Mortgage Rate Rises
- Thread starter glenimp617
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In July there may be a bank rate cut to cover Rachel's recessive tactics.
Saying you've provided breakfast clubs, more free school meals etc.does not count against higher taxes on business countering growth.
I've said before that I hope it doesn't get as bad as the 80's, you will not like it.
I think it will. As AI etc take off there will be more and more redundancies. Companies will struggle as they lose customers.
My head can't process the end game of very few people having jobs. And very few companies existing. Who knows, may not even have capitalism.
Soldato
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Thats a bit harsh, i'd imagine many people need to borrow the max just to afford a basic 2 bed house.
If they need to borrow to their maximum, they are already doomed. Even a 1% rise could make the mortgage unaffordable.
Go for what you are comfortable with not what you struggle with.
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As with everything, just look to Star Trek for the ideas
. Suprising what has come from that whole series.AI is still bloody awful a lot of the time, even in peoples hands who know what they are doing. More and more people are relying on it and more and more people don't even do their due diligence on what it tells them. That makes complete sense because if you are going to bother fact checking it you might as well not have bothered but i'm still amazed at how good and how utterly awful AI is.
Once companies realise that they have replaced people who can actually do a job competently with an AI who makes costly mistakes all the time they will rehire people. AI makes you feel amazingly productive until you realise that you have a huge mess on your hands that you don't understand and have immense pressure on yourself to deliver in a short timescale that AI has thrust upon you.
Anyway, back on topic. Wheres my rate cuts. We will want a mortgage in the next 6 months and I would like 3.75% or lower!
Once companies realise that they have replaced people who can actually do a job competently with an AI who makes costly mistakes all the time they will rehire people. AI makes you feel amazingly productive until you realise that you have a huge mess on your hands that you don't understand and have immense pressure on yourself to deliver in a short timescale that AI has thrust upon you.
Anyway, back on topic. Wheres my rate cuts. We will want a mortgage in the next 6 months and I would like 3.75% or lower!
Then sadly buying a house probably isn't right for them.
I could PCP an Aston Martin would it be harsh if I couldn't then afford the repayments on that?
Caporegime
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Comparing a luxury item vs a necariy basic need for a human being ie a modest 2 bedroom house....
Better comparison is comparing your Aston Martin to a 6 bedroom detached house in Zone 1 London...
Caporegime
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And thats thanks to AI....
Soldato
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i guess so, something to consider when it comes to buying a house, currently in a shared ownership flat but looking to make a move in the next 2-3 years.
An Aston Martin falls below the National average house price.
The point is as you go from a safe amount to borrow to the max the risk goes up. So don't go crying when the gamble doesn't pay off.
If you borrow as little as possible and things go wrong then I'll feel bad for you.
Caporegime
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It was for the fact that a Aston Martin is a luxury item whilst a 2 bedroom house isn't but 6 bedroom house in Central London is
Caporegime
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O yea I understand. I was just pointing out on the crazy comparison
A 6 bed house anywhere would be considered a luxury wherever you go to be honest.
Caporegime
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Yea agreed.
What's crazy is that our parents managed to buy a house quite easily.
My parents Diddnt have a fancy job at all.
We bought the max we could at the time (5 years ago now)
Thankfully haven't ever borrowed more since then. And I was nervous at the time.
I'm not concerned now with house prices going down, rates going up etc as we now have enough equity and salary increases to cover anything except disaster.
What I am concerned about is job loss. My parter just went through redundancy and survived.
I lost my job in January.
Both our careers are AI vulnerable. So I don't feel I can ever increase my net debt again as I can't see safety in future.
I would suspect an increasing number of people are going to be vulnerable and be in same position. They won't want that big house my parents have. So these typical boomer houses (500k-1mln).. There's too many to buy.
Especially out in the countryside.
Thankfully haven't ever borrowed more since then. And I was nervous at the time.
I'm not concerned now with house prices going down, rates going up etc as we now have enough equity and salary increases to cover anything except disaster.
What I am concerned about is job loss. My parter just went through redundancy and survived.
I lost my job in January.
Both our careers are AI vulnerable. So I don't feel I can ever increase my net debt again as I can't see safety in future.
I would suspect an increasing number of people are going to be vulnerable and be in same position. They won't want that big house my parents have. So these typical boomer houses (500k-1mln).. There's too many to buy.
Especially out in the countryside.
My parents house was worth nearly a million at the peak. My mum was a hair dresser and my step dad a middle manager at a factory. (final salary pension for him and same job his whole life too!)