Mortgage Rate Rises

[Mercenary Keyboard Warrior]

thats the point i am poor and will do something about it .. i earn 29k a yr and i'm 56 .. 2 houses will allow me to retire ..am i wrong to want that ?

been there done that ..many yrs ago it was a case of who ate .. as long as the kids where fed and the mortgage paid i'd have a jam butty for tea .. lost almost everything in the late 2000's but pick myself up and started again ..

See I disagree with you on many things but this is sensible.

Too many on here hate the player. They get too emotional about it.
Your doing what is best for you, 99% of the population would be well advised to do the same.
I suspect a good percentage quietly would anyway.

Hate the game, not the player.

 

[jonneymendoza]

And theres nothing wrong and fair play for coming out the other side. If anything you should have a bit more empathy.

i rode it out in the last financial crisis.

Im humble and i am one of the most vocal person regarding the **** show situation despite the fact that it probably wont barely affect me.

But u dont see me saying haha u poor sods. Should have gotten a better career and paying job mate. Your loss!!!

But nope i am not. I have. A lot empathy and never wipe out my d***and say hey look how big my d***is compared to yours haha haha.

Sod that attitude and anyone else who has that.

Either show empathy in times like this or just shut your mouth and say nothing about the current issues.

 

[Mercenary Keyboard Warrior]

Well we can look at the expectations, they may go a little higher but people expecting 5% plus or even double digits are going to be very disappointed. Simply too much debt around for interest rates to go that high.

Yeah TBH a base rate somewhere around 2% is probably a good target anyway.
2% inflation* and 2% base rate would be a fairly sound balanced economic position for the country.

*domestic, I would exclude external inflation unless it was very high and required some control, such as right now.

 

[jonneymendoza]

See I disagree with you on many things but this is sensible.

Too many on here hate the player. They get too emotional about it.
Your doing what is best for you, 99% of the population would be well advised to do the same.
I suspect a good percentage quietly would anyway.

Hate the game, not the player.

See i dont. Read my response above. That person is just **** waving .

 

[Doobedoo]

Never a truer word spoken on the radio absolutely bang on.

 

[413x]

Yeah TBH a base rate somewhere around 2% is probably a good target anyway.
2% inflation* and 2% base rate would be a fairly sound balanced economic position for the country.

*domestic, I would exclude external inflation unless it was very high and required some control, such as right now.

Many older people calling for 10pc plus have no idea.
Even rates of 4-5pc would cause absolute carnage.
2-4 percent is more than enough for the base rate to do its hammer blow job

 

[Mercenary Keyboard Warrior]

Many older people calling for 10pc plus have no idea.
Even rates of 4-5pc would cause absolute carnage.
2-4 percent is more than enough for the base rate to do its hammer blow job

Well 10% would be pretty extreme even historically

I can see why people with moderate savings would want something high else they are seeing significant erosion, again people asking for whats best for them is hardly unusual
People saying rates should be low are asking for exactly the same thing, whats best for them

I would support the BOE being given a target of 2% for both, allowing deviation +/- 1% with no letter on how to correct

 

[413x]

Well 10% would be pretty extreme even historically

I can see why people with moderate savings would want something high else they are seeing significant erosion, again people asking for whats best for them is hardly unusual
People saying rates should be low are asking for exactly the same thing, whats best for them

I would support the BOE being given a target of 2% for both, allowing deviation +/- 1% with no letter on how to correct

Yeah at the end of the day you can pedal morals when you're OK. But soon as you're stressed most people will look after themselves.


For example I don't want Scottish Power to fail as my energy fix is with them. And if that don't pay UK thing really gets off the ground is possible some big boys could bail. Then I'd be left like everyone else. I sure don't want that

 

[fez]

Hate the game, not the player.

This is the problem though. We have created a society where you either play the game or get left behind. You get rewarded the most for morally questionably behaviour and profiting from the misery of others. Thats a ****** up system and the more people that have a vested interest in it and the more people that normalise it the worse it gets.

I understand what you are saying but unless people start pushing back en-masse, the "game" will only get worse and worse. When automation truly takes over and companies don't need workers for a vast number of positions it will be interesting to see how we deal with those companies just making insane profits while millions have no jobs.

