Mortgage Rate Rises

[unwashed potato!]

Its fair to charge rent. Especially if parents are struggling.

But the best thing would be to charge and then give it as a gift for a house deposit.

Not everyone can, but it's very handy at this point!

surely though there's an expectation as an adult that you're paying everything for the child up to a certain point. so school, holidays, food etc, but once they reach an age, they are expected to pay for themselves, holiday being a prime example once they are old enough to go on one without you.

and then at that stage, the food they are eating is way more than what originally they were, kids meals cost barely anything in comparison to an 18/19/20 growing young guy. are parents still expected to pay for all that if the child still lives at home?

i'm childless atm so don't know how it'd feel in reality, but to me right now, i feel just charging them as flea.rider is suggesting, £70 per week, covers the food, towards electricity etc. i don't see the issue with this, and can't see how it could be expected to be saved to give back at a later date.

 

[flea.rider]

If mortgage defaults in America were the precursor to the 2008 financial crash, aren't we in danger of repeating the past if interest rates climb higher, here in the UK at least.

Are governments/banks concerned by this or not?

lol no they will just sell it on ... as they always have ...

 

[413x]

surely though there's an expectation as an adult that you're paying everything for the child up to a certain point. so school, holidays, food etc, but once they reach an age, they are expected to pay for themselves, holiday being a prime example once they are old enough to go on one without you.

and then at that stage, the food they are eating is way more than what originally they were, kids meals cost barely anything in comparison to an 18/19/20 growing young guy. are parents still expected to pay for all that if the child still lives at home?

i'm childless atm so don't know how it'd feel in reality, but to me right now, i feel just charging them as flea.rider is suggesting, £70 per week, covers the food, towards electricity etc. i don't see the issue with this, and can't see how it could be expected to be saved to give back at a later date.

Oh I agree. My parents charged me. If I had kids (I dont/won't) I'd charge them too.
If I was in a great financial position I'd give it as a gift to a deposit.

If I wasn't I'd just keep it.

I'd never expect to have it given back. I never did. But if you can, it's a nice thing to be able to do.

 

[flea.rider]

Oh I agree. My parents charged me. If I had kids (I dont/won't) I'd charge them too.
If I was in a great financial position I'd give it as a gift to a deposit.

If I wasn't I'd just keep it.

I'd never expect to have it given back. I never did. But if you can, it's a nice thing to be able to do.

just like yourself ... and this scares me .. my 2 at 31 and 32 don't want kids .. i think there is many more the same out there .. the system has broke them .. but as always it's there choice ..

 

[Maccy]

I paid £350/month to my folks when I finished uni and started working, they were kind enough to save it up for me and put towards a deposit when I eventually moved out a few years later.
I think if parents can save it then great, but ultimately with cost of living etc then it shouldn’t be a given.

 

[Skynet5]

It’ll all be different I’m sure when my lad starts earning.

My plan is…

I’ll happily charge him keep (food and leccy) , but I’ll also be asking for some rent. Not much. But some token amount.

When he goes to buy a home with the money he has saved, just as he is getting a deposit sorted, he’ll get all that rent back to go in as extra deposit.

As for uni. Too early to comment. But unless he wants to do something that actually requires a degree to be admitted into the workplace (doctor etc)….I’m going to try my best to suggest he doesn’t go to Uni.

I did. Other than the fun, it was a complete waste of time. I don’t believe it’s helped me build my career any faster…in fact I think perhaps slower. I look at my salary and think I could be that x 4 years richer right now. Lol

 

[DJMK4]

**completion month incoming **

Is it normal for the old lender to send you letters stating your bank has told us the direct debit instruction setup for the payment of your mortgage has been cancelled even though I have spoken with my solicitor and also the new lender and we're still on completion for 3rd July ?

The old lender sent me a letter previously about taking a direct debit payment of over £1000 which is what sparked me to cancel my dd

Are they going to blackmark me or do something to my credit rating ? Why are they sending me these letters surely they should know via the solicitors I'm transitioning

 

[413x]

just like yourself ... and this scares me .. my 2 at 31 and 32 don't want kids .. i think there is many more the same out there .. the system has broke them .. but as always it's there choice ..

Yeah a lot of friends in same position too.
What's the reason yours don't want any? I've always known.

 

[Jono8]

surely though there's an expectation as an adult that you're paying everything for the child up to a certain point. so school, holidays, food etc, but once they reach an age, they are expected to pay for themselves, holiday being a prime example once they are old enough to go on one without you.

and then at that stage, the food they are eating is way more than what originally they were, kids meals cost barely anything in comparison to an 18/19/20 growing young guy. are parents still expected to pay for all that if the child still lives at home?

i'm childless atm so don't know how it'd feel in reality, but to me right now, i feel just charging them as flea.rider is suggesting, £70 per week, covers the food, towards electricity etc. i don't see the issue with this, and can't see how it could be expected to be saved to give back at a later date.

