Mortgage Rate Rises

[glenimp617]

Just checked Zoopla, seems my house has increased £30k in the last month lol

are these website for real?

 

[glenimp617]

There’s a lovely detached 5 bed house near me on the market for 8 months now at £845k that isn’t shifting…

Those same houses were £650k before the pandemic.

Someone just needs to buy it to rent out surely.....gotta keep that train running

 

[glenimp617]

Man, if it comes to that put me down, or robots can do it!

fembots

 

[glenimp617]

I'm worried for my kids. Think they will be living with us until they are 30, and then they'll have to be saving up many hundreds per month for the deposit.

 

[glenimp617]

Is it a bad time do do house renovation then?

with the prices of renovations at the minute, it might be cheaper to move house

can't believe the quotes we've been getting

 

[glenimp617]

Exactly. The cost of renmovating is stupid

Tell me about it, we desperately need a new bathroom, kitchen and carpets. It's crazy!

 

[glenimp617]

Ensuite for us. It's unusable in its current state. But can't justify the cost

same, we had a leak in ours about a year ago. The tiles have fallen off, the toilet doesn't work and the shower doors broken.

Three quotes, all around the £9k mark.

It's the smallest en-suite you've ever seen. Can't afford that at the minute.

 

[glenimp617]

Wow. I didn't get a price. Wasn't expecting that! Ridiculous!

Yeah it's mental

I might have to see what wickes can do

 

[glenimp617]

Some people borrow the maximum amount they can, others don't. There's no right or wrong.

We worked out how much we could afford per month adding in a rate rise and went with that.

 

[glenimp617]

I wish it was more than -25%

 

[glenimp617]

Perhaps Mr Bailey wants to walk around his local NHS hospital, or if he's feeling really brave, his local FE college.

It doesn't take a genius to work out where the wealth in the economy is going.....in fact, I think these so called geniuses are part of the problem.

 

[glenimp617]

Worth a watch

https://www.youtube.com/@garyseconomics/videos

 

[glenimp617]

It depends who you listen to. Most of the reading I've done suggests rates will remain high for many years. I guess it depends on your definition of high though, as most people have gotten used to <2%

Probably between 4-5 at best is my guess, and it is only a guess. Put it this way, we did a 5yr fix not too long ago. In fact I think it was pretty much the last week any banks were offering anything under 4%. We got 3.9%. If rates are the same in 5yrs I'll be happy.

When wealth has been sucked out the of the economy like it has, I can't see anything which suggests otherwise.

 

[glenimp617]

When does everyone think they'll be able to retire

 

[glenimp617]

Unfortunately to keep my mortgage increase to below a grand I've had to add 2 more years onto my retirement date . 57 now if things stay stead. 53 if I can work a bit harder.

To be fair, that's really good. I doubt many people are able to retire that early.

 

[glenimp617]

"What is a mortgage" says the old git with a smug smile, retreating having lit the touchpaper Seriously tho, I am glad I am out of it.

I was all for paying mine off within the next 5 years, but we desperately need new a kitchen and bathrooms

 

[glenimp617]

Wages now outstripping inflation, expect the BoE to get twitchy...

who's getting the payrises?

 

[glenimp617]

https://www.bbc.co.uk/news/business-67056069

Looks like the people that went for 5 year deals in mid-late 2022 may get hit with a large increase in mortgage payments

I was hoping rates would be coming down by 2027

ouch!

My mortgage will be down to £65k by then, but without our current car loan. Still, absolutely crazy.

House prices aren't coming down either....at least not where I live.

I want to move house as well

 

[glenimp617]

If I said to you predict next weeks shopping bill you would probbaly be able to make a decent guess

You've not met my mrs have you

 

[glenimp617]

I dunno, maybe some years ago

You'd not forget, that's for sure......and if you did, your bank would remind you