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
- Joined
- 14 Jul 2005
- Posts
- 9,477
- Location
- Birmingham
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
- Joined
- 14 Jul 2005
- Posts
- 9,477
- Location
- Birmingham
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?
Last edited:
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
- Joined
- 22 Oct 2002
- Posts
- 29,104
- Location
- Boston, Lincolnshire
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.
Last edited:
You're right, it was priced in to swap rates already.
Last edited:
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
- Joined
- 22 Oct 2002
- Posts
- 29,104
- Location
- Boston, Lincolnshire
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.
Associate
- Joined
- 2 Sep 2007
- Posts
- 2,012
Anything lined up?
Soldato
- Joined
- 14 Jul 2005
- Posts
- 9,477
- Location
- Birmingham
No one's talking about how we get UK investment up. Growth comes from investment but the government can't do it alone, it needs private investment.
Over the past 30 years a lot of our pension fund contributions have been going to the US markets not our own markets (coincidentally aligned to the loss of DB pensions and the rise in DC where you choose your own funds and the associated rise in popularity of the global equity index type funds). That's a massive amount of money going to support another country's markets not our own.
We need to incentivise UK private investment growth over foreign, how? Places like China in the past have had capital controls - completely forbid money leaving the country. Bit extreme for us but a minimum UK investment percentage from pension funds was briefly touted prior to the budget I believe. It's actually a good idea for the country.
Or something less forceful could be tax incentives. Reduce pension tax relief on any pension fund foreign market investments and increase it on UK markets. For non pension fund investment how about scrapping capital gains on UK stock market investment. These two things could be done easily and would incentivise people to invest in the UK markets.
Last edited:
Not yet. Just started looking.
I'm expecting a small pay cut as there are more applicants and fewer jobs now.
Also less full remote roles which really limits my choices.
Looking at contract too.
Think my job will be swallowed up by AI soon. So not sure what to do mid term. Ideally I'd like out of tech (due to AIs relentless progress) but making that happen isn't easy.
Last edited:
Soldato
- Joined
- 25 Nov 2007
- Posts
- 5,583
- Location
- London
You blame money leaving, and instead of wanting proper change, want to restrict the ability for money to leave. This is called communism.
So you ask how, and the answer is extremely simple, cut taxes + cut regulations, the regulations and bureaucracy are probably more important at this stage.
Soldato
- Joined
- 9 Dec 2009
- Posts
- 5,469
- Location
- Bristol
First mortgage renewal, had new offer through from existing provider:
4.89% 3 year fix with no product fee.
4.75% 3 year fix with £999 product fee.
We're currently on 2.2% paying £782 per month.
I've calculated that the 4.75% rate will be £1,008 per month.
An online comparison site is showing the above 4.75% rate as the best one with the same provider.
A quick quote with my bank is showing similar, a small amount dearer.
A quote via a company my employer recommends is quoting similar to my bank.
We used an independent mortgage broker 5 years ago and I've sent him the broker code that came with the renewal invite.
Hopefully he can get a better deal either via the existing provider or the rest of the market.
4.89% 3 year fix with no product fee.
4.75% 3 year fix with £999 product fee.
We're currently on 2.2% paying £782 per month.
I've calculated that the 4.75% rate will be £1,008 per month.
An online comparison site is showing the above 4.75% rate as the best one with the same provider.
A quick quote with my bank is showing similar, a small amount dearer.
A quote via a company my employer recommends is quoting similar to my bank.
We used an independent mortgage broker 5 years ago and I've sent him the broker code that came with the renewal invite.
Hopefully he can get a better deal either via the existing provider or the rest of the market.
Indeed It is - more than ever - difficult to discriminate between the Tories and Labour. Since the turn of the century they have both walked away from their values, instead choosing to embark on a mission to pursue "whatever gets most votes" at seemingly any cost. This evidently works, but as we are beginning to see, can only last so long.
With reference to the economy and the knock on effect of our interest rates, both are to blame for our current situation.
With reference to the economy and the knock on effect of our interest rates, both are to blame for our current situation.
Last edited:
Back to topic…
I’m fixed at 2.4% until 2029 and I was going some planning as to what we are looking at come 2029 in terms of loan to value. Purchased back in 2019 and we should be down well below 50% LTV by the time the remortgage comes up.
The interesting thing is that house valuations are actually 5% down on their historic 2022/23 high around here. It makes sense though, it’s a relatively small town and there are 4 huge developments going up. There are loads of similar houses for sale in the local area to mine and it seems supply is outstripping demand at the moment.
Probably not a bad thing in terms of the long term health of the local economy, it was getting silly expensive. Prices are still waaay up on 2019 when we bought this.
I’m fixed at 2.4% until 2029 and I was going some planning as to what we are looking at come 2029 in terms of loan to value. Purchased back in 2019 and we should be down well below 50% LTV by the time the remortgage comes up.
The interesting thing is that house valuations are actually 5% down on their historic 2022/23 high around here. It makes sense though, it’s a relatively small town and there are 4 huge developments going up. There are loads of similar houses for sale in the local area to mine and it seems supply is outstripping demand at the moment.
Probably not a bad thing in terms of the long term health of the local economy, it was getting silly expensive. Prices are still waaay up on 2019 when we bought this.