Mortgage Rate Rises

Kenai said:
... and have free childcare and buy a house a decade ago :p

This is like those tabloid clickbait articles about getting on the property ladder.

"I don't know why everyone complains, I bought my own house at 21 just by working a regular job, cutting out avocado and getting a £250,000 deposit from my parents, nothing is stopping anyone doing what I did"
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He’s a single parent though, if true it deserves respect in its self.
 
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Doobedoo said:
He’s a single parent though, if true it deserves respect in its self.
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He also said he didn't have the UC until recently.

So he's done well. But much of it is same for that time period. Good economic conditions and very favourable house price rises from a relatively low baseline (vs today)

Really. It's what everyone wants. That you can have a decent life in his position. Alas. It's getting further away
 
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GordyR said:
It seems odd that you're attributing being "good with money" as the reason you have a cheap mortgage, after having just admitted that if you had to buy a house today, you wouldn't be able to.

These two statements are in complete contradiction, surely? Do you not think that having purchased your house prior to the recent extreme and absolutely unprecedented swelling of average house prices versus average earnings constitutes luck?

I'm absolutely not having a go, I just don't think those two statements align.
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Yeah that's a fair point..
I think I was lucky but also good with money by not having a lavish lifestyle. I choose to live at home with my parents paying cheap rent and i worked every hour I could I even had 2 jobs at one stage so that I could save and be able to afford a shared ownership flat and then i took advantage of house prices crashing by moving to were I live now.. would doing all that in today's climate of higher rates and high house prices be enough to get on the property ladder.
I really don't know as I'm not in that position anymore.
But nothing in life is easy and I would like to think it's not impossible if you try and work hard enough to own a home even if it takes longer to save up to do it now than it use too.
 
413x said:
He also said he didn't have the UC until recently.

So he's done well. But much of it is same for that time period. Good economic conditions and very favourable house price rises from a relatively low baseline (vs today)

Really. It's what everyone wants. That you can have a decent life in his position. Alas. It's getting further away
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It’s always been getting away though. Yey capitalism.
 
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I had a 5 year fix rate that ran from 2012-2017. In 2017 I was going to get another 5 year deal but to save future me having to deal with the hassle again in 5 years I decided to take a 10 year fixed instead as the rates were pretty close.

No one really knows what is going to happen in 2,3,5,10 years when they pick a mortgage product its just seems like luck of the draw.
 
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roccles said:
I had a 5 year fix rate that ran from 2012-2017. In 2017 I was going to get another 5 year deal but to save future me having to deal with the hassle again in 5 years I decided to take a 10 year fixed instead as the rates were pretty close.

No one really knows what is going to happen in 2,3,5,10 years when they pick a mortgage product its just seems like luck of the draw.
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I decided to end early to fix for 10 too. Safety first.
 
Kenai said:
"I don't know why everyone complains, I bought my own house at 21 just by working a regular job, cutting out avocado and getting a £250,000 deposit from my parents, nothing is stopping anyone doing what I did"
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I actually did this job when I first left sixth form/college.

They come in massive vats of vinegar and once you are finished you ideally need to burn your clothes and don't bother getting into your car as it will stink like a fish n chip shop for weeks! I am sure prolonged periods breathing in vinegar fumes cannot have been good for your health either :p.
 
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roccles said:
I had a 5 year fix rate that ran from 2012-2017. In 2017 I was going to get another 5 year deal but to save future me having to deal with the hassle again in 5 years I decided to take a 10 year fixed instead as the rates were pretty close.

No one really knows what is going to happen in 2,3,5,10 years when they pick a mortgage product its just seems like luck of the draw.
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We just remortgaged going live tomorrow, from 2018 to now we had a rate of 1.5% but since the beginning of this year i've had to get 3 different mortgage rates as they slowly dropped. Went from a staggering 5.44% now down to 4.04% which meant we're only paying an extra £50 a month now instead of nearly £200 extra a month! It was a lot of work constantly checking up on rates and going back and forth with our mortgage advisor but well worth the effort in the end. We went with a 5 year fixed no fees though the advisor did offer us a 10 year fixed but thought that was a tad too long. Hoping rates come down abit by the time we need to remortgage again.
 
ProStreet said:
How much money have you lost to womens empowerment.
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The whole labour market has changed as a result. You cannot be on an average salary with a single earner now and have a family and any sort of life. I think that most of my friends were brought up by their mum who didn't work or worked part time while the dad earned enough to support the family.

I don't think he was passing judgement on it... its just how it is.
 
fez said:
The whole labour market has changed as a result. You cannot be on an average salary with a single earner now and have a family and any sort of life. I think that most of my friends were brought up by their mum who didn't work or worked part time while the dad earned enough to support the family.

I don't think he was passing judgement on it... its just how it is.
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Yeah not judging it. Opposite. Think it's great.
This was exactly my upbringing. Step dad worked a lot. Did the practical stuff. Mum worked part time, did the cooking and cleaning.


Very separate roles.
 
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413x said:
Yeah not judging it. Opposite. Think it's great.
This was exactly my upbringing. Step dad worked a lot. Did the practical stuff. Mum worked part time, did the cooking and cleaning.


Very separate roles.
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This is exactly how we will likely raise our child, not quite as old fashioned as we both share cleaning responsibilities, she is a better cook than me though.

Not big earners anymore than we are big spenders, will have to make sacrifices but such is life.
 
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Doobedoo said:
I’m

This is exactly how we will likely raise our child, not quite as old fashioned as we both share cleaning responsibilities, she is a better cook than me though.

Not big earners anymore than we are big spenders, will have to make sacrifices but such is life.
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We are both terrible cooks. I wish one of us liked cooking. Would make meals better.

We have a cleaner now as with dog it's hard to keep up with and I ended up spending half or more of Saturday cleaning. It is a small expense for the time and mental burden it put on me.
We are both disorganised, I'll happily do DIY, one off jobs. But general house keeping, I just put it off.

Was one of the treats I got for getting out mortgage under control.
 
fez said:
The whole labour market has changed as a result. You cannot be on an average salary with a single earner now and have a family and any sort of life. I think that most of my friends were brought up by their mum who didn't work or worked part time while the dad earned enough to support the family.

I don't think he was passing judgement on it... its just how it is.
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Just how the government wants it.

Its more beneficial to have men and women working full time paying taxes than having women at home raising a family. Leading to people having less or zero kids.
 
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malachi said:
Just how the government wants it.

Its more beneficial to have men and women working full time paying taxes than having women at home raising a family. Leading to people having less or zero kids.
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Short term yes.
Long term no.

Pushing people to work and not have a family (due to having to work) drives down your working population.

You can plug it with immigration. But you have to be attractive to immigration for that.

Removing AI from the equation. These world wide western declining birth rates are going to end up with countries clambering over each other for skilled migrants.

That's what these huge cost of living, mortgages, food etc exacerbate.


Great for those of us wanting to emigrate. Australia is sucking people up. Higher wages, better standard of living.
 
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fez said:
The whole labour market has changed as a result. You cannot be on an average salary with a single earner now and have a family and any sort of life. I think that most of my friends were brought up by their mum who didn't work or worked part time while the dad earned enough to support the family.

I don't think he was passing judgement on it... its just how it is.
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Yeah but have you considered how much better off the top 1% of the 1% are? Stop being selfish.
 
Doobedoo said:
An aging population is not productive though. Need fresh blood to keep those taxes coming in.
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Immigration. Or Japan, although we would never supress those yield curves to maintain our standard of living.

dLockers said:
I only put the Merc on the drive because someone rinsed me in Motors for living in a terrace :(
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Lambo with a semi is what you need.
 
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