|
|
Post by Toreador on Jun 23, 2023 11:17:20 GMT
5% still seems like a bargain to anyone that had a mortgage in the 80s or early 90s. Even the sixties when the Wilson government raised mortgage and other rates. |
|
|
|
Post by Handyman on Jun 23, 2023 11:20:51 GMT
People have short memories. I suspected that this would end in tears since I can remember the last time this happened. Lots of people have enjoyed record low rates over the last 20 years and it was never going to last. For example, my friend Pete saddled himself with a £600k mortgage. He and his wife already owned a house that they could easily afford but mortgaged themselves up to the hilt because "It was cheap" as in fixed at 1.5% for 5 years. That was just over three years ago. Now they're shitting themselves because in 18 months they could be looking at 5 or 6% which will more than double their repayments and bankruptcy beckons. Silly people. I think it's unprecedented that mortgages have ever gone up 13 times in as many months, that has to be a first.
I am fortunate enough to own my house outright, but if I decided to sell it I dread to think if someone had to mortgage it what their monthly mortgage would be, and that would be if they managed to get the best deal on the market.
I am sure people signing mortgages 13 months ago, who had afforded it, did not expect it to go up every month thereafter, so it's not irresponsibility or irresponsible lending, it's just sheer bad luck.
After this what I would like to see happen is the BoE being more accountable, and measures put in place that would restrict them from rates rises more than maximum 5 times in one year, allowing 13 rates rises in succession is absolutely reckless on the part of the BoE, all because they've fucked up.
Our House went up for sale 10 days ago, had nine views so far not a good time to sell or buy , stamp duty is back on , plus Estate Agents Fees , moving costs , legal fees, but we are not in a rush if it sells it sells if not we sit tight for a little while longer, it if meant to happen it will |
|
|
|
Post by Handyman on Jun 23, 2023 11:22:39 GMT
5% still seems like a bargain to anyone that had a mortgage in the 80s or early 90s. Even the sixties when the Wilson government raised mortgage and other rates. What dreadful time they were, you could only take £60 out of the UK back then times were that bad |
|
|
|
Post by Toreador on Jun 23, 2023 11:26:03 GMT
I think it's unprecedented that mortgages have ever gone up 13 times in as many months, that has to be a first.
I am fortunate enough to own my house outright, but if I decided to sell it I dread to think if someone had to mortgage it what their monthly mortgage would be, and that would be if they managed to get the best deal on the market.
I am sure people signing mortgages 13 months ago, who had afforded it, did not expect it to go up every month thereafter, so it's not irresponsibility or irresponsible lending, it's just sheer bad luck.
After this what I would like to see happen is the BoE being more accountable, and measures put in place that would restrict them from rates rises more than maximum 5 times in one year, allowing 13 rates rises in succession is absolutely reckless on the part of the BoE, all because they've fucked up.
Our House went up for sale 10 days ago, had nine views so far not a good time to sell or buy , stamp duty is back on , plus Estate Agents Fees , moving costs , legal fees, but we are not in a rush if it sells it sells if not we sit tight for a little while longer, it if meant to happen it will Plant poppies and weed in the garden.  |
|
|
|
Post by Fairsociety on Jun 23, 2023 11:41:24 GMT
I think it's unprecedented that mortgages have ever gone up 13 times in as many months, that has to be a first.
I am fortunate enough to own my house outright, but if I decided to sell it I dread to think if someone had to mortgage it what their monthly mortgage would be, and that would be if they managed to get the best deal on the market.
I am sure people signing mortgages 13 months ago, who had afforded it, did not expect it to go up every month thereafter, so it's not irresponsibility or irresponsible lending, it's just sheer bad luck.
After this what I would like to see happen is the BoE being more accountable, and measures put in place that would restrict them from rates rises more than maximum 5 times in one year, allowing 13 rates rises in succession is absolutely reckless on the part of the BoE, all because they've fucked up.
