Soldato
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Not helping us all with energy would have also made us spend less money.
I think thousands uplift on mortgages will be too won't it?
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Not helping us all with energy would have also made us spend less money.
Soldato
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- 12 Feb 2006
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- Surrey
yep, however, thousands of old retired people with savings are enjoying this, and they vote conservative. on top of that, the election is not far off, but those who renew at a higher price wont all be renewing before the election, so they may not have lost the votes of those who have 1 year left on a 5 year deal.
lol what a ridiculous thing to say. perhaps from frustration, but it's bonkers.
who said they forgot to wear protection? to add to your silly thought, why should it be that they have to purchase items at a higher price due to x y and z? why aren't houses afforable? hardly their doing. so why do they suffer?
like it or not, but there are plenty people in the country that get effected by things they aren't involved in. sometimes they win e.g. houses prises going up (as after all, wtf do those home owners do to deserve their house price increasing) and sometimes things go down. when things go up, usually you're expected to pay taxes. when things go down, it's not unreasonable to say now i should get help.
What a silly comment
They printed 15k for every adult in the country. Unless you and your neighbour(minus the deck) got that sat in the bank the someone else got the money.
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That's a good point. In the USA, it's possible to fix for the lifetime of your mortgage; 30 years @ 2.5% in my case. I'm insulated by the crazy interest rates that are now being offered, but it does effectively lock me into this house until the situation improves.
Mine is locked until 2050.
Butter has recently massively increased in price where I live. Aldi used to sell 1 lb (454 grams) of butter for $1.75. It's now $3.18 for the same exact box. Aldi's price is still better than other stores that sell the same thing for $4+.
Except that they have the money to pay for lobbyists and accountants who's job it is to ensure that they won't pay "their fair share". If you could pay an accounting firm $250K to help you to legally avoid a $1 million tax bill, why wouldn't you?
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Well obviously as soon as you spend it, it goes to somebody higher up the chain, stores, utilities, banks. Give everybody a pound and tomorrow there is a millionaire and a million people skint.
And into the local economy. This idea banks are stealing all our money just masks the real problems we face.
Of.course it went to others. People still had to eat and pay for other things as their main source of income (employment).had been removed by the government via enforced lockdown. It's not as if furlough was money paid on top of your salary.
Mortgage support is different from furlough though. One is paying out due to having slightly less money than before whilst the other was paying out due to your complete source of income being removed.
Indeed... Now we have a society who stumbles from one problem to another and demand everyone else bails them out rather than even trying to help themselves which actually makes the next problem
Yeh, furlough was necessary to avoid a complete economic collapse. The government effectively closed vast swaths of industries.
People can just say it is tough and that there should not have been furlough payments, but i do not think they would have liked to have seen the alternative...
Soldato
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But the underlying problem in all cases is our country and it's resilience or policies.
COVID - policies/resilience around decisions made regarding locking down the economy and the resilience of healthcare.
Energy - policies /resilience around energy security.
Inflation - policies/resilience around imported goods, excessive profiteering, Brexit.
When do you realise these problems are not the making of 'society' directly, but from the incapable people in power.
Helping yourself is not possible when your mortgage or rent goes up by hundreds a month.
Especially when they actively want you to be poorer.
A midwife , someone who probably earns less than 100k didn't borrow 500k. I said borrow 500k.
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His point was that in the South East, you don't get an average/reasonable family house for less than 500k these days, so a very large mortgage is a necessity.
That sort of figure you mentioned isnt some exorbitant figure reserved for the rich down south. It is the reality of just getting a modest 3 bed house!
Where i work, a few years ago some new relatively small 4 bed terrace houses with no garage and not much garden/land were going for £750-£800k....
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Soldato
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The public doesn't help themselves to tbh. Public as addicted to cheap credit since 2008 as the government is, expecting it to last. Buying larger homes as they could suddenly afford to based on their monthly mortgage payments. Remortgaging to free up cash to do home improvements etc.Fomo'ing into property purchase when house prices rising, doing their bit to fuel the housing market ponzi-like scheme.
Everyone needs a place to live but the British love affair with property hasn't helped and neither has a prolonged period of low interest rates. Addicted to what was cheap to service debt.
I had three properties at one point so guilty too although each one had a manageable mortgage only and now just have the place I live in.
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But shouldn't these people have just bought somewhere cheaper rather than borrowed irresponsibly? I'd like a house in St Alban's but I can't afford it so I have to make do with another town. E.g. St Albans and Stevenage, both in Hertfordshire, but prices are completely different, Stevenage being affordable.
Probably could have done. Likely if they had a partner too.
Many millennials, myself included, have been chasing house prices for a decade or more, and if lucky managed to scrape together a deposit and get a mortgage for the crappiest houses in town (ours needed a full renovation when moving in, but there wasn't much choice on the market within budget) - most of my friends/family in this generation it's been a combination of living at home, someone died, or parents 'gifted' a chunk, the ones still doing it while renting haven't been able to get the mortgage yet because the bottom rung is getting pulled further and further away at a rate they can't keep up with.
We did finally managed it in 2018 - then moved again in 2021 to a 2.5ish bed (you can probably guess why, and the older place was a 'starter' with no scope for improvement and in an undesirable location) and took out further borrowing. The bank would have lent us 500k on our then earnings (gone up since) but we felt that was too far and went for 360k and aimed for 75% LTV as our target (why not, we both have years of earning left and life insurance, should the worst happen). So we finally get on the ladder, and get going, paying back over a 35 year term, then within 5 years the interest rates are going up and the repayments could almost double. I mean, come on! Wtf are we supposed to do to avoid getting shafted at every hurdle? *
Before you say "look at cheaper places to live", we moved out of the North because job prospects and wages were **** and found that our earnings and careers have started (in my case there was nothing but retail work in my home town) and boomed since making that choice. So we are better off, but this just feels like being dragged under after just making it to the surface.
We're slightly lucky in fixing early last year for 5 years, so there's a chance this could change for us, but still painful for others in this thread and friends we know of. Personally looking at payments going from £1050ish to £1800ish IF we can get below £300k before 2027 - if they go up to 10% that would be £2600pm - and if we don't overpay and bury our heads in the sand it's a couple hundred more again.
These are scary numbers, and those interest rates can always go higher and higher.
*if we'd have waited, we'd be still renting and facing rent rises and probably moving every 2 years like everyone else has to do, and in the process incurring more cost keeping you away from that bottom rung. The whole system is a rat trap
So you think there would be enough housing available for everyone to move to the cheapest area?
How does that work? Where do all the people that have to stack shelves, clean offices, serve beer/food in the South East live? Do you want them to commute from Manchester?
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People who earn less then 100k take out 500k mortgages all the time, pretty sure I could have done it myself but choose not to. For example using the the current house without a mortgage as a 50%+ deposit towards a 500k mortgage so you only have to pay back £250k + interest is reasonable. Along with a partner sharing the mortgage.
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That's a 250k mortgage, unless you took your 250k and went for a 750k 2 bed flat in London
