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Post by trevorgas on Sept 26, 2022 16:13:12 GMT
At the risk of getting a barrage I'm not sure how people have got themselves into this position,surely they factored in rate rises etc as we have done in the past,or is that to simple a view? Because all thinking was that the base rate wouldn’t go back over 3-4% . Of course it *could* and everyone with half a brain knows this but that’s what nearly every pundit was saying . Just waiting for someone to come along and say it’s was 15% in my day 🙄 I can do that if you want😄,monthly payment went up to £1500,😮 |
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Post by stuart1974 on Sept 26, 2022 16:14:33 GMT
My In laws need to sell to fund their social care.......🙄 Don’t panic …… the wealth will trickle down very soon I’m sure . They are both nearly 90 and in poor health, unless it happens this year it's already too late. |
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Post by stuart1974 on Sept 26, 2022 16:17:27 GMT
BoE statement The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets. Quote Message: In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances. In recent weeks, the government has made a number of important announcements. The government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances. Quote Message: The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. [b So far they've failed spectacularly on most of their brief should have raised rates 1% last time,if they do it know looks like panic,current Chair failed at the FCA and is doing the same here Are you talking about Bailey? He's 'one of them' (aka a Brexiteer) so all good. 😇 |
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Post by stuart1974 on Sept 26, 2022 16:18:38 GMT
Because all thinking was that the base rate wouldn’t go back over 3-4% . Of course it *could* and everyone with half a brain knows this but that’s what nearly every pundit was saying . Just waiting for someone to come along and say it’s was 15% in my day 🙄 I can do that if you want😄,monthly payment went up to £1500,😮 Very true, although the economic leavers were in the Government’s hands at the time, not now the BoE are independent and pulling in a different direction to the government. |
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Post by yattongas on Sept 26, 2022 16:21:02 GMT
Because all thinking was that the base rate wouldn’t go back over 3-4% . Of course it *could* and everyone with half a brain knows this but that’s what nearly every pundit was saying . Just waiting for someone to come along and say it’s was 15% in my day 🙄 I can do that if you want😄,monthly payment went up to £1500,😮 Ouch …. anyone who bought a house in the last 10 yrs ( thousands & thousands) will only have known cheap rates . Lots of people out there with 200-400k mortgages looking at a doubling of payments . It’s going to be carnage unless something is done quickly. rescinding the ‘fiscal event’ would be a good starting point . |
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Post by yattongas on Sept 26, 2022 16:21:58 GMT
[b So far they've failed spectacularly on most of their brief should have raised rates 1% last time,if they do it know looks like panic,current Chair failed at the FCA and is doing the same here Are you talking about Bailey? He's 'one of them' (aka a Brexiteer) so all good. 😇 It all stems from Brexit , it’s why we’ve got into a mess to start with . |
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Post by yattongas on Sept 26, 2022 16:22:50 GMT
Don’t panic …… the wealth will trickle down very soon I’m sure . They are both nearly 90 and in poor health, unless it happens this year it's already too late. Hope things work out Stu . |
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Post by trevorgas on Sept 26, 2022 16:27:52 GMT
[b So far they've failed spectacularly on most of their brief should have raised rates 1% last time,if they do it know looks like panic,current Chair failed at the FCA and is doing the same here Are you talking about Bailey? He's 'one of them' (aka a Brexiteer) so all good. 😇 Yep should have lost his job at the FCA, |
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Post by trevorgas on Sept 26, 2022 16:30:37 GMT
I can do that if you want😄,monthly payment went up to £1500,😮 Ouch …. anyone who bought a house in the last 10 yrs ( thousands & thousands) will only have known cheap rates . Lots of people out there with 200-400k mortgages looking at a doubling of payments . It’s going to be carnage unless something is done quickly. rescinding the ‘fiscal event’ would be a good starting point . Yep my best mate bought a house in Guildford just a normal estate 4 bed detached,paid £600k,put £200k down can you believe that and still has a 380k plus mortgage,nightmare |
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Post by yattongas on Sept 26, 2022 16:35:40 GMT
Here’s a man who knows he royally f**ked up ….
( but , does he care ?)
