Mortgage Rate Rises

The education system (like the NHS) is not fit for purpose. It's not really changed in decades.

They absolutely should teach the basics of household finances. Not to the extent they go through all the mortgage options, but an understanding of interest rates, ERCs, fixed, variable, repayment, interest-only etc etc with the pros and cons would be invaluable. The rest can be found through a mortgage broker.

I'd add on loans, credit cards, car finance such as leases and pcp, ccjs, bankruptcy risks
 
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dLockers said:
Reminds me when we were learning GCSE Maths and all the kids would protest they'd never need this knowledge. I imagine talking about house buying will trigger an even more vocal response lol!
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That's a good point. The way things are going, kids won't need to know about mortgages because they'll never afford one.
 
My local plumber has just bought himself a bright orange lambo. It's an older one, but still, it's a bloody lambo.

I can see why, after recently getting some quotes for garden work. You don't get much for 10 grand these days :eek:

The moneys in Trades, especially if you are half decent, can tell the time, and can answer a phone.
 
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bigmike20vt said:
i chatted with the builder who did our front 2 story extension in....... 2017 i think it was. i paid him close enough £20,000 for it (I got the plans written up for it myself and planning etc to keep prices down). He said now he would have to charge over double for the same job - but the majority of that was materials increases more than labour
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Tell me about it. We were having a garage extension done a few years ago. Didn't, then got a requote last year. Price had doubled :(
 
all of the new build houses within 15 miles of me have gone up. There is one style of house listed for £375,000 last year. It's now £400,000.

If they can sell them, of course they'll keep putting the prices up.

My neighbours dad bought her a new house, and rented her old one out. That's worth £300k.
 
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neocon said:
Public sector workers going to need to strike for even higher wages now
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and they should, well certain ones should. My sector has only had 1% payrises over the last 10 years.....and not every year I might add. Workers are getting sick of being paid peanuts because it all goes on tax (which is then wasted).

I wouldn't mind if public services were good, but when you pay hundreds and hundreds of pounds each month and get crap service back in return somethings got to give. You can blame the war in ukraine, but someone decided to import energy from abroad. If energy is so risky, why spend billions on HS2 and not more nuclear plants at home? Can of worms that one :cry: but you get my point.
 
int TheOraclesWorkrate = 100%

Do Until Retirement (
TheOraclesWorkrate = TheOraclesWorkrate ++ (Payrise - Inflation)
)

If TheOraclesWorkrate > 100% {
chrome.exe -forums.overclockers.co.uk} else {chrome.exe -forums.overclockers.co.uk}

:cool:
 
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argh, there is another thing to consider when chosing between a 2yr tracker or 5yr fixed. That's the £999 product fee.

Once the 2yr tracker is up I'll need to find a new deal and spend another £999. That £20 a month saving might not be worth it.

I'm starting to think I need a new username. I mean, can anyone see rates falling by a decent amount between now and the next 5yrs, or will they settle around the high 3s? This year is out of the question, I can't see them dropping until very late '23 or early '24.

Now thinking 5yr fixed. If I do a 5yr fixed, gonna be great for all you lot as I guarantee rates are gonna drop through the floor the day after I sign!
 
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  • Haha
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Derek W said:
I take it you're not being offered any deals without the product fee? I've only been with nationwide but they normally have similar deals with or without a product fee.

Edit

Or are you able to get a 3yr deal and split the difference?
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Unfortunately not, but I was 5 years ago when I renewed last time. This time, nope. The rates are a little bit lower than the website though, but still with £999 fee. I think there was one without a fee but it was a silly rate of over 5%. IIRC, they did a 3yr fixed but that was a high rate as well. I've still got a bit of time to mull it over.
 
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delta0 said:
Why would you choose to go onto an SVR? This is always a silly rate.
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Nobody who has a choice. The only thing I can think of is someone who has a large amount of money coming through and wants to pay it off, so maybe stay on SVR for a month or two. Can't think of any other reason. Now....if you don't have a choice of course.
 
413x said:
It's really obvious that 4pc today isn't the same pain as 4pc 15 years ago.

You can point to all the benefits now but those buying houses aren't really using those.

We are talking about home owners. If you don't want to look at numbers. Because you don't trust them. Just think what 10pc would do now. It would be ruinous. The country would fall apart. The older lot always point to surviving 15pc or whatever number. Its obvious to anyone even half that would be devastating today.

You can't really argue this.
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The government would argue that people in the 1980s didn't have netflix subscriptions. Just think what kind of a house you could buy with that £15.99 a month saving.
 
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