Mortgages

[dsr]

I have to admit I'd much prefer to live in a country where people don't have to struggle to live but I guess its not for everyone

Can't happen. People this century have a far greater disposable income than ever before, but we still find ways of disposing of it and being a bit short when things go wrong. There can never be a level of income so high that you can't spend it all.

[Quickenthetempo]

I have just had a look back at my mortgage payments on my online account, it separates interest payments.

Over the last year my interest payments have doubled, with 2 more rises to hit.

[Lancasterclaret]

Can't happen. People this century have a far greater disposable income than ever before, but we still find ways of disposing of it and being a bit short when things go wrong. There can never be a level of income so high that you can't spend it all.

I think it can, and the idea that "people are a bit short" when things go wrong like this is up there with the lack of empathy shown by others on this thread

[Darthlaw]

I think it can, and the idea that "people are a bit short" when things go wrong like this is up there with the lack of empathy shown by others on this thread

When things go wrong, like energy bills increasing by say 100% or mortgages by 50% or regular grocery bills, petrol, etc. Just the same as when a pipe bursts or you get a flat tire, eh?

[Lancasterclaret]

When things go wrong, like energy bills increasing by say 100% or mortgages by 50% or regular grocery bills, petrol, etc. Just the same as when a pipe bursts or you get a flat tire, eh?

I didn't want to use the word "clusterfuck"!

But I'm sure I should have used a different word, like catastrophic on reflection

[claretonthecoast1882]

Just downgrade to the basic netflix package and everyone will be fine

[StayingDown4Ever]

I’ve been looking for a house for a couple of years now.

I have always taken into account when submitting offers the possibility of mortgage rates increasing and offered accordingly. Most likely why I’ve been unsuccessful I hear you say…

I appreciate some people have to move for various reasons but people were just throwing offers about over the last couple of years and soon they will be punished for it.

I’ve been looking around houses and even heard one woman say to the estate agent “we’ll offer £5k more than whatever the current bid is at if that secures it for us” before she even knew what the highest bid stood at.

I have little sympathy for people like that and I’d be well ****** off if the government started to give handouts to that sort of people (which they won’t as there’s no money left to give out).

[Lowbankclaret]

In. Small amount of good news, looks like gas prices are going down from 10p to 8 p and electric down 17%.

Should that not also bring down the inflation figure a month or two after??

[pushpinpussy]

If you think people are struggling you need to go into Manchester or any other city on the weekend. All the restaurant's are full and you are queuing to get in most places. People always find money to socialise but then when it comes to paying their bills/mortgage they tend to blame the cost of living. Like i said in an earlier post. Coventry Building Society offered me and my wife half a million pounds more than we wanted for our mortgage. We refused it. We could easily have accepted it and we would now most likely be paying the price. Live within your means. Its pretty easy.

[Billy Balfour]

Heh. I bet Pushpin is posting from his car while he waits for his wife to finish her shopping in Poundstretcher.

[Swizzlestick]

And to be fair to pushpin, he’s been practicing what he preaches - not least when he pretended to be on some Greek island complete with picture and he was actually in Padiham. Rather than go on holiday, just lie about it! Definite money saver. I’m sure his mortgage story is very real though.

[Steve-Harpers-perm]

Don’t worry billionaire Rishi says he’s ‘totally 100% on it and it’s going go be ok’.

[bpgburn]

Yes, you do

You can't claim something and then admit you've not actually read the thread!

What touches a nerve with me is the lack of empathy and understanding from people who have been through the same thing

No, I really, really don’t have to and where do you get off in thinking as a faceless no-mark of a man who lives his life through social media, you can demand me or anyone to do anything on a football message board..?

Where did I admit I haven’t read the thread? Where have I even said my post was related to this\z thread specific? It wasn’t.
Don’t answer the questions they are all rhetorical I already know the answers.

I have all the empathy and sympathy in the world for what young families are going through now, I also have a much better understanding than you as I have experienced it first hand and I now have grown children who also have young children and mortgages to pay for who are struggling like mad against the backdrop of inflation so am living with the effects again. I don’t hold or agree with the ‘suck it up and get on with it’ angle any more than you, maybe even more than you.

What doesn’t help is when you get some on here (MB not thread), spitting out the term “Boomer”, not as a generational label but as an insult to that generation as a whole, ring any bells? What touched your nerve was you recognised yourself in the description of being bitter!
Don’t be wasting any time replying to this as I won’t be reading or responding, spend the time you would otherwise take posting a reply to, Oh I don’t know, maybe talking to a real person, make your wife a brew or put in some extra time doing the job that people pay you their hard-earned money for you to do.