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Post by peterparker on Sept 26, 2022 16:50:42 GMT
I can do that if you want😄,monthly payment went up to £1500,😮 Ouch …. anyone who bought a house in the last 10 yrs ( thousands & thousands) will only have known cheap rates . Lots of people out there with 200-400k mortgages looking at a doubling of payments . It’s going to be carnage unless something is done quickly. rescinding the ‘fiscal event’ would be a good starting point . my current rate is 2.89%, so not on one of the super cheap rates some have gotten in recent years. Will have £140k left and 20 years come October. I pay £787 a month currently. If the rate goes up to 6.89% that's £300 a month more If I add another 5 years and make it 25 years left, looking at £200 a month more Have got some wiggle room and can probably manage as both kids will be at school, so can probably not pay mother-in-law £150 a month to look after kids. I am in a reasonable position. Christ knows how other people might cope with bigger mortgages |
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Post by yattongas on Sept 26, 2022 16:55:07 GMT
Ouch …. anyone who bought a house in the last 10 yrs ( thousands & thousands) will only have known cheap rates . Lots of people out there with 200-400k mortgages looking at a doubling of payments . It’s going to be carnage unless something is done quickly. rescinding the ‘fiscal event’ would be a good starting point . my current rate is 2.89%, so not on one of the super cheap rates some have gotten in recent years. Will have £140k left and 20 years come October. I pay £787 a month currently. If the rate goes up to 6.89% that's £300 a month more If I add another 5 years and make it 25 years left, looking at £200 a month more Have got some wiggle room and can probably manage as both kids will be at school, so can probably not pay mother-in-law £150 a month to look after kids. I am in a reasonable position. Christ knows how other people might cope with bigger mortgages How much more would you pay in total for those extra 5 yrs ? Quite a chunk I’d guess. |
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Post by peterparker on Sept 26, 2022 17:24:37 GMT
my current rate is 2.89%, so not on one of the super cheap rates some have gotten in recent years. Will have £140k left and 20 years come October. I pay £787 a month currently. If the rate goes up to 6.89% that's £300 a month more If I add another 5 years and make it 25 years left, looking at £200 a month more Have got some wiggle room and can probably manage as both kids will be at school, so can probably not pay mother-in-law £150 a month to look after kids. I am in a reasonable position. Christ knows how other people might cope with bigger mortgages How much more would you pay in total for those extra 5 yrs ? Quite a chunk I’d guess. No idea. This was just quick sums using a mortgage calculator. What gets paid back though is somewhat irrelevant. Just about managing the payments |
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Post by Gassy on Sept 26, 2022 19:13:02 GMT
How much more would you pay in total for those extra 5 yrs ? Quite a chunk I’d guess. No idea. This was just quick sums using a mortgage calculator. What gets paid back though is somewhat irrelevant. Just about managing the payments Let's be honest just by announcing their disastrous plan they've triggered an almost immediate recession and economy crash. I have about 18 months to go on my fixed rate mortgage and if interest is at 6% - thats a 60% increase in my monthly payments. With our childcare prices plus usual living costs, it would put us near about break even on our base salaries. That isn't even factoring in the increase in bills etc. We're fortunate that we can swallow that up if we have to but mortgages are going to become unmanageable and people won't be buying property meaning that new house we just bought in London will probably drop in price like a led balloon. If mortgages go up 60% then rent will go up and we'll be seeing people turn to the streets. Even for us in fortunate positions, there isn't a chance I'll go out spending any disposable income - I'll save every penny. Which of course makes the economy even worse. Honestly I'm struggling to see how anyone can defend this right now. It is absolute madness. |
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Post by oldie on Sept 26, 2022 19:24:12 GMT
No idea. This was just quick sums using a mortgage calculator. What gets paid back though is somewhat irrelevant. Just about managing the payments Let's be honest just by announcing their disastrous plan they've triggered an almost immediate recession and economy crash. I have about 18 months to go on my fixed rate mortgage and if interest is at 6% - thats a 60% increase in my monthly payments. With our childcare prices plus usual living costs, it would put us near about break even on our base salaries. That isn't even factoring in the increase in bills etc. We're fortunate that we can swallow that up if we have to but mortgages are going to become unmanageable and people won't be buying property meaning that new house we just bought in London will probably drop in price like a led balloon. If mortgages go up 60% then rent will go up and we'll be seeing people turn to the streets. Even for us in fortunate positions, there isn't a chance I'll go out spending any disposable income - I'll save every penny. Which of course makes the economy even worse. Honestly I'm struggling to see how anyone can defend this right now. It is absolute madness. As always since 2010, everything they do is totally ill considered. |
