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Post by Resident Knievel on Aug 19, 2022 12:21:55 GMT
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Post by Jambowayoh on Aug 19, 2022 12:23:05 GMT
Hahahahaha. No.
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cubby
Full Member
doesn't get subtext
Posts: 6,393
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Post by cubby on Aug 19, 2022 12:24:55 GMT
Pretty sure the Tories are getting ready by investing heavily into those energy companies. The dividends are going to be amazing!
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Post by Dougs on Aug 19, 2022 12:35:13 GMT
I've kind of run out of responses tbh. Terrifying. |
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Post by quadfather on Aug 19, 2022 12:35:48 GMT
I see my mortage payments have gone up again. This is all super isn't it. Good fucking job I timed a hefty chunk off it in time. Literally did it this morning, 20 minutes before I got a letter through the door saying, "GIVE US YOUR FUCKING MONEY"
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Post by Jambowayoh on Aug 19, 2022 12:37:24 GMT
Remember guys... WE'RE ALL IN IT TOGETHER.
It's hard to believe that load of all bullshit was only two years ago.
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Post by quadfather on Aug 19, 2022 12:37:43 GMT
I've kind of run out of responses tbh. Terrifying. If that happens, I'll be paying around 450-500 a month I think. |
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Post by Dougs on Aug 19, 2022 12:42:23 GMT
Yup. It's not sustainable or affordable.
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Post by Reviewer on Aug 19, 2022 12:48:35 GMT
BPs dividends are still half of what they were 3 years ago. Even those aren’t going up in line with their massive profits.
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Post by Reviewer on Aug 19, 2022 12:52:34 GMT
I've kind of run out of responses tbh. Terrifying. If that happens, I'll be paying around 450-500 a month I think. I’m not sure how much of this is the press looking for the worst forecast they can find. When they all use the same one then that makes sense but they keep using different ones. Forecasting the cost in April next year seems like there would be a very large margin of error. I’m sure things will be shit and I’d plan on the assumption it won’t be getting better for a long time but I would read too much more into some of these far off forecasts. |
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Post by knighty on Aug 19, 2022 13:00:42 GMT
I can see a lot of rents going up very soon as well, to cover the increase in mortgage payments for landlords. Because heaven forbid they take the hit on that.
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cubby
Full Member
doesn't get subtext
Posts: 6,393
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Post by cubby on Aug 19, 2022 13:21:48 GMT
BPs dividends are still half of what they were 3 years ago. Even those aren’t going up in line with their massive profits. Wait, they're even screwing over their shareholders?? They truly are evil! |
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Post by quadfather on Aug 19, 2022 13:37:36 GMT
I can see a lot of rents going up very soon as well, to cover the increase in mortgage payments for landlords. Because heaven forbid they take the hit on that. Well, we can use me as a guinea pig example. I was on a fixed mortgage paying off 105k. That fixed rate was 1.99%. So my payments were £551 a month. I've now switched to a tracker, which has got an overall higher % of 3.14% (new base rate 1.75% + nationwide robbing cunts fee of 1.39%). This has made my mortgage payments now £608 from September onwards. An increase of £57 quid a month. I guess it's going to depend on the value of the property, plus all other types of financial gubbins I know zero about. But yeah, it's gonna climb. |
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Post by Reviewer on Aug 19, 2022 14:08:36 GMT
BPs dividends are still half of what they were 3 years ago. Even those aren’t going up in line with their massive profits. Wait, they're even screwing over their shareholders?? They truly are evil! It’s going to someone, just not normal shareholders. |
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Post by Chopsen on Aug 19, 2022 14:08:38 GMT
I guess it's going to depend on the value of the property, plus all other types of financial gubbins I know zero about. The earlier on you are in a mortgage, the more of the repayment is going to be interest and and the less is going to be capital repayment. Also, people who have relatively young mortgages are going to be have bought more recently and therefore have larger mortgages in real terms (if you bought say 10 years ago, houses were cheaper and inflation since then would have meant that your mortgage is now relatively cheap). I'm not *entirely* sure how that works out, but I'm guessing therefore that interest rates rising would disproportionately hit those who are younger/recently bought than those who have mortgages nearing the end of their term. Those on interest only mortgages are super fucked. |
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Post by Chopsen on Aug 19, 2022 14:09:45 GMT
OPEC and (ironically) Russians. |
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dogbot
Full Member
Posts: 8,738
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Post by dogbot on Aug 19, 2022 14:10:41 GMT
So... landlords. Which means that their tenants are pretty much super fucked, too, unfortunately.
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Post by knighty on Aug 19, 2022 14:35:03 GMT
Yup, my £1300 rent will no doubt shoot up massivley come January. Either that or I’ll be given the old ‘bye bye’.