Bills (paying for their energy and food) is fine.

I think charging them rent (IE money just for staying there) is rather *******.

 

[dlockers]

I’m going to try my best to suggest he doesn’t go to Uni.

Why not give him the tools to make an informed choice? It isn't his fault you didn't make the most of it. If graduates were focused on the right roles, it isn't difficult to get £36k/year fresh out of University, and be earning over £100k in ~7 years.

 

[Jono8]

Why not give him the tools to make an informed choice? It isn't his fault you didn't make the most of it. If graduates were focused on the right roles, it isn't difficult to get £36k/year fresh out of University, and be earning over £100k in ~7 years.

It isn't difficult to earn £100k a year at 28?

Lol what

 

[dlockers]

It isn't difficult to earn £100k a year at 28?

Lol what

I can link to a bunch of grad schemes that start at £32-37k with an expectation you get promoted/earn 50-55k in 2 years. Then it's down to you/how you make your luck but total comp of £100k is doable.

 

[Skynet5]

Why not give him the tools to make an informed choice? It isn't his fault you didn't make the most of it. If graduates were focused on the right roles, it isn't difficult to get £36k/year fresh out of University, and be earning over £100k in ~7 years.

Absolutely will give him the tools to make the decision himself.

Not sure where ‘most of it’ and ‘fault’ comes into this.

However too many companies are now devaluing degrees and have very good apprenticeship schemes. Some Tbf offer undergrad schemes where they pay for the course fee and you work and learn at the same time.

My experience is obtaining a 1st class (top 1% of year) in software design and networking. I’d say I’m pretty smart, but worked damn hard to get it.

I’ve earned well over that for many years. Although not within 7 years..more like 10. And ive been working for 20+

I have also built many teams in my industry and also worked with many HR departments outside of my specialism on how to attract talent in to organisations.

Over the last 10 years degrees are becoming devalued in many industries, and are certainly no longer a hard requirement to apply.

Not to say it might not open a door for him if he was to have one, but it’s becoming less likely depending on the industry he is interested in. Medical yes. Engineering less likely.

A smart person will go very far without a degree. A person with will and skill doesn’t need a piece of paper to prove it.

just my thoughts, although they appear to align with many others across industry i see.

 

[Skynet5]

It isn't difficult to earn £100k a year at 28?

Lol what

It’s very unlikely. Doable in some industries. But still unlikely.

 

[200sols]

I can link to a bunch of grad schemes that start at £32-37k with an expectation you get promoted/earn 50-55k in 2 years. Then it's down to you/how you make your luck but total comp of £100k is doable.

My brother was on 150k+ at 29, he's 31 now. Bit of a high flyer doubt most people will achieve it. I also told him to sort his mortgage out and he didn't listen, paying a lot more now, good at his career but completely devoid of any common sense.

 

[dlockers]

My brother was on 150k+ at 29, he's 31 now. Bit of a high flyer doubt most people will achieve it. I also told him to sort his mortgage out and he didn't listen, paying a lot more now, good at his career but completely devoid of any common sense.

I ain't your bro!

 

[200sols]

I ain't your bro!

Luckily a 3 bed semi is 'only' £350k here

 

[krooton]

It’s very unlikely. Doable in some industries. But still unlikely.

It's going to become even more narrow by industry if AI really takes off and starts filling all those entry level positions in many industries.

 

[neocon]

It's Game Over For The UK Housing Market! (UK House Price Crash 2023)

UK House Prices are CRASHING and it's TOO LATE for anyone to STOP IT! The housing market crash is already well underway and the second half of 2023 is going ...

youtu.be

This commentator absolutely loves a good crash.

Comments on that video are quite funny. People so happy for a crash so they can get on the housing ladder.

 

[Maccy]

**completion month incoming **

Is it normal for the old lender to send you letters stating your bank has told us the direct debit instruction setup for the payment of your mortgage has been cancelled even though I have spoken with my solicitor and also the new lender and we're still on completion for 3rd July ?

The old lender sent me a letter previously about taking a direct debit payment of over £1000 which is what sparked me to cancel my dd

Are they going to blackmark me or do something to my credit rating ? Why are they sending me these letters surely they should know via the solicitors I'm transitioning

Interesting, we’re in exactly the same position - I really should find out what’s going on but part of me thinks that the lenders are just going to sort this between them, as is usually the case.