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Post by Gassy on Sept 26, 2022 19:33:15 GMT
Let's be honest just by announcing their disastrous plan they've triggered an almost immediate recession and economy crash. I have about 18 months to go on my fixed rate mortgage and if interest is at 6% - thats a 60% increase in my monthly payments. With our childcare prices plus usual living costs, it would put us near about break even on our base salaries. That isn't even factoring in the increase in bills etc. We're fortunate that we can swallow that up if we have to but mortgages are going to become unmanageable and people won't be buying property meaning that new house we just bought in London will probably drop in price like a led balloon. If mortgages go up 60% then rent will go up and we'll be seeing people turn to the streets. Even for us in fortunate positions, there isn't a chance I'll go out spending any disposable income - I'll save every penny. Which of course makes the economy even worse. Honestly I'm struggling to see how anyone can defend this right now. It is absolute madness. As always since 2010, everything they do is totally ill considered. I've just actually had a thought - you know we might as well rent our place out for what the mortgage costs for a year or 2 and go to live in Croatia during that time. We'd have free/extremely cheap childcare and rent would cost us £1000 a month for an amazing place. We'd save £5k a month doing that. What a country this is f*cking hell |
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Post by baggins on Sept 26, 2022 19:47:26 GMT
As always since 2010, everything they do is totally ill considered. I've just actually had a thought - you know we might as well rent our place out for what the mortgage costs for a year or 2 and go to live in Croatia during that time. We'd have free/extremely cheap childcare and rent would cost us £1000 a month for an amazing place. We'd save £5k a month doing that. What a country this is f*cking hell Can you get iFollow in Croatia? |
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Post by yattongas on Sept 26, 2022 19:47:28 GMT
No idea. This was just quick sums using a mortgage calculator. What gets paid back though is somewhat irrelevant. Just about managing the payments Let's be honest just by announcing their disastrous plan they've triggered an almost immediate recession and economy crash. I have about 18 months to go on my fixed rate mortgage and if interest is at 6% - thats a 60% increase in my monthly payments. With our childcare prices plus usual living costs, it would put us near about break even on our base salaries. That isn't even factoring in the increase in bills etc. We're fortunate that we can swallow that up if we have to but mortgages are going to become unmanageable and people won't be buying property meaning that new house we just bought in London will probably drop in price like a led balloon. If mortgages go up 60% then rent will go up and we'll be seeing people turn to the streets. Even for us in fortunate positions, there isn't a chance I'll go out spending any disposable income - I'll save every penny. Which of course makes the economy even worse. Honestly I'm struggling to see how anyone can defend this right now. It is absolute madness. ‘Honestly I'm struggling to see how anyone can defend this right now’ No one is , they’ve all given up , France , Eric and all the others . |
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Post by yattongas on Sept 26, 2022 19:48:46 GMT
As always since 2010, everything they do is totally ill considered. I've just actually had a thought - you know we might as well rent our place out for what the mortgage costs for a year or 2 and go to live in Croatia during that time. We'd have free/extremely cheap childcare and rent would cost us £1000 a month for an amazing place. We'd save £5k a month doing that. What a country this is f*cking hell Hope you and your wife aren’t going to Split ! |
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Post by oldie on Sept 26, 2022 19:55:04 GMT
I've just actually had a thought - you know we might as well rent our place out for what the mortgage costs for a year or 2 and go to live in Croatia during that time. We'd have free/extremely cheap childcare and rent would cost us £1000 a month for an amazing place. We'd save £5k a month doing that. What a country this is f*cking hell Hope you and your wife aren’t going to Split ! Boom boom. Gassy, absolutely you should |
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