Mortgage Rate Rises

Bassmansam said:
Our mortgage deal ran out on the 31st of May and we sent off the banks form on May 15th stating which product we wanted to transfer which is 2 years at 5.99% which works out at £540 per month. I know they got because they called me to clarify if it was me as my signature didn't match. Yesterday we got a letter saying our mortgage term has expired and we were being transferred to a variable rate mortgage at 4.5% which will be £709 per month.

Firstly, surely its not our fault that they are taking a long ti process product forms and therefore we should not be charged at the variable rate right?
Secondly, how comes the variable rate % is lower than our fixed % but it is more expensive?
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Variable are usually marketed as rate + base rate - so 4.5+4.5 (iirc)
 
I paid off my mortgage and get boned on tax, so if you made another way to avoid tax I'd prolly have to do it, not really sure your intention would be to motivate me to buy a house.

Having worked my nuts off and lived like a student to pay off my own mortgage I fail to see why I should help pay off yours too.

I'm a higher tax payer and that does not mean I'm rich, it means I'm paying more than my fair share for public services already.
 
Waaaa.

Paying tax is an obligation and a duty not an excuse to look down or scold those less fortunate at this point in time. Don't be a norman
 
Bassmansam said:
Our mortgage deal ran out on the 31st of May and we sent off the banks form on May 15th stating which product we wanted to transfer which is 2 years at 5.99% which works out at £540 per month. I know they got because they called me to clarify if it was me as my signature didn't match. Yesterday we got a letter saying our mortgage term has expired and we were being transferred to a variable rate mortgage at 4.5% which will be £709 per month.

Firstly, surely its not our fault that they are taking a long ti process product forms and therefore we should not be charged at the variable rate right?
Secondly, how comes the variable rate % is lower than our fixed % but it is more expensive?
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Might just be crossover in their processes and the post. They might have generated the variable rate letter a few days before your rate expired and then delayed sending it out and processed your new deal in parallel to that happening. Can you see what deal you are on online?

Sounds like pretty awful planning though, and why would you take a 6% mortgage deal?
 
gazref said:
Waaaa.

Paying tax is an obligation and a duty not an excuse to look down or scold those less fortunate at this point in time. Don't be a norman
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no idea what a norman is, but pointing out that the system is unfair is not the same as looking down on people.
Society tells you to get educated and work hard, then shafts you when you do.
I'm talking about what everyone's kids can look forward to in their future if they do what their parents tell them.
 
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No you were crying about paying more tax than others while conveniently forgetting how you've benefited from taxes in your life. Classic Tory I'm alright now jack so pull up the drawbridge mindset. Next time you catch yourself thinking like that remember don't be a norman.
 
gazref said:
No you were crying about paying more tax than others while conveniently forgetting how you've benefited from taxes in your life. Classic Tory I'm alright now jack so pull up the drawbridge mindset. Next time you catch yourself thinking like that remember don't be a norman.
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You're ignoring what I'm saying and reading what you want to read. Go bother someone else with that nonsense.
 
throwaway4372 said:
No I took my equality of opportunity and converted it into my potential. That is exactly my fair share. No more, no less.
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Equality of opportunity is not always the case. We’ve heard the guy tell the story of his misses going to private school and getting a wealth of benefits and connections as a result.

Anyway no one begrudges you earning more, good for you. But these schemes don’t benefit people equally, higher earning people get more out of it than lower people, yet lower earning will end up seeing a further reduction in services that will likely require more than higher earners. Like NHS for example, already suffering, will suffer further as a result of lost tax revenue.You’ll get private healthcare, they’ll get the dregs.

This is about greed. I want more even if it means you getting less. It’s sad.
 
Smart money is on 2 more rate rises this year to just over 5% and will start to come down first q of 24. Much more than 5.5% and the housing market will I feel be in real trouble. No one selling and anything on the market now is just overpriced or total rubbish.

If you can fix do it now or ride out a variable rate for 18 months - if I had a big mortgage I would do the latter.


www.nationalworld.com

Interest rates ‘could remain high’ until 2024 - cost of living impact explained

While Bank of England governor Andrew Bailey said he believes inflation will ‘fall sharply’ in 2023, markets are still expecting further interest rate hikes
www.nationalworld.com www.nationalworld.com
 
EvilRob said:
Might just be crossover in their processes and the post. They might have generated the variable rate letter a few days before your rate expired and then delayed sending it out and processed your new deal in parallel to that happening. Can you see what deal you are on online?

Sounds like pretty awful planning though, and why would you take a 6% mortgage deal?
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yeah hopefully a cross over in processes as you say.

Well the other option was 5.69% for 5 years which is worse so we took the 5.99% at two. There were no other options.
 
Doobedoo said:
Equality of opportunity is not always the case. We’ve heard the guy tell the story of his misses going to private school and getting a wealth of benefits and connections as a result.

Anyway no one begrudges you earning more, good for you. But these schemes don’t benefit people equally, higher earning people get more out of it than lower people, yet lower earning will end up seeing a further reduction in services that will likely require more than higher earners. Like NHS for example, already suffering, will suffer further as a result of lost tax revenue. You’ll get private healthcare, they’ll get the dregs.

This is about greed. I want more even if it means you getting less. It’s sad.
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I know equality of opportunity isn't always the case - but I'd bet there are more higher rate taxpayers that got there on their own merit than by family wealth or whatever. In my case I came from poverty and got myself a good career, so I hate being branded as some sort of family wealth type. People are too quick to jump to that assumption.

It's not true that there's some class system in public services. I get access to exactly the same public services as everyone else. As I said, I get less out of it in reality because I'm not using it. If you have kids you're getting a lot more from public services than me. The nhs simply doesn't function and I happen to get private healthcare via work, so of course I'm going to use that option. It's nothing to do with tax though because it's an additional cost. It's like having to pay again because you already paid and didn't get what you paid for.

Speaking of greed.. some ppl want to take more of my money. If I do the work then the money is mine, that's ownership not greed. It's like me saying I'm taking your house, and you of course reply "no m8", and I say "lol greed". Fiscal drag means the standard of living of a higher rate tax payer is nothing like what it was when the bracket was created. I'm not sharing living costs with anyone, living is expensive, sure I get by with reasonable comfort but I don't have a lambo or gucci belt so I wish ppl would get off my back. I'm not rich enough for ppl to be coming after me wanting even more.
 
200sols said:
Higher rate taxpayers are not rich, fiscal drag has all but killed the middle as well. Personally no issues with paying a megaton of tax I just wish it wasnt spaffed up the wall, if its gonna get spaffed id rather I enjoy the coke and hookers myself.
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It’s not about them being rich who cares if they are or aren’t. The vast majority of society aren’t rich they are relatively poor and need the money just as much, so why should some benefit more.

Remember their is no money for public sector pay rises yet they think they are entitled to more.
 
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