Our House went up for sale 10 days ago, had nine views so far not a good time to sell or buy , stamp duty is back on , plus Estate Agents Fees , moving costs , legal fees, but we are not in a rush if it sells it sells if not we sit tight for a little while longer, it if meant to happen it will yes, not a good time for buyers and sellers alike, possibly could even get worse before it gets better, good luck with your sale, it's positive that you've had nine viewings in 10 days. |
|
|
|
Post by Handyman on Jun 23, 2023 11:41:51 GMT
Our House went up for sale 10 days ago, had nine views so far not a good time to sell or buy , stamp duty is back on , plus Estate Agents Fees , moving costs , legal fees, but we are not in a rush if it sells it sells if not we sit tight for a little while longer, it if meant to happen it will Plant poppies and weed in the garden.  when we do move we will need a removal lorry just for all her potted plants , they are all over the front garden and rear patio and back garden, last night I found a Japanese Sniper in one of them |
|
|
|
Post by Handyman on Jun 23, 2023 11:45:35 GMT
Our House went up for sale 10 days ago, had nine views so far not a good time to sell or buy , stamp duty is back on , plus Estate Agents Fees , moving costs , legal fees, but we are not in a rush if it sells it sells if not we sit tight for a little while longer, it if meant to happen it will yes, not a good time for buyers and sellers alike, possibly could even get worse before it gets better, good luck with your sale, it's positive that you've had nine viewings in 10 days. Thank you . We wanted to leave nearly three years ago but due to wife's accident would could not now she can walk unaided again we are off ASAP, but it works both ways , we have had to drop our asking price due to stamp duty , but sellers in cheaper parts of the South West have had to do the same, swings and roundabouts |
|
|
|
Post by Fairsociety on Jun 23, 2023 12:01:26 GMT
yes, not a good time for buyers and sellers alike, possibly could even get worse before it gets better, good luck with your sale, it's positive that you've had nine viewings in 10 days. Thank you . We wanted to leave nearly three years ago but due to wife's accident would could not now she can walk unaided again we are off ASAP, but it works both ways , we have had to drop our asking price due to stamp duty , but sellers in cheaper parts of the South West have had to do the same, swings and roundabouts Sorry to hear about your wife, glad she's on the mend now, everyone is in the same boat, most sellers are having to drop prices, so luckily if you have to drop your price the house you want will probably have to drop theirs too. I think lots of people will sell up and down size who can't afford these mortgage hikes, like most things in life there'll be winners and losers, and most of us know who the losers will be. |
|
|
|
Post by Toreador on Jun 23, 2023 12:43:06 GMT
Plant poppies and weed in the garden. when we do move we will need a removal lorry just for all her potted plants , they are all over the front garden and rear patio and back garden, last night I found a Japanese Sniper in one of them Did he yell "asylum"? |
|
|
|
Post by Fairsociety on Jun 23, 2023 12:49:06 GMT
CHANCELLOR Jeremy Hunt and banking chiefs today agreed a package of measures to help households struggling with brutal interest rate hikes.
All homeowners will now be able to change their mortgage to interest only and extend the terms of the their loan.
No questions will be asked of those wanting to switch and there will be no impact on credit scores.
If homeowners then want to go back to their original plan within six months they will be free to do so.
Again, no questions will be asked and there will be no impact on credit scores.
Households can also now seek advice from their bank or mortgage lender if they are struggling and this will also have no impact on their credit ratings
Finally, in the extreme situation of a repossession, there will be a minimum 12 month period before a house can be taken away without the owners' consent.
The Chancellor said: "We agreed some very important things for people who are worried about their rates going up - not just people who are in an extreme situation.
**I suppose it's better than nothing ^^
|
|
|
|
Post by bancroft on Jun 23, 2023 16:52:09 GMT
A number of people went into negative equity in the 90's, around the time of Britain following the ESM.
Of course at that time we were still trading with Europe and we had the Multi-Nats in London too employing people so perhaps this is worise tohugh back then interest rates kept going up reaching 17% before we crashed out of following the ESM.
|
|
|
|
Post by bancroft on Jun 23, 2023 17:07:42 GMT
US treasury bonds are issued for various periods including months and years and the oldest I can see is 30 years. This makes me think 30 year mortgages should be feasible as long as the lender agrees of course.
|
|
roots
Full Member
Posts: 116
|
Post by roots on Jun 23, 2023 18:07:34 GMT
For those whinging that the interest rate increases will be catastrophic for them.
Perhaps you need to cut back in other areas, a less expensive car, fewer holidays, not so many days out, etc.
If you are already on your arse, eat beans on toast every night for tea, then perhaps you shouldn't have taken on debts that you can't afford.
The state bailouts need to end. Make people responsible for their own actions again.
|
|
|
|
Post by Fairsociety on Jun 23, 2023 18:15:09 GMT
For those whinging that the interest rate increases will be catastrophic for them. Perhaps you need to cut back in other areas, a less expensive car, fewer holidays, not so many days out, etc. If you are already on your arse, eat beans on toast every night for tea, then perhaps you shouldn't have taken on debts that you can't afford. The state bailouts need to end. Make people responsible for their own actions again. ...or better still, jump in one of those dinghy's from France, and you wont have to worry about paying for anything, it's all FREEEEEEEEEE |
|
|
|
Post by bancroft on Jun 23, 2023 18:29:15 GMT
Just looking back and look at this BOE interest rate rises from:
3 Jun 88 to 4 sep 89 - 12 rate increases starting at 7.88% rising incrementally until 13.88% even after this they were still volatile even going up until 14.88%
As I keep telling you this is going on due to the proxy war via Ukraine with more and more countries willing to dump the dollar and join the BRICs using non NATO currencies.
|
|
