Mortgage Rate Rises

BongoHunter · 20 Nov 2023 at 22:51

BUDFORCE said:
Yeeeeeeeeeeeeeee.

But back in the day it was literally a case of ticking a box that a said "ISA" or "Overpayments" with no further questions or checks.

I know I used to approve ones like that, and you knew damn well half of them wouldn't do anything about it. I got no sympathy personally.

I mean they've still paid less than they would have done in renting the equivalent property over the time they've lived there in 99% of cases - so it's not an awful strategy as things go!

a1ex2001 · 20 Nov 2023 at 23:04

BongoHunter said:
I mean they've still paid less than they would have done in renting the equivalent property over the time they've lived there in 99% of cases - so it's not an awful strategy as things go!

And have 200k equity to buy something smaller outright so not necessarily a terrible strategy!

ProStreet · 21 Nov 2023 at 11:58

Just switched to a 2 year tracker from a 5 year fixed. Think it was the right decision.. time will tell

MatteH Oxford · 21 Nov 2023 at 12:17

a1ex2001 said:
You do realise you can lock in a rate now and then swap it if they drop in the meantime?

Is there not an arrangement fee of several hundred ££ every time a mortgage is changed from the original agreement?

HungryHippos · 21 Nov 2023 at 12:19

MatteH Oxford said:
Is there not an arrangement fee of several hundred ££ every time a mortgage is changed from the original agreement?

Shouldn't be, add it to the balance of the mortgage if you go ahead is a common option as well.

MatteH Oxford · 21 Nov 2023 at 12:22

HungryHippos said:
Shouldn't be, add it to the balance of the mortgage if you go ahead is a common option as well.

Great, pay interest on the fees!!

413x · 21 Nov 2023 at 12:26

ProStreet said:
Just switched to a 2 year tracker from a 5 year fixed. Think it was the right decision.. time will tell

I'd be doing the same I think if it was me

413x · 21 Nov 2023 at 12:27

MatteH Oxford said:
Great, pay interest on the fees!!

You can just overpay as soon as the mortgage starts if it's an issue for you.

HungryHippos · 21 Nov 2023 at 12:30

413x said:
You can just overpay as soon as the mortgage starts if it's an issue for you.

Right you can just overpay it straight away, it's better than paying it on application and then changing your mind.

413x · 21 Nov 2023 at 12:35

HungryHippos said:
Right you can just overpay it straight away, it's better than paying it on application and then changing your mind.

Absolutely. It's what I did. It's one of the few perks of remortgaging in the publics favour vs banks.

You can hedge your bets risk free.

I sat on my remortgage offer for 4 months before it was blatantly obvious things were going down the pan.

LiE · 21 Nov 2023 at 18:55

LiE said:
Tell me about, each April for the past 2 years I've been hit with national living wage increases for my staff all the while I'm expected to keep prices the same. If they keep pumping the wages then prices will also go up.

ffs...

£11.44 incoming. Looks like prices will be going up as the cost to employ goes up. Thus cancelling out any wage increase.

BUDFORCE · 21 Nov 2023 at 19:43

LiE said:
£11.44 incoming. Looks like prices will be going up as the cost to employ goes up. Thus cancelling out any wage increase.

Cancels out a lot of people who are on middle income jobs that effectively become low income jobs. It's a version of communism.

413x · 21 Nov 2023 at 20:28

BUDFORCE said:
Cancels out a lot of people who are on middle income jobs that effectively become low income jobs. It's a version of communism.

Yeah it's a difficult one here.

What does 11.44 work out to a year?

sigma · 21 Nov 2023 at 20:32

BUDFORCE said:
Cancels out a lot of people who are on middle income jobs that effectively become low income jobs. It's a version of communism.

The middle always gets screwed.

Martini1991 · 21 Nov 2023 at 20:34

413x said:
Yeah it's a difficult one here.

What does 11.44 work out to a year?

Between 22-23k a year depending on hours

sigma · 21 Nov 2023 at 20:36

Martini1991 said:
Between 22-23k a year depending on hours

That's crazy when you consider the jobs that pay 30-35k!

Martini1991 · 21 Nov 2023 at 20:39

sigma said:
That's crazy when you consider the jobs that pay 30-35k!

I think the issue is the lack of increase for those jobs.

a1ex2001 · 21 Nov 2023 at 20:44

Martini1991 said:
I think the issue is the lack of increase for those jobs.

Totally don’t make it race to the bottom, those on minimum wage deserve/need a raise and so do those on middle incomes!

413x · 21 Nov 2023 at 20:46

Wonder how it will pan out.

It'll have to ripple up right?

If someone is doing something easier/simpler etc for same money you either have to be paid more, or leave to do the simpler job

Martini1991 · 21 Nov 2023 at 20:48

a1ex2001 said:
Totally don’t make it race to the bottom, those on minimum wage deserve/need a raise and so do those on middle incomes!

Absolutely
I'm someone that has seen my salary eroded but I don't put the onus on anyone but my own employers