Mortgage Rate Rises

[Shikkaka]

Quick side question... why are brokers so insistent on having mortgage protection. I get it, they earn more money from it but the tone of the email is 'we NEED to get this sorted'.

No, we don't NEED to do anything. Boils my ****.

 

[EvilRob]

No I took my equality of opportunity and converted it into my potential. That is exactly my fair share. No more, no less.

Interesting. So who should be paying the tax instead of you?

 

[200sols]

Interesting. So who should be paying the tax instead of you?

Tax capital gains and dividends the same as income for a start.

 

[MikeTheNative]

Quick side question... why are brokers so insistent on having mortgage protection. I get it, they earn more money from it but the tone of the email is 'we NEED to get this sorted'.

No, we don't NEED to do anything. Boils my ****.

isn't it they have to have impartial mortgage advise to give you the best deal for you but for insurance they can just sell you their own product?

 

[krooton]

It's a terrible idea. We need heat taken out of the housing market. The post covid stamp duty concessions did nothing but encourage people to move who had little need to move and hence pushing prices up for everyone. The UK's housing market needs a degree of regulation in order to prevent upcoming generations not being able to afford to live away from their parents. Tax concessions to drive the market for the middle classes are not what is required. Support needs to be far more targeted towards first time buyers. We should also be looking at the further education system to reduce the debt quotient that young people are entering the workforce with. Sadly the country is broke and no-one has the imagination to develop a progressive taxation regimen.

Tbf, any salary sacrifice mortgage option should be limited to primary residence, and should not inflate one's borrowing limit. Stamp duty should remain as well.

Do those things, and it won't cause a run on prices like stamp-duty concessions do.

The idea isn't to make it easier for people to hoover up more properties, it's to give some breathing room to those with mortgages who are teetering since the recent rate rises.

 

[Richie]

Tax capital gains and dividends the same as income for a start.

Definitely this. An extreme example to back this up would be Sunaks own tax return on millions earned in this way.

Which is also why it will never happen as it would mean the decision makers would end up paying a huge amount of extra tax and we can't have that...

 

[gazref]

Interesting. So who should be paying the tax instead of you?

Don't think he quite gets it which is odd because we have a similar back story.

If only his anti taxation stance was a life long thing and didn't materialise as soon as he got to a certain level of income level at some stage in later life. Think there's a word for that

 

[Doobedoo]

@throwaway4372 I did tell you it was sad.

 

[Maccy]

Can we try and keep it relatively on topic and avoid the snide comments please

 

[Mrwong]

Quick side question... why are brokers so insistent on having mortgage protection. I get it, they earn more money from it but the tone of the email is 'we NEED to get this sorted'.

No, we don't NEED to do anything. Boils my ****.

They don’t want to be sued, and want you to be covered. They will have evidence they have done what they need to protect their own backs, place the blame onto you.

Friend is about to sue one, can’t speak about it, pretty bad what happened.

 

[throwaway4372]

Interesting. So who should be paying the tax instead of you?

Tax capital gains and dividends the same as income for a start.

that, plus:

Inheritance tax needs sorting out for the same reason. I have a bit of a grudge that because I'm from the north I'll inherit a £100k house, but someone from the south would inherit a £350k house. I understand the desire to leave something for children but in no way can that situation be considered just. Plus... there's the people who benefit from inter-generational wealth to the sum of millions (or even billions), they blatantly aren't paying 40% tax on it.

I also think there's scope for a carbon tax. And unhealthy food tax. Probably more if I really think about it. Quite clearly plenty of sensible ways to raise tax without it having to be me.

 

[Doobedoo]

That’s more like it you should be looking to take money from those above you rather than below. Poor have little, middle pays lots of tax and the rich earn the most and pay the least.

 

[EvilRob]

that, plus:

Inheritance tax needs sorting out for the same reason. I have a bit of a grudge that because I'm from the north I'll inherit a £100k house, but someone from the south would inherit a £350k house. I understand the desire to leave something for children but in no way can that situation be considered just. Plus... there's the people who benefit from inter-generational wealth to the sum of millions (or even billions), they blatantly aren't paying 40% tax on it.

I also think there's scope for a carbon tax. And unhealthy food tax. Probably more if I really think about it. Quite clearly plenty of sensible ways to raise tax without it having to be me.

I generally agree, but it doesn't really line up with the "I shouldn't pay more tax because I don't use public services argument" that you were promoting earlier. I was interested in exploring where you would take that argument as the logical conclusion to it is to tax poorer people more. Most of the best ways to raise more tax or reduce the burden for most involve taxing people who already pay a lot of tax (absolute vs relative).

 

[dlockers]

I"I shouldn't pay more tax because I don't use public services argument"

I don't think he said that?

 

[200sols]

that, plus:

Inheritance tax needs sorting out for the same reason. I have a bit of a grudge that because I'm from the north I'll inherit a £100k house, but someone from the south would inherit a £350k house. I understand the desire to leave something for children but in no way can that situation be considered just. Plus... there's the people who benefit from inter-generational wealth to the sum of millions (or even billions), they blatantly aren't paying 40% tax on it.

I also think there's scope for a carbon tax. And unhealthy food tax. Probably more if I really think about it. Quite clearly plenty of sensible ways to raise tax without it having to be me.

I don't support inheritance taxes on smaller sums the current limit is alright but fiscal drag will reduce its value over time. The larger issue is the ability to avoid taxes above the limits entirely with accounting and that's before we even get into SIPPs etc. As usual inheritance tax in its current form hits the middle hardest, the poor have nothing to give and the rich simply avoid it.

 

[ivrytwr3]

Woke up to another .25% rise - now at 5.25%

 

[adam cool dude]

Woke up to another .25% rise - now at 5.25%

Was listening on the radio this morning that Santander pulled 10 year rates yesterday. Going to be a massive mess in the next 18 months. I am sure we will find plenty of lovely houses to buy then but getting ours sold will most likely be very hard.

 

[413x]

I don't support inheritance taxes on smaller sums the current limit is alright but fiscal drag will reduce its value over time. The larger issue is the ability to avoid taxes above the limits entirely with accounting and that's before we even get into SIPPs etc. As usual inheritance tax in its current form hits the middle hardest, the poor have nothing to give and the rich simply avoid it.

This.
IHT is more than fair.. If it couldn't be avoided. And the richer you are the more able and more incentivised you to skirt it.

I will gain from inheritance. I don't think I should gain as much as I will.
If I was an only child...it would be ridiculous.

 

[Doobedoo]

The problem with tax avoidance is those wanting to avoid will just be putting more money in high interest savings accounts, isa’s and other form of investments which again limits the amount of spending in the economy and therefore tax receipts. When the lower echelons of society receive more, they tend to spend more which is better for the economy.

I hope it’s scraped but I have no faith in political system anyway so who knows.

 

[413x]

The problem with tax avoidance is those wanting to avoid will just be putting more money in high interest savings accounts, isa’s and other form of investments which again limits the amount of spending in the economy and therefore tax receipts. When the lower echelons of society receive more, they tend to spend more which is better for the economy.

I hope it’s scraped but I have no faith in political system anyway so who knows.

Or, in covid,, houses.
But it's OK. Stamp duty claws it back.
Oh.. Stamp duty break!

Property prices locks so much wealth out of the economy.