Mortgage Rate Rises

[Richie]

I shouldn't have reacted and called you an idiot. But your dismissive nature of the problem has riled me.

Don't worry about it, I've been called a lot worse. It's the kind of topic where people can end up bunkered down due to it directly affecting them in a big way

How is it any different to targeting tax or benefits at the groups that need it? Why shouldn't the pain be spread more across the different wealth levels that exist? We're not talking taking assets for the state, just making sure that everyone pays their fair share of the economic pain, rather than the burden being skewed towards mortgage holders only.

If this is 'a touch of Marxism' then fair enough.

Because what you're asking for is idealism. Unfortunately it can never work because humans are selfish in their nature. Any system put in place to try and do what you suggest will end up being manipulated and abused to further people's individual circumstances resulting in a bigger divide, mostly because the wealthy can afford to protect their assets to ring fence them from the proposals.

This means the middle class (which you are part of I assume) would have a larger burden to support the poorer than they would.

Being an idealist is admirable but it needs tempered with some realism and pragmatism.

 

[flea.rider]

Aren't you super old?

why yes if 57 is super old .. been there done that ..lived in 5 different country's ..

 

[danlightbulb]

@Richie if we take that view, nothing ever changes for the better.

Let the poor/middle burn because its too hard to do anything about the rich.

 

[MikeTheNative]

I've just looked at some rates and they aren't as bad as I thought. I could get a two year fixed at 4.7% from moneybox with an LTV of 60%.

 

[matt100]

This is ours. I used the XX0 0 part of our postcode as a decent "area"

Detached £303,533
Semi-detached £237,146
Terraced £214,045
Flats £109,000

Yes. It's a cheap area!

Surrey gonna Surrey...

Detached £1.2m
Semi £585k
Terrace £418k
Flat £293k

 

[flea.rider]

Due to the longest con that rich people.have played on society (IE banks and mortgages), a mortgage is now a necessity to own a roof over your head.

Also, this will drive rents up too, so it virtually is everyone apart from either those with social.hpusing or those who own their house out right.

yes so save a little longer ?? my lad did .. 30 nearly 2 yrs ago when he moved out ?? and bought his own house ..so we should be paying all the slum lords mortgage ??

 

[dlockers]

why yes if 57 is super old .. been there done that ..lived in 5 different country's ..

With all due respect then, receiving a lecture from you about what to do when you are 57 and still have at least 7 years to go..........

and i locked mine in at 2020 prices and i'm doing fine till 2030 .. it's all those that din't that are feeling the pain .. lrg jumps don't serve a purpose .. small steps is what gets you there ..

 

[flea.rider]

£500k is less than what it costs to buy a 3-bed semi in large parts of the south (and thats not in London either). You've got to re-adjust your expectations on what stuff actually costs in the south / south-east.

FTB are now typically in their 30s with 2 kids. A 3 bed semi is their minimum. It's a £500k mortgage or nothing for them

if ya can't afford to live there move .. simples ..

 

[danlightbulb]

yes so save a little longer ?? my lad did .. 30 nearly 2 yrs ago when he moved out ?? and bought his own house ..so we should be paying all the slum lords mortgage ??

Dont you think aged 30 is too old to be only just living with parents? That is a third of his life gone, not making his own way in the world, not having privacy and independence. Time goes quick after 30, as most of us know.

 

[413x]

Surrey gonna Surrey...

Detached £1.2m
Semi £585k
Terrace £418k
Flat £293k

Surrey for your loss(es on your mortgage rate increase)

Obviously we all know house prices vary. But it is still a shock seeing it!

 

[danlightbulb]

if ya can't afford to live there move .. simples ..

Dont you understand its relative? If they move somewhere else, their incomes would also likely drop so in the same overall position on affordability.

The only way to 'win' is work in the city in a high paid job but in cheap accommodation, then take that money and buy something cheap up north with it, changing jobs and living a simpler life on a lower income.

This is only an option for a small subset of people.

 

[flea.rider]

With all due respect then, receiving a lecture from you about what to do when you are 57 and still have at least 7 years to go..........

didn't you read this is my second house .. lost my house in the 2000's .. we went silly over extended .. we started in a 2 up 2 down (when i was 25) went to a small 3 bed and then to a better area ..then went silly and bought big 3 bed double garage big garden .. 2 yrs later market pooped its pants and as luck had it sold it just managing to pay off all our debt left us with nothing .. so we saved ate jam buttys din't go out and bought this one .. and i'm not lecturing

 

[ci_newman]

yes so save a little longer ?? my lad did .. 30 nearly 2 yrs ago when he moved out ?? and bought his own house ..so we should be paying all the slum lords mortgage ??

if ya can't afford to live there move .. simples ..

Why didn't your son move somewhere cheaper instead of leeching from his parents for 30 years instead?

 

[matt100]

Surrey for your loss(es on your mortgage rate increase)

Obviously we all know house prices vary. But it is still a shock seeing it!

I mean, I do alright obviously but then I moved here from Salisbury partly in order to be at a rational commuting distance to my office which is in Surrey..

We fixed for 3 years last June so we're ok for now and assuming we're looking more around 4-5% rather than 6-7% in 2025 then it'll all be fine.

I have to say in my mind much higher interest rates are likely to become inflationary in themselves as I'd push for more pay to cover that and given where the office is lots of us would, we can't have a few hundred people moving away or becoming homeless, that's not sustainable.

 

[flea.rider]

Dont you think aged 30 is too old to be only just living with parents? That is a third of his life gone, not making his own way in the world, not having privacy and independence. Time goes quick after 30, as most of us know.

not really ?? .. it was his choice .. he still went away for weekends bought in a nice area put 30% down .. and pays £340 i think .. 5 yr fixed .. ?? and now he's not struggling he will have a happy life ?

 

[413x]

I mean, I do alright obviously but then I moved here from Salisbury partly in order to be at a rational commuting distance to my office which is in Surrey..

We fixed for 3 years last June so we're ok for now and assuming we're looking more around 4-5% rather than 6-7% in 2025 then it'll all be fine.

I have to say in my mind much higher interest rates are likely to become inflationary in themselves as I'd push for more pay to cover that and given where the office is lots of us would, we can't have a few hundred people moving away or becoming homeless, that's not sustainable.

If this level of inflation is sticky maybe that's what will happen.
Maybe companies will have to move away to actually hire people.

At some point wage increases become too high.

Maybe that's where we are heading. More people moving away, thus prices shoot up where they are currently cheap.

 

[flea.rider]

Why didn't your son move somewhere cheaper instead of leeching from his parents for 30 years instead?

leeching ?? he paid rent ?? lol

 

[ci_newman]

leeching ?? he paid rent ?? lol

You avoided the question. Why didn't he move somewhere cheaper?

 

[413x]

Why didn't your son move somewhere cheaper instead of leeching from his parents for 30 years instead?

If parents are happy then this is great.
Its better to undercharge your kid for rent and help them on the life ladder if everyone is happy.

I'd have stayed longer. But living at home came with being a slave and paying rent.

I may have missed this being a sarcastic retort to a previous post however!

 

[flea.rider]

You avoided the question. Why didn't he move somewhere cheaper?

because his laundry and food was thrown in ?? trick question