ribs
Probably not James Marshall
Posts: 148
Likes: 151
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Post by ribs on Jul 17, 2023 17:20:28 GMT
Quick reminder of what that word means: Well let's see... And let us not forget these little nuggets from captain incompetence and his merry men:
Then they gave up on "but then fall back"...
And now they just gave up completely with the numbers. This is an admission that they have no idea what they are doing at this point and are just hoping for a miracle: And no, the last two quotes are not a copy+paste error by me. They are literally re-using the template now.
It's gone from "don't worry bro, just a little bump, back to normal really quick" to "well, uh, late 2024 we might be doing our jobs? Pinkie promise for realsies this time" These clowns have no idea what they are doing. It is literally their entire job to prevent the current situation from happening. If I was this useless at my job for the past two years, I'm pretty sure I would've been given my P45 a long time ago, but instead these idiots get pay rises.
He has no ethical right to insert his useless idiotic policies into my personal finances in the same way that I have no right to ask how often he beats off in the shower, yet here we are. Mortgage up ~£400 (maybe, who knows by time I need to renew), all of my bills are going up and I had nothing to do with it. I'm trying to live my life and I want these useless idiots to leave me alone.
Remind me of the scale again? 1 to 10? Am I allowed to choose 3000?
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Post by erniec on Jul 17, 2023 19:01:41 GMT
Yawn!! Mortgage rates still less than half what us oldies had to endure. Perhaps those moaning now should remember how low the rates have been for so long. Happy saver here, not moaning about the pathetic rates we had for so long.
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ribs
Probably not James Marshall
Posts: 148
Likes: 151
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Post by ribs on Jul 17, 2023 19:40:41 GMT
Yawn!! Mortgage rates still less than half what us oldies had to endure. Perhaps those moaning now should remember how low the rates have been for so long. Happy saver here, not moaning about the pathetic rates we had for so long. Did you type that with a straight face?
The initial rate is somewhat meaningless, the rate quadrupling in the space of a year does matter, and it would have affected you "oldies" just like it's effecting everyone with a mortgage today. You would not have escaped this and you would have suffered and not appreciated such stupid comments being thrown at you in response.
Also, housing is more expensive compared to earnings. Earnings have not kept pace, not even slightly, so people's incomes are much more stressed today than they were during the "good old days". You should look at this (it animates by the way, give it a few seconds).
Also worth mentioning that even the best accounts are way below inflation. So even you are losing purchasing power, even if you are debt free. Even the best p2p isn't keeping up without very high risk. You should not be happy or gloating about this.
So it is objectively much worse than it was in your day. Unless you have evidence to the contrary...?
Maybe think, even just for a few seconds, before you type that "you kids these days" nonsense next time.
Be kinder, and be better. Shame on you.
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toffeeboy
Member of DD Central
Posts: 506
Likes: 362
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Post by toffeeboy on Jul 18, 2023 11:12:15 GMT
Yawn!! Mortgage rates still less than half what us oldies had to endure. Perhaps those moaning now should remember how low the rates have been for so long. Happy saver here, not moaning about the pathetic rates we had for so long. Did you type that with a straight face?
The initial rate is somewhat meaningless, the rate quadrupling in the space of a year does matter, and it would have affected you "oldies" just like it's effecting everyone with a mortgage today. You would not have escaped this and you would have suffered and not appreciated such stupid comments being thrown at you in response.
Also, housing is more expensive compared to earnings. Earnings have not kept pace, not even slightly, so people's incomes are much more stressed today than they were during the "good old days". You should look at this (it animates by the way, give it a few seconds).
Also worth mentioning that even the best accounts are way below inflation. So even you are losing purchasing power, even if you are debt free. Even the best p2p isn't keeping up without very high risk. You should not be happy or gloating about this.
So it is objectively much worse than it was in your day. Unless you have evidence to the contrary...?
Maybe think, even just for a few seconds, before you type that "you kids these days" nonsense next time.
Be kinder, and be better. Shame on you.
