Mortgage Rate Rises

potatolord said:
My mate lives like a monk and spends nothing. He has spent thirty odd years doing this and has a huge chunk of cash in a current account.

He's not far off sixty, and his health is visibly deteriorating. He has no kids.

I've been telling him to enjoy it while he can for the last five years. I doubt he will ever do anything.

He'll be the richest man in the graveyard, with nothing to show for it.
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Similar to my best friend. Nearly 40 years old, lives with this parents. Never traveled or even left the UK. Doesn't drive or have an license, only a bus pass. Single, no kids. Working an dead end, minimum wage job. With loads of cash in his current account because he's done nothing with his life. You can see he is miserable AF.

I have told him plenty of times, time is running out. He better get off his backside and do something with his life before its too late. But hes just lazy.
 
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413x said:
Haha. Miss old Top Gear.

Its nowhere near that bad for turning. And for a 1.6 auto. Double tapping the accelerator does provide more poke than I was expecting.

Its actually quite reliable. And interior is better in layout than damn mini I'm using at the moment!
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The ol’ days.
 
malachi said:
Similar to my best friend. Nearly 40 years old, lives with this parents. Never traveled or even left the UK. Doesn't drive or have an license, only a bus pass. Single, no kids. Working an dead end, minimum wage job. With loads of cash in his current account because he's done nothing with his life. You can see he is miserable AF.

I have told him plenty of times, time is running out. He better get off his backside and do something with his life before its too late. But hes just lazy.
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Probably some sort of mental health thing that's never (and probably never will be) addressed.

If you have that strong apathetic mindset (I do) but you don't feel guilty, that you're wasting time, you'll probably just end up "existing" until the end.
 
413x said:
I've been really lucky with cars.
S2000 was amazing and so old.
Then we dropped down to one car when it got written off
So now it's just Peugeot 207 automatic that cost 3k.
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Ah, the s2000 was a car I always wanted but never got round to owning. Shame it got written off :(
 
IvanDobskey said:
Ah, the s2000 was a car I always wanted but never got round to owning. Shame it got written off :(
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It wasnt a bad time to get written off.
Was savaing for a house deposit. Was thinking "this car isn't practical for me, but I can't part with it". (not activity friendly!).
It was a joy to drive! Much preferred it to z4 and mx5.

If I can't have a fun car, I don't care what car I have really.
 
413x said:
Probably some sort of mental health thing that's never (and probably never will be) addressed.

If you have that strong apathetic mindset (I do) but you don't feel guilty, that you're wasting time, you'll probably just end up "existing" until the end.
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Yeah, it wont be addressed. We have all told him to go and see an professional. He has enough money to go private. But it falls on deaf ears.

He has enough money to put a decent deposit down for a decent place. But I don't think he will meet the criteria anymore due to his low paid job and rising rates. They would probably see him as a risk, unless he gets a mortgage with someone else. Which isn't going to happen in his current state.
 
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malachi said:
Yeah, it wont be addressed. We have all told him to go and see an professional. He has enough money to go private. But it falls on deaf ears.

He has enough money to put a decent deposit down for a decent place. But I don't think he will meet the criteria anymore due to his low paid job and rising rates. They would probably see him as a risk, unless he gets a mortgage with someone else. Which isn't going to happen in his current state.
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Aye.

I know from myself, and my mum you can't tell people like this. It has to be up to them. They have to have an epiphany or some sort of light bulb moment and decide (for themselves) to stop burning time.
Only so much anyone else can do. Sad to see people waste away. But end of the day, we are all responsibile for our own happiness
 
I'm quite into cars (done quite a few track days), but just don't see the point in leasing or buying an expensive one while we've got a big mortgage to clear down.

Got a 13 year old BMW 320i at the moment (good spec and condition), and an 8 year old Focus (crap spec, good condition).

I will get a Porsche at some point - but not while I still owe Nationwide 500K!
 
Wonder if this rate shock it's going to a good thing in the long run. It's certainly made me hesitant about ever getting a bigger mortgage.

Even though (if you believe house prices will rise endlessly) it seem sensible to remortgage all the time and buy most you can afford. Being mortgage free right about now sounds lovely!
 
