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Post by Dougs on Jul 4, 2023 15:07:01 GMT
Same here, despite not having a smart meter. Apparently they'll average use out, I'll just make sure I put in weekly meter readings until they can actually fit a meter for me. Interesting as I was told they could only do it with a smart meter but fitted it last week. Obviously quicker to fit on the mainland. Sorry, missed this. I DM them to ask, they said they'll just ask for weekly meter readings and average it. I may or may not be convinced! |
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mrpon
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Post by mrpon on Jul 4, 2023 15:23:23 GMT
Genuine question, me and the wife have about £7,000 in credit card debt which is a constant weight on my mind. I always manage to get it down, but then catastrophe A, B or C happens and suddenly I'm back at square one. Same old story. Anyway I'm currently on 2.45% fixed interest mortgage and can afford to either overpay about £400 on the mortgage or keep hammering away at the credit cards. Am I right in thinking that at this point in time it makes more sense to overpay the mortgage? Considering I can switch credit cards to other 0% deals. I don't think my puny brain will let me ignore credit card debt and overpay on the mortgage Going through a recent remortgage the underwriter wanted me to clear my CC debt before the application would be approved. I assume you've got it on an 18+ month 0% balance transfer deal? |
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Psiloc
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Post by Psiloc on Jul 4, 2023 15:37:20 GMT
Yep.
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Post by TheSaint on Jul 4, 2023 18:55:34 GMT
Always pay off the most expensive debt first. If the credit card debt is on 0% then it’s a trickier call but personally I would be clearing that credit card debt as fast as I can.
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Frog
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Post by Frog on Jul 4, 2023 19:14:16 GMT
That credit card debt is on 0 percent until it isnt. I would personally clear that first as you never know when there isn't another option to transfer to and then it would be an issue.
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Post by technoish on Jul 4, 2023 19:23:55 GMT
Doesn't transferring the debt and even just having it also continually hurt credit scores? My score goes down in a month where I paid for a big holiday on one of my cards!
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Post by GigaChad Sigma. on Jul 5, 2023 17:09:28 GMT
In the space of 15 mins I think I got a speed camera ticket and scraped the passenger door skirting on a fucking low concrete flower bed. So there's a good chunk of change to pay out.
Also paid car insurance £625, council tax £1500, property service charge £1100 in the space of 10 days.
Next week I've got my car service and the dentist.
Being alive is fucking expensive business.
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askew
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Post by askew on Jul 7, 2023 6:51:48 GMT
Ah, here we go:
Tom Bill, Knight Frank, (https://www.theguardian.com/business/live/2023/jul/07/uk-house-prices-fall-halifax-stock-markets-us-jobs-ftse-bonds-business-live?CMP=Share_iOSApp_Other):
Bagehot in the Economist (https://www.economist.com/britain/2023/07/06/britons-turn-into-borat-when-it-comes-to-health-housing-and-avocados):
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Post by Dougs on Jul 9, 2023 11:56:59 GMT
This is the sort of thing that will be seen across the country. It's unsustainable.
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Bongo Heracles
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Post by Bongo Heracles on Jul 9, 2023 12:28:24 GMT
My sister in law is frantic at the moment. On maternity leave in a house they bought to have a bigger family, the renewal is in 18 months and she is wondering whether to get it over and done with and downgrade back down now before that class of house is unsellable.
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ned
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Post by ned on Jul 9, 2023 12:35:27 GMT
I’m planning around a rate of 10% when my mortgage term expires in 2 years. At least that way, if it’s less Ill be better off than I expected to be.
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Post by Blackmarsh63 on Jul 9, 2023 13:48:50 GMT
I’m planning around a rate of 10% when my mortgage term expires in 2 years. At least that way, if it’s less Ill be better off than I expected to be. That's a bit sensible. Planning ahead. Whatever next..... |
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Post by Dougs on Jul 9, 2023 14:11:21 GMT
But again, the problem is house prices have forced people to borrow sums that are affordable at lower interest rates but not once they start rising. Combined with zero rent controls, it means there's no choice. People would be screwed either way.
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geefe
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Post by geefe on Jul 9, 2023 15:49:42 GMT
Yeah. If you want to solve the problem it comes down to supply and demand. You can try and fix that however you like but until you do, the price of a place to live will be expensive because there isn't enough to satisfy the number of people.
