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Post by Dougs on Sept 23, 2022 5:47:08 GMT
It's shit, and it's going to be tough for lots of people BUT it does not making buying a mistake. You're other option would have been renting, and the cost of renting is guaranteed to go up with either inflation *or* interest rate rises or even both, as your landlord needs to cover their costs and make a return. Indeed. They ain't making any more land either. Used to be the case that you could rent in a nicer area/house than you could afford to buy, but not sure that's true anymore. |
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Post by drhickman1983 on Sept 23, 2022 6:50:36 GMT
I'm mortgage free.
Mainly because I spend over 500 quid a month to rent a room in somebody else's house.
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Sept 23, 2022 7:04:09 GMT
Same. I rent. Can’t get a mortgage and will only get more difficult as I get older. So that’s all fucked.
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mikeck
Junior Member
Posts: 1,945
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Post by mikeck on Sept 23, 2022 7:58:40 GMT
I feel you Dougs, only bought our house last year at the ripe age of 40. Have 25.5 years to go and have barely scratched the surface of what we owe. It is what it is - bought first house 13 years ago, moved 8 years and obviously borrowed more to afford a bigger place. So far, so normal. Always been a niggle that this might happen but you pays your money and takes your chances and all that. Absolutely mate. I can see us having to do the same in about 5/6 years, this is not our forever home and we will eventually grow out of it, but it's grand for now. I spent 20 years paying rent in London as never earned enough to even think about buying (don't want to even think about that total cost), now I'm working remotely in Devon on London wages it might be easier in the future, just want to overpay as much as I can before then. Easier said then done though. |
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Post by eleven63 on Sept 23, 2022 8:01:49 GMT
7 years left on the mortgage, luckily fixed for the next 4 years (year into the 5 year term). If, by some miracle, we sell our place in Spain, we can cut that down to about 3 years.
We have over paid the mortgage in the past, which has helped a lot.
I'm older than most of you.
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Post by Reviewer on Sept 23, 2022 12:20:00 GMT
Think I’d rather sell the U.K. one and live in Spain if I owned one there.
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Post by Dougs on Sept 23, 2022 12:31:37 GMT
Made all the harder by Brexit and the state of the £.
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Post by eleven63 on Sept 23, 2022 12:47:30 GMT
Think I’d rather sell the U.K. one and live in Spain if I owned one there. It's tempting, but as we get older having everything on your doorstep is a real bonus. Hence no plans to move to a rose covered cottage on retirement. |
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cubby
Full Member
doesn't get subtext
Posts: 6,397
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Post by cubby on Sept 23, 2022 12:48:32 GMT
Think we have 30 years left, and fixed runs out next year (I think). The calculation back when we renewed for 2 years fixed was that we should be under the 75% ltv by then therefore the rates should be substantially lower when we renewed. And I couldn't think of a reason rates would go up when after all the shit we've been through they hadn't budged in a decade.
Oh well. Still better than renting I guess.
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Post by technoish on Sept 23, 2022 13:04:52 GMT
The LTV point is a good one, even if you probably will get unlucky with the interest rate timing. But it will probably impact on everyone given how few people fix 5 years or longer and we will probably have higher rates for quite some time now as Trussonomics fucks us over.
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dogbot
Full Member
Posts: 8,738
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Post by dogbot on Sept 23, 2022 13:14:52 GMT
17 years left on ours at the moment.
Strictly it's in various bits (first house I bought, years ago, second house, remortgage loan against second house, extension to buy this house), the first one of which is very nearly done. That'll be paid off next month, woo hoo. And we still own that property, but it's rented out for minimal amount to a family member of a very close friend.
The only bit that was due was done recently and is locked in for another five years (just before everything went completely mad and which cost an extra £40 a month), the main part we owe on is 4 years at last March's rates, which is fine for now. We overpay wherever possible and the overall amounts are manageable even if the rates go right up.
We also have a share of a fairly large property with loads of land in the Caribbean, which has some minimal running costs and is not being sold.
I'd like to be finished with it all in ten years, that'd be nice and might even be possible.
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Post by Dougs on Sept 23, 2022 17:19:27 GMT
From: the guardian:
The mini-budget could potentially create a run on the pound, warns Neil Mehta, a portfolio manager at BlueBay Asset Management:
This announcement has caught investors off guard. The program set out this morning is potentially destabilizing to UK government finances, and could even create a run on the pound.
