I'm already there
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Yeah, it's not looking good at the moment. I was thinking about changing jobs but in this current climate I think I'll stay put. Same with the Mrs. Luckily, she's the main earner and has 14 years of service with her current employer so it will cost them a ton of money to make her redundant.
I've got a re-mortgage up at the end of next month. Got an offer of 4.1% fixed for 5 years which I think I'm going to go for.
I've got a re-mortgage up at the end of next month. Got an offer of 4.1% fixed for 5 years which I think I'm going to go for.
Soldato
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What's the DWP policy if someone has become unemployed after being a higher earner?
As far as I know it's the same as everyone else. You have to show you are looking for a job.
My reference to higher earners was that the DWP person specifically commented on it being a trend (more people and many of them higher earners).
Soldato
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Yeah I just wondered what sorts of jobs they send you for and whether they expect you to drop a lot of salary.
Do they withhold benefits if you've been given redundancy money?
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I would expect they ignore salary and just expect you to demonstrate that you have applied for jobs roughly based on your typical career experience.
Caporegime
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A lot of this will be a reset as we have been running on overcapacity on many many things for far too long.
Just because someone was on a high salary in say something like retail for example you got more chance of winning the lottery than getting that job back. Take the skills you have and retrain into something else.
I used to work with people who were thick as pig poo on considerable salaries because of dead man shoes or being in the right place at the right time who would have zero chance of getting that job again if something were to happen to their company. Kind of like a deer in headlights. They would get eaten alive trying to mix it in the interview world.
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You're right, it was priced in to swap rates already.
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The problem is so much of the UK economy is based on the housing market, the government need to protect house price increases at all costs, which is why it is very unlikely there will ever be a "crash", sure prices may fluctuate but in general prices have and will continue to rise.
If there is a crash we are all screwed.
There is a bit of a negative trend in our economy, job market etc, so they are trying to stimulate the market to keep prices up.
Hence the drop in interest rates.
If there is a crash we are all screwed.
There is a bit of a negative trend in our economy, job market etc, so they are trying to stimulate the market to keep prices up.
Hence the drop in interest rates.
You can restrict your search to your usual salary range (within reason, those jobs have to actually exist) for 3 or 6 months (I cant remember which).
Caporegime
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Yeah a housing crash is just not going to happen. It will get to a point where you are mortgaged all your life until retirement then the house gets sold and debt gets paid back to the banks when you die.