Maybe you should look at the interest rates in the early 80's before complaining about high interest rates. I am not sure where you get that the rate doesn't matter from except to try and support your own argument. The rates still need to triple again before they reach those levels, luckily I am not old enough to have been hit by them but I know my parents were. House prices have shot up partly because of the low interest rates and cheap access to money that everyone had so the low interest rates you like are the cause of your reasoning, people could extend themselves because their wasn't much interest to pay. Oh dear guess what interest rates go up sometimes, you are warned when taking out a mortgage. Feel glad you are on fixed rate as it is the people on variable that are suffering immediately It hasn't been a surprise that rates have gone up, we all knew a few months before it happened that they were going up and would keep going up for a couple of years so if your fixed term was ending then you should have looked how much the penalty clause was on your mortgage, broken it and got a new deal before the rates went up. Before you start I am not saying that you are wrong, I know nothing about tackling inflation but this does seem to be the generally accepted way worldwide to tackle it although others have been suggested that haven't been tried but as I said I know nothing.
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Post by erniec on Jul 18, 2023 11:45:32 GMT
Did you type that with a straight face?
The initial rate is somewhat meaningless, the rate quadrupling in the space of a year does matter, and it would have affected you "oldies" just like it's effecting everyone with a mortgage today. You would not have escaped this and you would have suffered and not appreciated such stupid comments being thrown at you in response.
Also, housing is more expensive compared to earnings. Earnings have not kept pace, not even slightly, so people's incomes are much more stressed today than they were during the "good old days". You should look at this (it animates by the way, give it a few seconds).
Also worth mentioning that even the best accounts are way below inflation. So even you are losing purchasing power, even if you are debt free. Even the best p2p isn't keeping up without very high risk. You should not be happy or gloating about this.
So it is objectively much worse than it was in your day. Unless you have evidence to the contrary...?
Maybe think, even just for a few seconds, before you type that "you kids these days" nonsense next time.
Be kinder, and be better. Shame on you.
Maybe you should look at the interest rates in the early 80's before complaining about high interest rates. I am not sure where you get that the rate doesn't matter from except to try and support your own argument. The rates still need to triple again before they reach those levels, luckily I am not old enough to have been hit by them but I know my parents were. House prices have shot up partly because of the low interest rates and cheap access to money that everyone had so the low interest rates you like are the cause of your reasoning, people could extend themselves because their wasn't much interest to pay. Oh dear guess what interest rates go up sometimes, you are warned when taking out a mortgage. Feel glad you are on fixed rate as it is the people on variable that are suffering immediately It hasn't been a surprise that rates have gone up, we all knew a few months before it happened that they were going up and would keep going up for a couple of years so if your fixed term was ending then you should have looked how much the penalty clause was on your mortgage, broken it and got a new deal before the rates went up. Before you start I am not saying that you are wrong, I know nothing about tackling inflation but this does seem to be the generally accepted way worldwide to tackle it although others have been suggested that haven't been tried but as I said I know nothing. The bottom line is that people have simply used low interest rates to engineer a standard of living that they can no longer sustain. In my day, there was no fixed rate products. Repayment or endowment. Rates increased and people accepted that their belts had to be tightened. It happened immediately. Those on fixed rate products today have the luxury that they know rates will increase in a determined timescale, have time to do something about it but choose to do nothing and winge.
