Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I see what you're saying but I don't do regular payments. How I work it normally is -
I have my 12 months outgoings (if I take my current bills inc mortgage) savings in a standard savings account. This never gets touched unless an emergency comes up, like when I was made redundant 2 years ago.
After I hit my 12 months savings target above, any surplus is saved in a cash ISA, then when whenever my current fixed rate mortgage term ends and ERC no longer applies, I pay chunk off the mortgage and re-fix for another 2-5 years.
That way I figure once the mortgage is paid off, my current 12 month emergency pot will now cover for at least 18months or more, and I can start putting the money that I put towards the mortgage into a S&S ISA instead where i can leave it longer than I currently do, as there won't be any upcoming mortgage needing paying.
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This is why I like going out on the bike or going to a gym/ pool , or the key thing is I actually choose to go to the office every day.
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An interesting article in The Times with a relatively deep dive analysis on real term home ownership costs by generations (Boomer, GenX, Millennials and GenZ)
Turns out - Boomers DID have it easier... Who woulda thunk it
https://www.thetimes.com/business-m...rates-which-generation-worst-charts-8bxsvcdhm
C'mon Boomers - tell everyone how you had it tough
Turns out - Boomers DID have it easier... Who woulda thunk it
https://www.thetimes.com/business-m...rates-which-generation-worst-charts-8bxsvcdhm
C'mon Boomers - tell everyone how you had it tough
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Need to bookmark this post for whenever the older forum members harp on about “it was harder in my day, the current generation are just work shy and need to work harder”.An interesting article in The Times with a relatively deep dive analysis on real term home ownership costs by generations (Boomer, GenX, Millennials and GenZ)
Turns out - Boomers DID have it easier... Who woulda thunk it
https://www.thetimes.com/business-m...rates-which-generation-worst-charts-8bxsvcdhm
C'mon Boomers - tell everyone how you had it tough
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An interesting article in The Times with a relatively deep dive analysis on real term home ownership costs by generations (Boomer, GenX, Millennials and GenZ)
Turns out - Boomers DID have it easier... Who woulda thunk it
https://www.thetimes.com/business-m...rates-which-generation-worst-charts-8bxsvcdhm
C'mon Boomers - tell everyone how you had it tough
I just find it such an utterly bizarre hill to die on. I know far too many peoples egos are tied up in their idea that their lot in life is entirely through their own hard work but its ridiculous. I see this in my partner more than I would like as well. It makes it easier to not have to have empathy for people less well off than you. If you rationalise that your hard work is the overwhelming reason you have done well in life then it stands to reason that others that haven't done so well haven't worked so hard so their lot in life is of their own doing.
The current future is bleak for a lot of youngsters. Statistically speaking its bleak. The kids of parents who are well off will probably be fine because their parents wealth will insulate them from societies issues but most people. Buggered.
So much this.
Hard work got me here.
No, just being average was enough to get you here.
There no hate from me. People are entitled and will make the best they can of the situation. But you were just lucky. Don't say it was because you were exceptional.
And the classic avocado thing. Sure some people today waste do much they could have had a house earlier etc. But many others are saving and being crippled by inflation and a huge base cost of life vs earnings.
The one that really gets me? 15 percent rate. Boomers love to remind you they paid 15 percent for what seems like their entire lives. Not the blip that it was.
Honestly. I know social media is trolling both sides. And I don't engage with it because everyone lives in a cult now and will never change my mind. But it is tedious.
Most people aren't begrudging you. Just say that you were lucky. There's nothing wrong with saying "I lived through a good time"
Same way I'm glad we have the travel options and womans rights etc etc we have now. I envy my parents wealth. I do not envy their way of life (rich but not happy due to valuing possessions/land not experiences)
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I think the issue is that they did work hard. Well, many of them did. The problem is that they think their lot in life was dictated by that rather than luck of birth.
I think the only way you could persuade these people of this is to run through their life with them and show them where they are now vs where their life path would have them if transposed to the current generation.
"Oh you bought at 22 on a single salary from the local supermarket. Cool, to buy the same level house on the same entry level supermarket workers salary you would have to save until you were 35 (no avocados or coffee!)"
TBH I think its also to do with their ego being "bruised". If you say Person B has it tougher than Person A, then person A correlates that with them being told they didnt have to work hard rather than using some rational thinking as to what was ACTUALLY said.
Saying Person B has it tougher than Person A is NOT the same as Person A not having it tough during their period. Its simply saying that Person B has it even tougher,
Well dropping bank rates has not done much to reduce inflation this year. My ISA savings interest rate with Yorkshire BS is being kept the same after the last reduction leading to thoughts that the bank rate may go back up in September?
As for the above, yes people today do have it tough but also you cannot live the lived reality of previous generation through articles on the Internet. I will concede that it may be or is tougher than we had it but there are multiple other factors of being in that time. Most people just got on with it.
As for the above, yes people today do have it tough but also you cannot live the lived reality of previous generation through articles on the Internet. I will concede that it may be or is tougher than we had it but there are multiple other factors of being in that time. Most people just got on with it.
Why would dropping bank rates reduce inflation?
Exactly, raising the bank rate is a tool to lower inflation.
Soldato
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Can't see many if any rate drops for the remainder of this year given the inflation rate increase to 3.8% . The city must be nervous with an upcoming autumn budget along with some of these ludicrous suggestions of properties tax levys and tax raids on pensions.
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Only when inflation is being driven by consumer demand though.
The bank rates have no impact if inflation is raising due to outside factors (energy costs, war etc).
Well yes, but you didnt say that.
I dont know why with inflation running this high that people are expecting lots more rate cuts.
I kind of did but missed the /s.
I agree with your assumption and in my view a five year fix would be my choice now if I was still in the market and get my next one in the glow of an incoming government.
It's not a perception, he's focussing on what a few key posters have said repeatedly in this thread derailing it altogether.
You're absolutely right, prices vs income are 100% the issue but it has regularly been dragged back to "my wife and I had to live in a shoe to save up and interest rates were 16%" etc etc which is all totally fine, there's no winners or losers in the lived experience leagues but just as some like to prod at boomers for going on about how hard they had it, plenty of boomers want to prod at younger folks for prioritising avocados over houses.
This isn't a simple issue of "drop house prices". You can't just do that. If you want a government to make meaningful and what could be painful change then you need people to be behind that. When a huge slice of your voting population couldn't care less if you didn't build another house before they die because they already own one and low housing supply makes their home more valuable then yes, what the older generation say and think is somewhat important.