Mortgage Rate Rises

adam cool dude said:
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.
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I said this a few weeks ago, but the more the mess continues, the more I'm starting to worry about the end of our 5-year fix which won't be until Feb/March 2027. I'm hoping there will have been a settling period by then. I very much doubt we'd get lower than, or even the same, as we have now (2.05%) but it'd be nice to have an idea of what we're heading for!
 
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Any argument about the principle of not waning to pay tax for services you don't use is a bit flawed IMO.

You might not use all the the services such as schools and public health care etc., but imagine living in a society without those things - it would be like living in a third world country, which would directly impact you in a major way.

Wanting the government to be more efficient / less wasteful is something that's easy to get behind though.
 
Doobedoo said:
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.
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Interest from savings accounts will be taxed and the ISA limit is only £20k a year. Investment creates wealth and economic growth as well, the only issue is the wealth is not filtering down but this idea that anyone who invests is a millionaire is flawed.
 
dLockers said:
Who said that?
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I'd multi quoted some of the posts but they were'nt included in my reply :confused:, but this one for example, and some others from around that discussion:

throwaway4372 said:
/snip

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.
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200sols said:
Interest from savings accounts will be taxed and the ISA limit is only £20k a year. Investment creates wealth and economic growth as well, the only issue is the wealth is not filtering down but this idea that anyone who invests is a millionaire is flawed.
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How you red the savings thread, people who understand what they are doing will move money around in such ways as to as near as, avoid paying tax. The point is money doesn’t circulate in the economy like it does when Dave gets paid and goes down the pub, or the Smiths have a little more money to take the kids camping, so on and so forth.
 
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200sols said:
Interest from savings accounts will be taxed and the ISA limit is only £20k a year. Investment creates wealth and economic growth as well, the only issue is the wealth is not filtering down but this idea that anyone who invests is a millionaire is flawed.
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20k isa is plenty.
Its per person too.

You've got to be earning a lot to max that out.

I know my circumstances are "average" or just above. And so if I can't max it out, does it need to be higher?
The highest it is, the more squirrelling away of money occurs.


There's so much wealth in the UK, but so much is locked up.


That's one thing about not having kids. All my money will be released eventually. (unless I emigrate! Then some other economy will get it!)
 
Doobedoo said:
How you red the savings thread, people who understand what they are doing will move money around in such ways as to as near as, avoid paying tax. The point is money doesn’t circulate in the economy like it does when Dave gets paid and goes down the pub, or the Smiths have a little more money to take the kids camping, so on and so forth.
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You cant move savings around to avoid tax on the interest. Its either inside an ISA or it isn't and the tax free limits are pretty low and for big taxpayers they dont exist at all.
 
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Doobedoo said:
Exactly why I opted for 10 year fix over 5. So much uncertainty in the economy at the minute.
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We looked at it the other way - didn't want to get locked into a high rate in case the trouble (which had started just as we re-applied for our mortgage) wasn't long-lasting and we ended up on a higher rate than we needed to be. I guess there's only so much you can guess/prepare for!
 
200sols said:
That's about ISAs. Outside of those you cant avoid the tax and for people with real money the ISA limit is a pittance.
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The point is people are looking, exploring active ways to avoid paying tax. Those that earn more typically will have a better understanding of finance, how it works and how best to utilise it for their benefit. Perfectly legal, but so is abusing the benefit system but it’s not the right thing to do necessarily.
 
Doobedoo said:
The point is people are looking, exploring active ways to avoid paying tax. Those that earn more typically will have a better understanding of finance, how it works and how best to utilise it for their benefit. Perfectly legal, but so is abusing the benefit system but it’s not the right thing to do necessarily.
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It's not abuse, they exist to encourage people to save or invest for their future.
 
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