 

[200sols]

I understand what you are saying but unless people start pushing back en-masse, the "game" will only get worse and worse. When automation truly takes over and companies don't need workers for a vast number of positions it will be interesting to see how we deal with those companies just making insane profits while millions have no jobs.

You sound like a Luddite.

 

[fez]

Yeah at the end of the day you can pedal morals when you're OK. But soon as you're stressed most people will look after themselves.

The issue isn't the people at the bottom eschewing their morals, its the people who are at the top or on the way up who don't give a ****. They are the ones that are the issue. They are the ones dictating policy and screwing over everyone else so they can line their pockets even more.

 

[fez]

You sound like a Luddite.

I mean, I work in tech so... probably not

If you think that companies like amazon etc aren't looking into every way they can pay workers less, extract more from them and eventually remove them completely from the process then I think you might be a little naive. The dream that as we automate more and more manual labour and work we would all have more spare time and get paid more has been shown to be a lie for a long time. Worker productivity has skyrocketed and wages have not. That money has gone into corporate pockets.

Companies care about themselves and their shareholders. If they didn't have to pay their workers salaries they wouldn't. When they can replace all their workers its going to be really fun. Amazon already pay **** all tax and get away with it largely because they point at all the jobs they create and the taxes those people pay. Whats going to happen when those people aren't paying taxes anymore because they don't have a job.

 

[200sols]

I mean, I work in tech so... probably not

If you think that companies like amazon etc aren't looking into every way they can pay workers less, extract more from them and eventually remove them completely from the process then I think you might be a little naive. The dream that as we automate more and more manual labour and work we would all have more spare time and get paid more has been shown to be a lie for a long time. Worker productivity has skyrocketed and wages have not. That money has gone into corporate pockets.

Companies care about themselves and their shareholders. If they didn't have to pay their workers salaries they wouldn't. When they can replace all their workers its going to be really fun. Amazon already pay **** all tax and get away with it largely because they point at all the jobs they create and the taxes those people pay. Whats going to happen when those people aren't paying taxes anymore because they don't have a job.

UK worker productivity certainly hasn't skyrocketed, its barely above 2008 levels and wages reflect that. All I am saying is people have been claiming machines are coming for all our jobs for hundreds of years and they've been wrong every single time.

 

[CapitalOne]

Very much off topic now, but whoever voted Tory (or the B word) expecting higher workers rights or conditions for the poorest?

Please

Fiscal caution and economic growth maybe, but they haven't delivered very well on that have they hence we have the storm we have now. Let's hope they leave the BoE independent.

 

[fez]

UK worker productivity certainly hasn't skyrocketed, its barely above 2008 levels and wages reflect that. All I am saying is people have been claiming machines are coming for all our jobs for hundreds of years and they've been wrong every single time.

I'm talking about in the last 50 years. And machines have been coming for our jobs for the last 100 years. There will come a point where we don't have another industry to move those people into. People have been warning about the impending climate crisis for god knows how long. Is that not going to happen at some point too? Just because it hasn't truly happened yet doesn't mean its not in our near future.

 

[fez]

Double post

 

[danlightbulb]

There will come a point where we don't have another industry to move those people into

Isnt that when we all start exploring the galaxy and doing things to progress humanity not for money?

 

[chroniclard]

Isnt that when we all start exploring the galaxy and doing things to progress humanity not for money?

Need to get a move on with all that to be honest, been waiting years for a holodeck and a replicator.

 

[_Jimlad_]

My mortgage advisor is saying I should fix for 5 years at 3.2%

I currently nearing a end of a 1.29% deal... So that's gonna hurt! I am not feeling confident of going into a 5 year at that rate

 

[div0]

Well we can look at the expectations, they may go a little higher but people expecting 5% plus or even double digits are going to be very disappointed. Simply too much debt around for interest rates to go that high.

Interesting and fits with the question I was going to ask.

If the banks are still offering 5 & 10 year fixes of 3-4%, then they must be pretty confident that we're not in for a long period of even higher rates?

I'm assuming the banks set fixed rates on offer according to what they think the 'average' rate is likely to be over that same time frame. Of course they could be wrong, but in general I'd expect it's as good model for a crystal ball as any?