[Lancasterclaret]

No, I really, really don’t have to and where do you get off in thinking as a faceless no-mark of a man who lives his life through social media, you can demand me or anyone to do anything on a football message board..?

Where did I admit I haven’t read the thread? Where have I even said my post was related to this\z thread specific? It wasn’t.
Don’t answer the questions they are all rhetorical I already know the answers.

I have all the empathy and sympathy in the world for what young families are going through now, I also have a much better understanding than you as I have experienced it first hand and I now have grown children who also have young children and mortgages to pay for who are struggling like mad against the backdrop of inflation so am living with the effects again. I don’t hold or agree with the ‘suck it up and get on with it’ angle any more than you, maybe even more than you.

What doesn’t help is when you get some on here (MB not thread), spitting out the term “Boomer”, not as a generational label but as an insult to that generation as a whole, ring any bells? What touched your nerve was you recognised yourself in the description of being bitter!
Don’t be wasting any time replying to this as I won’t be reading or responding, spend the time you would otherwise take posting a reply to, Oh I don’t know, maybe talking to a real person, make your wife a brew or put in some extra time doing the job that people pay you their hard-earned money for you to do.

Ok Boomer

[Lancasterclaret]

I'm not seeing the empathy you claim to have in any of your posts btw

All I'm seeing is someone ignoring the luck (plus some hard work) of his generation and completely being unable/unwilling to realise how much harder it is now for millions

I guess getting angry at me for pointing that out (and you are not alone in that, you are up there with people like Grumps) stops you from having to look properly at what the issues are and continue to ignore them

[bpgburn]

I'm not seeing the empathy you claim to have in any of your posts btw

All I'm seeing is someone ignoring the luck (plus some hard work) of his generation and completely being unable/unwilling to realise how much harder it is now for millions

I guess getting angry at me for pointing that out (and you are not alone in that, you are up there with people like Grumps) stops you from having to look properly at what the issues are and continue to ignore them

Luck? Let’s have a look at who is the lucky one in this current situation.

Me The Boomer….

Lived through one in the 80’s as a young man early 20’s with a mortgage, two young kids, a mortgage spiraling out of control and on a below average wage, very close to having our house repossessed and being homeless and now 40yrs after having to watch my kids going through the exact same thing and in the same position I was in, young children of their own, not great wages etc. albeit now I am in a position to help them through it as best as can and take the sting out the tail.

Or you, whatever it is you are...

…. Too young to have experienced any effect of the 80’s and now at an age (nearly 50?) where you are much more financially secure than someone half your age going through this, had the benefits of the lowest interest rates and inflation over years to build on that security and two kids who thankfully aren’t old enough to be going through what mine and others kids are going through now. You will ride this storm out without much suffering, you should think yourself the lucky one!

Yet you have the neck to suggest I don’t have any empathy towards those going through the same thing when you haven’t even experienced anything near what they are going through and have nothing to even relate to it.

Angry at you? Nahh, angry at myself for replying when said I wouldn’t (I won’t again for sure), said all I want to ever say to you on any subject.

Kind Regards

Boomer (there I’ve saved you the effort of thinking of another cringey reply (please don’t ffs)).

[littlemissclaret]

There's going to be a whole lot of people having sleepless nights over their impending remortgages and I don't envy them one bit.

Nobody has a crystal ball and if you fixed 2, 3 or 5 years ago there's no way anyone could have imagined what was going to happen during that term.

The BoE base rate was 1.25% twelve months ago. We all know the risks and in the perfect world we should try to factor in future increases, but most people are just trying to make ends meet as it stands due to the Covid fall out, high inflation and stagnant wages. The people of this country are being milked dry at the moment and repossessions will be commonplace.

Personally I have three years until my next remortgage and I dread to think where we could be at that time. My current rate is 1.19% and the idea of jumping to 6% is frightening. My repayments would go from less than £600 pcm to £1,000 pcm. That's simply not something I can afford to happen. We're a household of four and bills are high. I've been trying to overpay this mortgage since we took it out but energy and food has meant that this simply isn't possible. We're lucky to end the month on zero and we cut our cloth accordingly every month (I even cancelled Netflix!). Worrying times indeed.