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Post by quadfather on Aug 19, 2022 14:38:15 GMT
I guess it's going to depend on the value of the property, plus all other types of financial gubbins I know zero about. The earlier on you are in a mortgage, the more of the repayment is going to be interest and and the less is going to be capital repayment. Also, people who have relatively young mortgages are going to be have bought more recently and therefore have larger mortgages in real terms (if you bought say 10 years ago, houses were cheaper and inflation since then would have meant that your mortgage is now relatively cheap). I'm not *entirely* sure how that works out, but I'm guessing therefore that interest rates rising would disproportionately hit those who are younger/recently bought than those who have mortgages nearing the end of their term. Those on interest only mortgages are super fucked. Yes, that makes sense to me in my head. The only reason I changed to a tracker, is because I had an opportunity to pay a lot off which I couldn't do as fixed, so even though it sounds fairly suicidal to change to a tracker when the england rate is going mental, in my position, the mortgage is now 22k, so a couple of percent won't fuck me over that much. Plus I'm budgeting for overpayments as well. It's just a pity I can't take advantage of the higher interest rates for saving. But in this climate, I'm pretty much lucky to be where I am tbh. But yes, if you had a 300-500k mortgage and changed to a tracker, you might as well saw your own head off. |
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Post by Danno on Aug 19, 2022 14:50:53 GMT
The banks aren't budging much on savings rates quadfather, paying the mortgage down is the smart play at this point |
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Post by technoish on Aug 19, 2022 14:57:03 GMT
I can see a lot of rents going up very soon as well, to cover the increase in mortgage payments for landlords. Because heaven forbid they take the hit on that. Well, we can use me as a guinea pig example. I was on a fixed mortgage paying off 105k. That fixed rate was 1.99%. So my payments were £551 a month. I've now switched to a tracker, which has got an overall higher % of 3.14% (new base rate 1.75% + nationwide robbing cunts fee of 1.39%). This has made my mortgage payments now £608 from September onwards. An increase of £57 quid a month. I guess it's going to depend on the value of the property, plus all other types of financial gubbins I know zero about. But yeah, it's gonna climb. 3.14% isn't that bad... Our monthly is a bit under £2600, when our fixed 2.09% (although complicated by it being an offset mortgage with a bit of my pension in it) runs out the payment would go to something like £3850. I seriously hope there are some new deals when the fixed runs out in 2024. |
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Post by quadfather on Aug 19, 2022 14:59:36 GMT
The banks aren't budging much on savings rates quadfather , paying the mortgage down is the smart play at this point Yeah, it's definitely mortgage first, as I'm now in the final stretch of just repayments and overpayments. I was enjoying the £100 a month interest though at Coventry building society. But yeah, tough shit and all that. Debts have to go first. |
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Post by quadfather on Aug 19, 2022 15:04:22 GMT
Well, we can use me as a guinea pig example. I was on a fixed mortgage paying off 105k. That fixed rate was 1.99%. So my payments were £551 a month. I've now switched to a tracker, which has got an overall higher % of 3.14% (new base rate 1.75% + nationwide robbing cunts fee of 1.39%). This has made my mortgage payments now £608 from September onwards. An increase of £57 quid a month. I guess it's going to depend on the value of the property, plus all other types of financial gubbins I know zero about. But yeah, it's gonna climb. 3.14% isn't that bad... Our monthly is a bit under £2600, when our fixed 2.09% (although complicated by it being an offset mortgage with a bit of my pension in it) runs out the payment would go to something like £3850. I seriously hope there are some new deals when the fixed runs out in 2024. Yeah, that's the way I see it too - I had plenty of discussions with people about the options I had, and paying £1k to get out of the fixed and then pay off 80% of the mortgage in one go was the only way forward really. As you indicate above though, everyone's situation is different. Got to work out what the best options are in this shitty climate. |
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Post by Dougs on Aug 19, 2022 15:08:47 GMT
@techo, good job you've got that 2% payrise eh!
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Post by Reviewer on Aug 19, 2022 15:48:22 GMT
£2600 mortgage a month? That seems a huge amount, or I’m very jealous of your house.
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Post by Chopsen on Aug 19, 2022 18:00:42 GMT
excel says PV(3.5%/12,25*12,-2600) = £519,352.29
Not an insane price for the SE England tbh.
"The average sold price for a property in London in the last 12 months is £727,492." says Zoopla.
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cubby
Full Member
doesn't get subtext
Posts: 6,393
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Post by cubby on Aug 19, 2022 18:14:32 GMT
/hedidthemath(s)
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Post by Chopsen on Aug 19, 2022 18:23:25 GMT
Maybe I should rephrase that from "not insane" to "not unusual". Assuming my maths is right ofc.
It probably *is* insane. There are houses like mine around me (in the SE of England) that are going for around that. And then some. But when you put it in terms of what a monthly payment would be....how many people can afford that?
I saw something the other day about someone getting FCA approval for 50 year mortgages.
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dogbot
Full Member
Posts: 8,738
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Post by dogbot on Aug 19, 2022 18:24:23 GMT
excel says PV(3.5%/12,25*12,-2600) = £519,352.29 Not an insane price for the SE England tbh. "The average sold price for a property in London in the last 12 months is £727,492." says Zoopla. Plus any deposit/previous sale, of course. E2A: on the overall price, not the mortgage. |
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Post by quadfather on Aug 19, 2022 18:25:21 GMT
Mental north/south divide. Up here you can get an extended terrace with 8 rooms, off main road, parking and garden in a leafy village for £130k.
What's that in London?
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