413x said:
Aye.

I know from myself, and my mum you can't tell people like this. It has to be up to them. They have to have an epiphany or some sort of light bulb moment and decide (for themselves) to stop burning time.
Only so much anyone else can do. Sad to see people waste away. But end of the day, we are all responsibile for our own happiness
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Yep, that's true. Cant help someone who doesn't want to help themselves.

413x said:
Wonder if this rate shock it's going to a good thing in the long run. It's certainly made me hesitant about ever getting a bigger mortgage.

Even though (if you believe house prices will rise endlessly) it seem sensible to remortgage all the time and buy most you can afford. Being mortgage free right about now sounds lovely!
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Glad I paid mine off in April before things got crazy. :eek:
 
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413x said:
Wonder if this rate shock it's going to a good thing in the long run. It's certainly made me hesitant about ever getting a bigger mortgage.

Even though (if you believe house prices will rise endlessly) it seem sensible to remortgage all the time and buy most you can afford. Being mortgage free right about now sounds lovely!
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Must admit I’m feeling pretty good right now. Not quite mortgage free but heading that way, fixed rate ended at the end of June and we’re in a position to make a significant lump sum payment this week that’s going to bring us close to a 4 figure outstanding balance that we’ll clear one way or another within the next year.

Being on SVR with our current balance outstanding is a little scary though even if it is only for a couple of days :eek:
 
malachi said:
Yep, that's true. Cant help someone who doesn't want to help themselves.



Glad I paid mine off in April before things got crazy. :eek:
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Once ours gets below 100k I'll be much happier. Rate changes then are significantly less disruptive.

Will be down to 150 at renewal in 5 years. Which is a lot more comfortable than 200 we just had. But not down to that nicer 100k figure!
 
Seems like most in this thread are quite conservative when it comes to mortgages and paying them down early.

Still got long way to go in our mortgage and hefty chunk as well.

Considering how much time you spend in your house I think it is worth pushing the boat out a bit. If it hits the fan you can always sell up and downsize

For me though its also part of my retirement plan. Diversify from my workplace pension
 
kaiowas said:
Must admit I’m feeling pretty good right now. Not quite mortgage free but heading that way, fixed rate ended at the end of June and we’re in a position to make a significant lump sum payment this week that’s going to bring us close to a 4 figure outstanding balance that we’ll clear one way or another within the next year.

Being on SVR with our current balance outstanding is a little scary though even if it is only for a couple of days :eek:
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Looking to go mortgage free in the near future by relocating too.

**** being a wage slave beholden to the whims of the bank of England/rich people all the time.

Might work part time after that.

Full time work from 20 - 70 is no way to lead a life.
 
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kevman said:
Seems like most in this thread are quite conservative when it comes to mortgages and paying them down early.

Still got long way to go in our mortgage and hefty chunk as well.

Considering how much time you spend in your house I think it is worth pushing the boat out a bit. If it hits the fan you can always sell up and downsize

For me though its also part of my retirement plan. Diversify from my workplace pension
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For me. The mortgage will be down to 173k in 5 years.
To get to the 150k I'd need to pump in 20k.

If rates are still 4-5pc come this time, that's what I'll do and remortgage at 150.

However if rates are back down to 2pc I'll continue keeping that in my ISA and remortgage at 173.

This way I have flexibility.
 
maybe we should live like the Germans, they tend to do most things better. i think its only around 40% (of working people) own a property or was when i did a work project on it a few years back.
 
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_Jimlad_ said:
maybe we should live like the Germans, they tend to do most things better. i think its only around 40% (of working people) own a property or was when i did a work project on it a few years back.
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That requires a decent pension/health care system etc.

If you can't trust the state to) after you, I wouldn't want to be paying rent late in life
 
413x said:
That requires a decent pension/health care system etc.

If you can't trust the state to) after you, I wouldn't want to be paying rent late in life
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This

I have absolutely zero faith in the future in terms of pension/the NHS.

I am absolutely not going to be paying a mortgage beyond the age of ~50 (hopefully a lot sooner) and will be sure to be in a house I am happy in.
 
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