Current Affairs Mortgages

[bluestevon]

Great isn’t it? You go to work, get a mortgage, have no other debt, stay out of trouble and you’re still up schit creek without a paddle.

What’s the point?

Because ultimately mate, no government really cares about the average Joe, it's all about catering to special interest groups, big corps and making sure the 0.1% do well

 

[edge]

Because ultimately mate, no government really cares about the average Joe, it's all about catering to special interest groups, big corps and making sure the 0.1% do well

Your right there,
You get enough to get the trimmings a roof over your head , a car and a holiday or two.
It's basically , a balance between you are worried about were the next few quid is coming from, or the odd patch of thinking it's happy days because you have a bit spare, until you get end of your use for them.
Most people I know only have any spare cash when they are getting on.

 

[bluestevon]

Your right there,
You get enough to get the trimmings a roof over your head , a car and a holiday or two.
It's basically , a balance between you are worried about were the next few quid is coming from, or the odd patch of thinking it's happy days because you have a bit spare, until you get end of your use for them.
Most people I know only have any spare cash when they are getting on.

Thatcher in terms of the UK was the game changer - and once the Pandora's box was opened by her no following government even attempted to seriously try to reverse things.

It's an entire economy built on debt and people servicing debt and as such it's massively vulnerable to economic winds changing.

Remember hearing an interesting point years ago, about how if people are effectively in enough debt then it stops freedom of choice and dissent and makes them easier to control.

Back in the 60-70s you went on strike then it'd be hard but you could ride it out, now - one missed wage packet could send a lot over the precipice.

 

[Sweeneytoad]

Thatcher in terms of the UK was the game changer - and once the Pandora's box was opened by her no following government even attempted to seriously try to reverse things.

It's an entire economy built on debt and people servicing debt and as such it's massively vulnerable to economic winds changing.

Remember hearing an interesting point years ago, about how if people are effectively in enough debt then it stops freedom of choice and dissent and makes them easier to control.

Back in the 60-70s you went on strike then it'd be hard but you could ride it out, now - one missed wage packet could send a lot over the precipice.

It's why Thatcher sold off all the council houses in the 80's. If people had mortgages to pay, they were less likely to strike.

 

[edge]

Thatcher in terms of the UK was the game changer - and once the Pandora's box was opened by her no following government even attempted to seriously try to reverse things.

It's an entire economy built on debt and people servicing debt and as such it's massively vulnerable to economic winds changing.

Remember hearing an interesting point years ago, about how if people are effectively in enough debt then it stops freedom of choice and dissent and makes them easier to control.

Back in the 60-70s you went on strike then it'd be hard but you could ride it out, now - one missed wage packet could send a lot over the precipice.

I have been telling the younger lads in my work for the last couple of years to start getting a bit of a nest egg behind them, honestly between fancy cars on hire, holidays, ect they are well up the creek if we lose are jobs, little or no margin of error, some are basically in debt for there entire normal salary and relying on overtime to live.
Shocking some of the stuff they tell me.
But it's all about everyone else has it I want it.

 

[bluestevon]

It's why Thatcher sold off all the council houses in the 80's. If people had mortgages to pay, they were less likely to strike.

Yup it was also a very deliberate method to move long term housing away from renting and into control of the banks and business.

Right to buy was a very sneaky method to facilitate this.

 

[bluestevon]

I have been telling the younger lads in my work for the last couple of years to start getting a bit of a nest egg behind them, honestly between fancy cars on hire, holidays, ect they are well up the creek if we lose are jobs, little or no margin of error, some are basically in debt for there entire normal salary and relying on overtime to live.
Shocking some of the stuff they tell me.
But it's all about everyone else has it I want it.

Exactly, the luxury of a modern lifestyle is in great part an illusion built on debt. For the vast majority.

 

[Tommy.]