Sorry to sound like a stuck record, but we were paying £700 pcm in 1990!

[Lancasterclaret]

Luck? Let’s have a look at who is the lucky one in this current situation.

Me The Boomer….

Lived through one in the 80’s as a young man early 20’s with a mortgage, two young kids, a mortgage spiraling out of control and on a below average wage, very close to having our house repossessed and being homeless and now 40yrs after having to watch my kids going through the exact same thing and in the same position I was in, young children of their own, not great wages etc. albeit now I am in a position to help them through it as best as can and take the sting out the tail.

Or you, whatever it is you are...

…. Too young to have experienced any effect of the 80’s and now at an age (nearly 50?) where you are much more financially secure than someone half your age going through this, had the benefits of the lowest interest rates and inflation over years to build on that security and two kids who thankfully aren’t old enough to be going through what mine and others kids are going through now. You will ride this storm out without much suffering, you should think yourself the lucky one!

Yet you have the neck to suggest I don’t have any empathy towards those going through the same thing when you haven’t even experienced anything near what they are going through and have nothing to even relate to it.

Angry at you? Nahh, angry at myself for replying when said I wouldn’t (I won’t again for sure), said all I want to ever say to you on any subject.

Kind Regards

Boomer (there I’ve saved you the effort of thinking of another cringey reply (please don’t ffs)).

You managed to read the whole thread (well, you didn't but who cares hey when you've got that righteous indignation) without actually spotting who was lacking in empathy and essentially being fairly dismissive of the problems of today

The only people not showing empathy or actually abusing people were people who clearly are in your age bracket

But you ignored all that to have a go at me, for pointing out that isn't very nice

You don't want to be called a boomer, don't f**king act like one then

[Jakubclaret]

An economist on radio 2 about an hour ago actually had the balls to say Brexit was the main issue.

They probably won't have him on again with talk like that.

For talking complete BS I should hope not, he must have been in some sort of a concussed coma not to realise the country is coming out of the arse end of a virus & trying to recover.

[roperclaret]

For talking complete BS I should hope not, he must have been in some sort of a concussed coma not to realise the country is coming out of the arse end of a virus & trying to recover.

Brexit is the main issue without it we probably wouldn’t have had to suffer Boris and Truss as well

[Jakubclaret]

Brexit is the main issue without it we probably wouldn’t have had to suffer Boris and Truss as well

I'm steering away from the P because it'll only go 1 way thread wise but that's nonsense.

[kentonclaret]

I'm steering away from the P because it'll only go 1 way thread wise but that's nonsense.

Mark Carney spoke the truth on Brexit predicting that it would lead to the financial mess the country is experiencing now.
Compare that to the predictions of Jacob Rees-Mogg who in July 2017 stated that Brexit would lead to a 20% reduction in the cost of food and wine.

[Jakubclaret]

Mark Carney spoke the truth on Brexit predicting that it would lead to the financial mess the country is experiencing now.
Compare that to the predictions of Jacob Rees-Mogg who in July 2017 stated that Brexit would lead to a 20% reduction in the cost of food and wine.

& covid & Russia are just figments of overactive imaginary minds.

[Milltown1882]

I’ve been looking for a house for a couple of years now.

I have always taken into account when submitting offers the possibility of mortgage rates increasing and offered accordingly. Most likely why I’ve been unsuccessful I hear you say…

I appreciate some people have to move for various reasons but people were just throwing offers about over the last couple of years and soon they will be punished for it.

I’ve been looking around houses and even heard one woman say to the estate agent “we’ll offer £5k more than whatever the current bid is at if that secures it for us” before she even knew what the highest bid stood at.

I have little sympathy for people like that and I’d be well ****** off if the government started to give handouts to that sort of people (which they won’t as there’s no money left to give out).

Estate agents literally cannot tell you any live offer figure. I know that for a fact having bought this year.

[StayingDown4Ever]

Estate agents literally cannot tell you any live offer figure. I know that for a fact having bought this year.

They shouldn’t but they do. I know that for a fact because they’ve told me on numerous occasions over the last few months.

[dougcollins]

& covid & Russia are just figments of overactive imaginary minds.

Or just excuses for the real issue.

Check the numbers in the rest of Europe.

Brexit isn't political in a party sense, it's a very cross party issue. As in with the people I work with there are at least as many pro Europe (anti- Brexit) from the right.

[Jakubclaret]

Or just excuses for the real issue.

