Mortgage Rate Rises

mid_gen said:
Perhaps the competent ones this time, and the Tories will get enough of a hiding that they purge the ERG/IEA radical fringe that's in power at the moment, and we may return to some semblance of sanity.
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We could go more radical if times get really tough and more snake oil sellers arrive. What's the bet Farage/similar will rear it's ugly head?
 
TheOracle said:
isn't that something.....how bad has it gotten to be grateful for that. I worry about the people who will.
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Why worry you have made provisions so you are not stretched? It is simple risk based economics in the end. We were looking to buy a new car last year but then decided against it and kept the saving in the bank which was a wise move. In a couple of years time it will be a buyer's market for those who want to upgrade :).

There is also no point in getting angry about the government. The quicker you realise just how corrupt the world is and accept it. The better.
 
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adam cool dude said:
Why worry you have made provisions so you are not stretched? It is simple risk based economics in the end. We were looking to buy a new car last year but then decided against it and kept the saving in the bank which was a wise move. In a couple of years time it will be a buyer's market for those who want to upgrade :).

There is also no point in getting angry about the government. The quicker you realise just how corrupt the world is and accept it. The better.
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Same on the car front, I cancelled our new one and will keep the works one for a bit longer. Can't complain it's a good car.
Yes, I think it's become even more obvious now how corrupt everything is.
 
I was going to draw down from my mortgage to do some improvements to the house, but looks like I'm going to be holding off. I'm somewhat lucky that I'm locked in @ 1.6% until 2026. I hope they come back down in the next 6 months or so though as all contractors are lined up for the summer... worse comes to the worse I'll just do it anyway, but it'll be a bit of a bitch to have to do.
 
Freefaller said:
I was going to draw down from my mortgage to do some improvements to the house, but looks like I'm going to be holding off. I'm somewhat lucky that I'm locked in @ 1.6% until 2026. I hope they come back down in the next 6 months or so though as all contractors are lined up for the summer... worse comes to the worse I'll just do it anyway, but it'll be a bit of a bitch to have to do.
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Some of those contracts will bound to be canceled as more people tighten there belts
 
Paying inflated building prices for significant projects like extensions has got to be about to take a huge hit
 
413x said:
Paying inflated building prices for significant projects like extensions has got to be about to take a huge hit
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Yep

I remember the 80/90s more than the 08s personally

I spent a lot of time on busses late 80s at 6th form and college (had split sites due to computing being run at college rather than 6th form) It was rare to see building work then.
Estate my parents lived on had houses part built. It ranged from poured slabs to upto but not roof beams. The developer finished anything that had the timber element of the roof on, everything else was left as was. Some sat for like 5 years in that state.
He wound down the workforce over about a month from a lot (probably 100 or so) to 3. It turned out afterwards the 3 were only ever his employees the rest subbies.
He kept the 3, one was the site manager, another was his secretary. Actually the 3rd was probably himself.

If demand drops a lot these vastly overpaid builders are going to have to drop rates. I use the term vastly overpaid with some hesitancy. They are only overpaid in relative terms based on supply and demand, and only I believe in relation to many other jobs, but not all.
I know a dry liner who charges over £1k a week. Hes a nice guy, but he really doesn't deserve based on qualifications and how hard it is to earn that sort of money.
I dont deny anyone being able to charge what they can, but I find some in building seem to have got a bit carried away with how hard it actually is and how they deserve these salaries compared to many other jobs, such as for example nurses.

I think many people will be shocked however that whilst the labour element during a recession would likely drop, the costs of materials are seemingly stubbornly high. Whether they would come back down with demand you would hope, but I wouldn't count on it.
 
Martini1991 said:
What was the alternative lol?
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Paying really high rent which is more than the mortgage on the property you are renting and still encouraging high house prices indirectly because BTL landlords are being incentivised by the high rents they can charge.

You can't win and you have to participate.
 
Mercenary Keyboard Warrior said:
If demand drops a lot these vastly overpaid builders are going to have to drop rates. I use the term vastly overpaid with some hesitancy. They are only overpaid in relative terms based on supply and demand, and only I believe in relation to many other jobs, but not all.
I know a dry liner who charges over £1k a week. Hes a nice guy, but he really doesn't deserve based on qualifications and how hard it is to earn that sort of money.
I dont deny anyone being able to charge what they can, but I find some in building seem to have got a bit carried away with how hard it actually is and how they deserve these salaries compared to many other jobs, such as for example nurses.
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Lmao who are you to say he doesn’t deserve to get paid what he does. Just having a qualification doesn’t entitle you to better pay. I went to university with a bunch of lazy morons but they still got their degrees.
 
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