Horrible time for me to be going through a mortgage offer extension due to delays on the builders side.
I'm at a 71% LTV so under normal circumstances I wouldn't be worried, however, I'm fully expecting them to want to void my <2% rate in any inventive way they can muster.
I've already been queried about a "new loan", my car, which has 2 years to run and was obviously on my initial application for this mortgage 6 months ago.
Wait and see I guess but I stand to lose roughly 50K if I get screwed here due to a non-refundable deposit and paid extras.

 

[roydo]

Yup it was also a very deliberate method to move long term housing away from renting and into control of the banks and business.

Right to buy was a very sneaky method to facilitate this.

Most people back then didnt live in a council house. Right to buy was a pretty crafty way to make a lot of folk feel better off, as per If you See Sam, Tell Him. You may disagree with the actual policies, but from a political viewpoint, it was pretty successful.

Long term renters were given huge discounts on the market value, and the ex (in the main) council estate in my town still has many families still living in the house their parents, or indeed, they, bought back then. I know that cos I delivered parcels to them for 7 years, and I went to school 50 years ago with tons of their kids.

 

[woomy]

I have been telling the younger lads in my work for the last couple of years to start getting a bit of a nest egg behind them, honestly between fancy cars on hire, holidays, ect they are well up the creek if we lose are jobs, little or no margin of error, some are basically in debt for there entire normal salary and relying on overtime to live.
Shocking some of the stuff they tell me.
But it's all about everyone else has it I want it.

Absolutely.
Social media as well has a big part to play in this. The younguns see these other kids with the flash car, the nice clothing, the holidays etc and want it all.
What they don't see, is that these influencers have rented the car from Enterprise for the day, gonna take the clothing back to the shop for a refund,.or again maybe hired if for the day. The holidays, cheap flights, film some lovely scenes themln back into the local version of the premier Inn.
They fall for the facade, and get themselves into financial trouble doing it.

 

[ForeverBlue92]

Hopefully this will blow over slightly in the coming 6-12 months.

Lots can happen (good and bad) between now and then.

 

[edge]

Hopefully this will blow over slightly in the coming 6-12 months.

Lots can happen (good and bad) between now and then.

It will be longer mate, to many factors, between wars , disease, countries fighting over resources.
For instance rare minerals, if we go green the electric cars, wind turbines use them heavily, China runs the show on certain ones and rig the market so you can't set up against them on level terms.
(Couple of NW companies looking at alternatives, so the likes of them need backing if we had any sense.)
And that's before tories manage to boot you in the bollocks with self inflicted damage.i am expecting two years .
Saying that hope you are correct.

 

[Zatara]

What you going to do about it lad ?

I mean it's fair game saying I'll cut back on brasses, but many are gonna struggle.

A noble and sensible approach.

 

[Hickson9]

Luckliy have 2 years left on our fixed rate, if interest rates stay as predicted our repayments will be bananas

Hopefully will be all sorted by then lol, what's everyones thoughts/plans???

Our 1.85% fix ends in Dec 2023, when we will also be paying the equivalent of an additional mortgage to put our baby into nursery (the London nursery market is bananas).

Our absolutely nuclear solution, depending on what has happened to mortgages and the wider stock market, is to sell loads of our other assets and buy our house outright to insulate us from the craziness.

Any notion of upsizing any time soon in London has probably gone up in flames though.

 

[edge]

Our 1.85% fix ends in Dec 2023, when we will also be paying the equivalent of an additional mortgage to put our baby into nursery (the London nursery market is bananas).

Our absolutely nuclear solution, depending on what has happened to mortgages and the wider stock market, is to sell loads of our other assets and buy our house outright to insulate us from the craziness.

Any notion of upsizing any time soon in London has probably gone up in flames though.

Get the roof over you head as number one priority.
No matter what else happens you have a home.
The rest can wait.
You could also relocate late in life and go upwards in a different part of the country in real terms beter house area ect
Cheaper.
Not an option for you with kids at the moment I know.
Hope it works out OK for you