Soldato
I get excited chipping away at the mortgage these days, admit very low balance now, I think I'm at that boring stage of life haha
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
I get excited chipping away at the mortgage these days, admit very low balance now, I think I'm at that boring stage of life haha
Soldato
What annoys me most about the mortgage rates rise is if I had additional outgoings of £500-600 a month for something good, like a new car, at least I'd feel like I'd gained something. But with the rates going up, you have exactly the same thing and it costs you 50% more or whatever. It doesn't feel like there's any return on it.
Caporegime
Comparing rates in isolation between countries is largely meaningless. What matters is overall affordability when accounting for average income and living costs, of which interest rates are but a single component; and affordability varies wildly between these countries.
I do however find data like this particularly interesting:
It is interesting that the rates were at their lowest in the 2010's.
Especially when all. You've ever known is sub 2pc rates.
I'm still hoping rates drop below 3 in 2027..or I'm not here!think of it this way, the 2pc rates were discounted and you are now paying the normal price
Either or would be great!
Caporegime
If you are not here and happen to bump into my grandad, please say hi and tell him we miss him
Or to see it as a glass half full perspective, just think about the money saved while the rates were low.
(As my girlfriend would remind me, I'm completely a glass half empty point of view!)
Which was causing runaway house price growth without corresponding wage growth meaning anyone without a house found it increasingly more difficult to get on the ladder, as shown in the graph to be fair.
Not lattes and avocados.
Where's an eyeroll reaction when you need one?
yawn.
JFYI, i saved for 11 years before buying my current home. for that 11 years, I've only been on 3 holidays...and used more than 75% of my leave by working extra shifts for extra money.
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Soldato
I know I was generalising a bit with my comment. There still are young people saving hard for a house. But there is a reason the ownership figures are dropping. The high price of housing in this country means a lot of youngsters attitude is that a flash car is more attainable. So that's where the money goes.
@IvanDobskey back in your day, your long game was what...1-3 years?
nowadays it's probably more like 6-8 years...is it any wonder we're seeing what we're seeing?
the young'uns are far from being the cause...neither are the avocados and lattes (i don't eat/drink either of them anyway )
nowadays it's probably more like 6-8 years...is it any wonder we're seeing what we're seeing?
the young'uns are far from being the cause...neither are the avocados and lattes (i don't eat/drink either of them anyway
)
Soldato
I'm not quite that old@IvanDobskey back in your day, your long game was what...1-3 years?
nowadays it's probably more like 6-8 years...is it any wonder we're seeing what we're seeing?
the young'uns are far from being the cause...neither are the avocados and lattes (i don't eat/drink either of them anyway
Still paying mine off, but getting close now. Been ploughing all my money into it for a while now.
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@IvanDobskey it would be rude of me to guess
Soldato
I'm 50 now@IvanDobskey it would be rude of me to guess
So probably an old git in quite a few peoples eyes
Soldato
I guess I just see a lot of people who look really young to me, driving around in top of the line brand new SUV's, whilst I'm sat in my 7 year old Leon. Money doesn't go in every direction.
This is somewhat fair. I also see this and I'm surprised by it actually.
I do not think it's fair to say "young people.. Avocado.. Yadda Yadda". But if you do have a merc on finance, a expensive rental and moan about saving.. Yeah you could do more.
That said.. The goal posts are so far away from boomer gen.. You can understand why many just go "F it.. I'm never gonna get there so live for today".