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Post by bracknellboy on Jul 18, 2023 13:18:43 GMT
Maybe you should look at the interest rates in the early 80's before complaining about high interest rates. I am not sure where you get that the rate doesn't matter from except to try and support your own argument. The rates still need to triple again before they reach those levels, luckily I am not old enough to have been hit by them but I know my parents were.House prices have shot up partly because of the low interest rates and cheap access to money that everyone had so the low interest rates you like are the cause of your reasoning, people could extend themselves because their wasn't much interest to pay. Oh dear guess what interest rates go up sometimes, you are warned when taking out a mortgage. Feel glad you are on fixed rate as it is the people on variable that are suffering immediately It hasn't been a surprise that rates have gone up, we all knew a few months before it happened that they were going up and would keep going up for a couple of years so if your fixed term was ending then you should have looked how much the penalty clause was on your mortgage, broken it and got a new deal before the rates went up. Before you start I am not saying that you are wrong, I know nothing about tackling inflation but this does seem to be the generally accepted way worldwide to tackle it although others have been suggested that haven't been tried but as I said I know nothing. The bottom line is that people have simply used low interest rates to engineer a standard of living that they can no longer sustain.In my day, there was no fixed rate products. Repayment or endowment. Rates increased and people accepted that their belts had to be tightened. It happened immediately. Those on fixed rate products today have the luxury that they know rates will increase in a determined timescale, have time to do something about it but choose to do nothing and winge. Maybe, but that isn't the whole story. Thanks to long term policies, UK house prices are significantly driven by demand with an inelastic supply side i.e. the market is heavily supply side constrained. Hence an era of low interest rates has not necessarily made housing more affordable necessarily, instead it has led to inflated house prices. House prices rise (and drop) according to affordability. So low interest rates on mortgages have not made it 'easier' or cheaper: instead it has resulted in significant relative asset price increase. And likewise increased the size of the sum borrowed, leading to the same - or perhaps worse - affordability. So it is not reasonable to simply say "you've got it easy, wait until interest rates hit the levels we had". As its the cost of servicing the total liability, and its relative jump that matters. We 'relearn' this truism every time some numpty politician decides that the solution to (un)affordable housing is to introduce the next idiotic demand side subsidy, with help to buy schemes, 'temporary' abolition of stamp duties etc. etc. Of course those with half a brain cell are well aware that it will not cure the underlying issue, and any relief will be extremely short lived due to prices simply adjusting to account for it. But its politically attractive for a short period, and certainly easier than confronting the NIMBY reaction of the UK electorate.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
Posts: 3,875
Likes: 2,313
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Post by keitha on Jul 18, 2023 13:45:42 GMT
In all honesty a lot of 30-40 year olds have got used to super low mortgage etc rates, From taking my first mortgage is 1982 most of the time the rate was 8-10% at least and I remember periods of 15%. however we do need to remember back in the 80's we had MIRAS ( until 2000 when prudence abolished it as "a middle class perk" ) before MIRAS you could set the interest against your tax bill. IIRC in the 80's we also had Tax rates of 30% so we got 30% off the interest payment.
the issue is the rates have been low for 15 years and many regard it as the norm
in 2021 the Average Mortgage rate was 3.59 % that was a low over the preceding 25 years, indeed over the 25 years it's averaged 5.6% . so when people complain it's hit 6% that is only slightly above the average over the last 25 years.
at 6-7% mortgage rates are still very low.
In 1982 when I took my First Mortgage of £19,000 on an £8,000 salary colleagues said I would go bankrupt within 2 years as it was unaffordable.
I look around here ( Welsh Valleys ) and many many properties are 4-5 times income, and we are one of the cheapest areas of the UK to buy, even here though prices are up at least 50% in the last 5 years. I bought mine late 2017 and my estimate is the price has doubled
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rocky1
Member of DD Central
Posts: 1,120
Likes: 1,940
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Post by rocky1 on Jul 18, 2023 14:11:22 GMT
andrew bailey really does need to be replaced.but he really is helping the financial sector and banks make huge profits off the back of higher interest rates with very little being passed onto savers/those who can afford to save something/anything.he just seems to follow the fed and hope for the best. he should not be in charge of the school tuck shop never mind causing misery/stress and hard ship for millions of ordinary working class people.gina miller had him worked out a long time ago.maybe a petition to remove him would easily get the 100k required for people to be listened to.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
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Post by ozboy on Jul 18, 2023 15:57:11 GMT
andrew bailey really does need to be replaced.but he really is helping the financial sector and banks make huge profits off the back of higher interest rates with very little being passed onto savers/those who can afford to save something/anything.he just seems to follow the fed and hope for the best. he should not be in charge of the school tuck shop never mind causing misery/stress and hard ship for millions of ordinary working class people.gina miller had him worked out a long time ago.maybe a petition to remove him would easily get the 100k required for people to be listened to. And Gina Miller to organise the Petition to have The Ignorant & Arrogant Oaf removed?
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