applies 38 weeks of the year, plus many nurseries charge top up fees for the value-add care they provide above and beyond what is stipulated by the government (it's basically just an excuse to charge more money, but there's not a lot you can do about it).
If you have multiple kids, obviously the duration is extended anyway. I've been paying childcare bills for 9 years and counting.
Click to expand...
I did say prolific level. My biggest bill is 1400/mo childcare and it'll never be that high once she's in school. I only just qualify for 15hrs
 
dlockers said:
I did say prolific level. My biggest bill is 1400/mo childcare and it'll never be that high once she's in school. I only just qualify for 15hrs
Click to expand...
1400 a month! :o

That's a bit more than my entire monthly savings
 
Last edited:
dlockers said:
I love that age gap tbh but my wife is fighting for something closer... I would love 3 (secretly) but I need to earn enough to retire her I think.
Click to expand...


We both work full time jobs but work around the child. We never paid for childcare with either child. For the first child I worked nights and her days. I slept while the child was at school and with this one we currently work opposite shifts which means we only see each other in the evenings or on holiday and will be like that for another 18 months. Once my daughter gets her driving licence next year she will do the school run when my missus is working and I will go back to Monday to Friday. My daughter gets money from us which is more than she would get from a part time job and less than it would cost us for childcare so is a win win for both parties as she can enjoy her weekend without working a part time job.

This whole myth that you cannot bring up children without childcare is all about what sacrifices you are prepared to make. Both our parents live abroad too so no help from them either.
 
Last edited:
adam cool dude said:
We both work full time jobs but work around the child. We never paid for childcare with either child. For the first child I worked nights and her days. I slept while the child was at school and with this one we currently work opposite shifts which means we only see each other in the evenings or on holiday and will be like that for another 18 months. Once my daughter gets her driving licence next year she will do the school run when my missus is working and I will go back to Monday to Friday. My daughter gets money from us which is more than she would get from a part time job and less than it would cost us for childcare so is a win win for both parties as she can enjoy her weekend without working a part time job.

This whole myth that you cannot bring up children without childcare is all about what sacrifices you are prepared to make. Both our parents live abroad too so no help from them either.
Click to expand...
Fair play to you, that’s a pretty hardcore route around this situation.
 
dlockers said:
I did say prolific level. My biggest bill is 1400/mo childcare and it'll never be that high once she's in school. I only just qualify for 15hrs
Click to expand...

Whaaat!? You get the 15 hrs... :eek:

And there was me thinking you were a gucci belt wearing top revenue earner.....I am disappoint :(
 
Freakbro said:
Whaaat!? You get the 15 hrs... :eek:

And there was me thinking you were a gucci belt wearing top revenue earner.....I am disappoint :(
Click to expand...
Haha, don't worry - the illusion stands. She turned 3, and under the current rules, ALL kids at 3 y/o get 15 hours free no matter how many corner sofas you have.
 
Last edited by a moderator:
eggbert said:
I have went from 1.61 to Base Rate + 0.54 so quite a jump. Just considering ransacking my savings to pay some of it off
Click to expand...
Smart play tbh. If your jobs secure and you don't need the contingency then servicing any existing debts at these rates will save you multiple times the capital loaned
 
HangTime said:
I strongly disagree for families where both parents work fulltime in jobs that cannot facilitate caring for a primary school age child whilst working, and don't have 'free' childcare options like family members easily at hand. Even if you only have 1 child, it goes on much longer because:
  • School hours are typically shorter than working days, so you may need wrap around care. School age kids are too old for the free childcare, so you have to pay for breakfast/after school clubs etc.
  • School holidays you need holiday clubs etc if you don't have someone that can look after the kids. Even with parents taking annual leave to look after the kids it's hard to cover it all, as there is 12 weeks a year and a lot of couples will only get 10 weeks annual leave. It's kind of 'depressing' having a summer when you can't have any/much time off on the same days as your partner too. Annual leave is just drained by having 1 parent at home with the kids and then another week it's a different parent.
  • Children get sick, nursery age kids especially, meaning you sometimes need days off to care for them. I know that's not a direct financial cost, but you still have to pay the nursery and potentially you might have to take unpaid leave.
  • The 15/30hrs free childcare is a bit of a myth anyway because it only applies 38 weeks of the year, plus many nurseries charge top up fees for the value-add care they provide above and beyond what is stipulated by the government (it's basically just an excuse to charge more money, but there's not a lot you can do about it).
If you have multiple kids, obviously the duration is extended anyway. I've been paying childcare bills for 9 years and counting.
Click to expand...
I was quite shocked at the cost of breakfast club, after-school club and holiday clubs. My wife really can't return to work, it makes no sense.
 
You must log in or register to reply here.
Back
Top Bottom