As the pound falls, the Bank of England is probably going to have to react on a falling, depreciating currency, which in itself has an inflationary impact.
Tax cuts will have a medium term inflationary impact, and the Bank of England is going to have to react by raising rates even further. Markets are now pricing that Bank of England rates are going to go up by five and a half percent by next year.
By 5.5%
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dogbot
Full Member
Posts: 8,738
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Post by dogbot on Sept 23, 2022 17:27:42 GMT
On top of the current 2.5%, presumably so that'd be 8%?
Ouch.
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H-alphaFox
Junior Member
Buy Kramer Coin now!
Posts: 2,287
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Post by H-alphaFox on Sept 23, 2022 17:40:28 GMT
Shit coin.
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mcmonkeyplc
Junior Member
General Martok Qapla!
Posts: 3,093
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Post by mcmonkeyplc on Sept 23, 2022 21:28:22 GMT
That has to be a typo...please.
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geefe
Full Member
Short for Zangief
Posts: 8,323
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Post by geefe on Sept 24, 2022 8:03:25 GMT
Don't the Lords have to approve it?
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Post by elstoof on Sept 24, 2022 8:06:17 GMT
I hope someone out there is keeping a close eye on Moggs currency tradings
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sport✅
Junior Member
notice me senpai
I want to claim my tits
Posts: 2,322
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Post by sport✅ on Sept 24, 2022 8:06:57 GMT
I'm all in on Moggcoin.
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Bongo Heracles
Junior Member
Technically illegal to ride on public land
Posts: 4,658
Member is Online
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Post by Bongo Heracles on Sept 24, 2022 8:15:45 GMT
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sport✅
Junior Member
notice me senpai
I want to claim my tits
Posts: 2,322
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Post by sport✅ on Sept 24, 2022 9:01:55 GMT
Ah gotcha.
/starts mining Kwartengo
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Post by Jambowayoh on Sept 24, 2022 9:12:17 GMT
Ha, of course the cunt would be. God they're all massive self serving cunts. |
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Post by clemfandango on Sept 24, 2022 9:19:31 GMT
Still got £170k left on mine with 20 years left on the term. Frankly terrifying. Lolz try £300k and 20 years. Try 390k and 20 years - I win! |
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Post by clemfandango on Sept 24, 2022 9:25:59 GMT
On top of the current 2.5%, presumably so that'd be 8%? Ouch.
Marvellous that’s the sweet spot for me where me and my family can only afford to exist. And we have a combined 6 figure income |
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Post by Dougs on Sept 24, 2022 9:28:03 GMT
Don't the Lords have to approve it? Nope, Lords don't scrutinise finance bills iirc. |
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Post by brokenkey on Sept 24, 2022 10:00:10 GMT
You sure? Because he's got no declaired interstests in the HoC register:
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askew
Full Member
Posts: 6,822
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Post by askew on Sept 24, 2022 10:07:57 GMT
“Whoops - I’ll accept a rap on the knuckles”
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crashV👀d👀
Junior Member
not just a game anymore...
Posts: 3,889
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Post by crashV👀d👀 on Sept 27, 2022 9:48:14 GMT
www.bbc.com/news/business-63029226Price to charge your futuristic EV is edging closer to the same price per mile as petrol cars if you rely heavily on charge points away from home.
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mcmonkeyplc
Junior Member
General Martok Qapla!
Posts: 3,093
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Post by mcmonkeyplc on Sept 27, 2022 10:05:06 GMT
I have one of those EV's on order. Luckily it will be sitting on my drive for most of it's life so I will be charging it at home.
Which also makes me wonder if we actually need one.
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cubby
Full Member
doesn't get subtext
Posts: 6,397
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Post by cubby on Sept 27, 2022 18:00:06 GMT
It's a shame, as price was definitely the thing driving a lot of interest in them.
Hopefully the drive for even more renewable energy will offset that. But short term I wouldn't be surprised if there's a dip.
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Post by Reviewer on Sept 27, 2022 18:20:09 GMT
There are so many Tesla’s around here. I had a quick look and it looks like a hire purchase or lease is about £1000 a month.
That’s insane.
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