Check the numbers in the rest of Europe.

Brexit isn't political in a party sense, it's a very cross party issue.

Something that is unique isn't comparable, goves got the best idea with the 25 year fixed, the housing issues long been due for reform well before any notions of leaving Europe.

[taio]

Or just excuses for the real issue.

Check the numbers in the rest of Europe.

Brexit isn't political in a party sense, it's a very cross party issue. As in with the people I work with there are at least as many pro Europe (anti- Brexit) from the right.

Are you suggesting the cause of UK inflation is Brexit? It’s multifaceted and, while Brexit will be a contributing factor, there are more significant root causes.

[Milltown1882]

They shouldn’t but they do. I know that for a fact because they’ve told me on numerous occasions over the last few months.

I’d be working with better estate agents then

[StayingDown4Ever]

I’d be working with better estate agents then

So would I if I was selling.

[taio]

I’d be working with better estate agents then

Is he not looking to buy and therefore he’s not in control of which estate agent the seller chooses to use?

What is stopping an estate agent revealing other offers?

[dougcollins]

Are you suggesting the cause of UK inflation is Brexit? It’s multifaceted and, while Brexit will be a contributing factor, there are more significant root causes.

I'm not suggesting it. A well respected economist on Radio 2 said that was definitely the case earlier today.

[taio]

I'm not suggesting it. A well respected economist on Radio 2 said that was definitely the case earlier today.

If you’re saying he said Brexit is solely responsible that’s complete rubbish. The UK is very reliant on gas importations so has felt the full impact of Russia’s invasion of Ukraine. Also the same is true of importing food and drink. I’ve heard many respected economists say that Brexit isn’t the only or even main factor because there are other more significant factors, like the ones above, causing inflationary pressures. Many comparable countries are experiencing high inflation; just not quite as high as the UK because Brexit is one factor but the other more significant factors are being experienced by other countries.

[CaptJohn]

There are many contributing factors to the current bout of inflation, Brexit, Putin and the war in Ukraine, excessive wage demands from the unions, profiteering from most businesses but the underlying cause of the pain many are feeling due to the mortgage rises, were sown by Mr Brown in 2009 and his "quantative easing" policies. If anyone is to blame look no further than him and the crackpot idea that buying one's own debt would work. Madness, utter madness.

[Lancasterclaret]

I'm just pleased that people are being to talk about the realistic effects of Brexit

Its a start

Its important because you can't deal with it if you don't acknowledge its an issue, and no one in government has yet

[Boss Hogg]

Mark Carney spoke the truth on Brexit predicting that it would lead to the financial mess the country is experiencing now.
Compare that to the predictions of Jacob Rees-Mogg who in July 2017 stated that Brexit would lead to a 20% reduction in the cost of food and wine.

Rees - Mogg didn’t know Covid was coming or that Russia would invade Ukraine.

[Boss Hogg]

Ok Boomer

I think you’re better than this. You have some valid points as does the other poster. You are not going to agree on everything.

[Lancasterclaret]

I think you’re better than this. You have some valid points as does the other poster. You are not going to agree on everything.

I don't expect to agree on everything

What I do expect is not to be single out by someone who ignores the posts that are clearly not very nice to people struggling at the moment

That is a bit unfair to put it mildly

[Boss Hogg]

I think 5% was always likely after yesterdays inflation figures and it’s probably needed. I think we will start to see inflation go down soon. It was surprising to see that some of the main reasons it hadn’t gone down was travel and hospitality spending.

[Lancasterclaret]

I think 5% was always likely after yesterdays inflation figures and it’s probably needed. I think we will start to see inflation go down soon. It was surprising to see that some of the main reasons it hadn’t gone down was travel and hospitality spending.

My only concern with this is that pretty much all the economists reckoned it would be going down by now

That is quite worrying

It does suggest that we've not really considered or identified all the issues yet

[roperclaret]

I'm steering away from the P because it'll only go 1 way thread wise but that's nonsense.

Why, if the vote had gone the other way by a couple of percent, I doubt Boris would have been PM. And then COVID would have probably been managed far better with anyone else in charge and it certainly wouldn’t have seen anywhere near as much public money channeled into the bank accounts of the tories friends and family

[Jakubclaret]

I'm just pleased that people are being to talk about the realistic effects of Brexit

Its a start

Its important because you can't deal with it if you don't acknowledge its an issue, and no one in government has yet

It's also fair to acknowledge some of the positives as well for an overall balanced picture.