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zagibu
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Post by zagibu on Jul 9, 2023 16:28:57 GMT
How are you going to supply more land to build houses on? You could only in theory control demand, and those measures aren't going to be very popular.
In fact, habitable land will get even scarcer in the future.
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Post by Aunt Alison on Jul 9, 2023 17:13:05 GMT
How are you going to supply more land to build houses on? You could only in theory control demand, and those measures aren't going to be very popular. In fact, habitable land will get even scarcer in the future.  |
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geefe
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Post by geefe on Jul 9, 2023 19:11:11 GMT
Build upwards?
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cubby
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doesn't get subtext
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Post by cubby on Jul 9, 2023 19:13:27 GMT
KEEP DIGGING UP
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Post by TheSaint on Jul 9, 2023 20:06:57 GMT
The house builders are sat on loads of land but they have no interest in actually building on it until the market is more favourable.
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Post by GigaChad Sigma. on Jul 9, 2023 22:44:42 GMT
It's a challenge to build anymore apartments in West London, there are already 8-9 massive complexes being built in my area, some of which will be 500 - 800 units. There is so much construction they can't build any more until 2035 because the grid can't supply enough power. Though I think they found a solution which allows smaller projects to proceed.
Price point will be an issue some of the "nicer" places start at £450k for a 2 bed. Which on a 6-8% mortgage is £2500 - 3000 a month. So not sure who want's an identikit new build for that kind of cash.
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geefe
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Post by geefe on Jul 11, 2023 7:07:41 GMT
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askew
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Post by askew on Jul 11, 2023 7:42:42 GMT
“Today's figures show that pay rises were highest for those in better paid sectors such as finance”
Standard
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Post by technoish on Jul 12, 2023 18:08:58 GMT
Just got letter from mortgage provider - saying I've got another year on fixed, but if nothing changes I'll then go onto their variable and pay £5.4k a month instead of £2.6k. Fuck balls!!!! I hope there are still fixed rates available...
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Post by GigaChad Sigma. on Jul 12, 2023 18:31:09 GMT
If interest rates hit 9% I'll be paying more on interest than actual debt.
So that's nice.
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Post by Dougs on Jul 12, 2023 19:03:38 GMT
JFC
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Post by downes87 on Jul 12, 2023 20:54:27 GMT
This is the sort of thing that will be seen across the country. It's unsustainable. This poor guys mortgage is increasing from £1000 to £2000 a month. Using a mortgage calculator I can’t quite work out how it’s doubled if their rate was 2.2% and is now going to 5%. Maybe I’m missing something. |
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Post by Dougs on Jul 12, 2023 20:57:47 GMT
It's the internet, maybe it's not 100% accurate. But either way, lots of people's repayments are going to reach the point that they are unsustainable.
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richardiox
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Post by richardiox on Jul 12, 2023 21:39:29 GMT
Even harder to save for a house too, more money for private landlords, Brucie Bonus.
If the interest rate rises were the only hike it would be more manageable but I'm already down about £200+ month compared to this time a couple years ago and when our fixed rate ends it'll basically mean I can no longer save. And I'm one of the "lucky ones" on an OK salary with a modest house/car/way of life. I should be saving a decent whack a month and I'm not selling any less of my time/labour compared to in say 2019.
And yet when I'm about and about I'm constantly struck by the sheer numbers of snazzy new Tesla's, BMWs, Mercs, Range Rovers etc being driven by boomers who have paid up mortgages and saw their house price basically double over the last 20 years.
TLDR: why the fuck didn't I buy my first house in my early 20s?!?!
(I know why, spent every penny I earned on wanton consumerism and hedonism)
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Post by clemfandango on Jul 13, 2023 10:15:56 GMT
Managed to fix mine at 5.8% last week, so my mortgage jumps up from £1850.00 a month to £2700.00 per month in September.
This will absolutely throttle us financially, myself and my wife are from working class backgrounds but we are not looking forward to telling our very middle class kids with middle class friends that they can't have all the nice things they are used to anymore...
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geefe
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Post by geefe on Jul 13, 2023 10:20:32 GMT
Feel for you clem but they'll learn. Might be good to get them volunteering at food banks to see how the other half live.
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