[CrosspoolClarets]

I'm not suggesting it. A well respected economist on Radio 2 said that was definitely the case earlier today.

He or she may have been well respected by some but not by others.

They are wrong. Simple as that.

The trouble with this debate in the country as shown in a microcosm on this thread is a partial lack of knowledge and also a lack of self awareness, much self righteousness and too much belief in what they see posted by liberal elite centrists.

I’m sure Brexit is a minor contributing factor, not the vote itself but more how our political class are ballsing it up. But the real issues are something everyone should be agreeing on, that’s how we get change by forceful consensus. On the supply side as well as the demand side.

Luckily Rachel Reeves the incoming Labour Chancellor has agreed with what I posted on here yesterday which is that the Lib Dem solution to this would just cause more inflation and worsen the crisis.

I’ve changed my view since yesterday, as an aside. I said I’d be tempted to put interest rates up further. Since then I’ve read how many months it takes for rate rises to trickle through to inflation numbers. So maybe now the Bank have gone too far, their previous actions may have been enough, it just needs more time.

I’ve been getting annoyed with “experts” for nearly a decade now. Too much blind loyalty to some of these is naive. The economists at the Bank show me why - they have messed this up badly and don’t have a clue. Doesn’t matter who was in government, the economists at the Bank need booting out and starting again. Carney was useless, the current lot seem even worse. I’m trained in economics so feel I can have a view on them.

[Boss Hogg]

I don't expect to agree on everything

What I do expect is not to be single out by someone who ignores the posts that are clearly not very nice to people struggling at the moment

That is a bit unfair to put it mildly

I don’t think anyone wants to see anyone struggling. The other poster and his generation did have it hard but that doesn’t take away from the people struggling now. I can remember the repossessions and crazily high interest rates although I wasn’t of a mortgage /house buying age then. I’m sure you can remember them as I think you’re of a similar age. Thankfully we are not there yet. I think inflation will be short lived and rates will have reduced before vast numbers of mortgages need to be renewed.

[Swizzlestick]

I’ve been getting annoyed with “experts” for nearly a decade now. Too much blind loyalty to some of these is naive. The economists at the Bank show me why - they have messed this up badly and don’t have a clue. Doesn’t matter who was in government, the economists at the Bank need booting out and starting again. Carney was useless, the current lot seem even worse. I’m trained in economics so feel I can have a view on them.

Totally agree with this. They seem utterly clueless.

[Lancasterclaret]

I follow a bunch of economists on twitter

All of them full of different stuff, some of which I agree with, some of which I do not, but all of them I agree that they are experts in their field

Most agree that Brexit has had an effect

The Brexiteer one refuses, like you, to believe it has anything to do with it at all - literally leaping through hoops to ignore the evidence, like you,

Its not a great look for an expert to be ideologically opposed to accepting that it is a factor

And its the same for you unfortunately CC, and I really do enjoy your posts, but the country would be in a better place now if we hadn't had Brexit

And the idea that its just been handled wrong is pure fantasy I'm afraid

[Lancasterclaret]

I don’t think anyone wants to see anyone struggling. The other poster and his generation did have it hard but that doesn’t take away from the people struggling now. I can remember the repossessions and crazily high interest rates although I wasn’t of a mortgage /house buying age then. I’m sure you can remember them as I think you’re of a similar age. Thankfully we are not there yet. I think inflation will be short lived and rates will have reduced before vast numbers of mortgages need to be renewed.

I hope you are right but there are people on this very thread who can't afford to pay their mortgage before todays news

Its just very depressing and I hope we can find a way out of it soon

[Lancasterclaret]

Totally agree with this. They seem utterly clueless.

The current BoE chairman was praised to the high hilt by the very same people who are criticising his judgement at the moment

He was the Brexiteers choice, and unfortunately, he might not have been the best man for the job

Carney was much better than this lad (IMHO of course!)

[Jakubclaret]

Why, if the vote had gone the other way by a couple of percent, I doubt Boris would have been PM. And then COVID would have probably been managed far better with anyone else in charge and it certainly wouldn’t have seen anywhere near as much public money channeled into the bank accounts of the tories friends and family

I'm talking about on here you wally anywhere else it wouldn't be a problem having a deeper discussion about politics.

[dougcollins]

It's also fair to acknowledge some of the positives as well for an overall balanced picture.

I'm ready.