Making the news today....

[trigger_andy]

8 hours ago, roboted said:

A totally  pointless comment Andy. 

Too soon? 
 

 

[Steve Bullman]

Scheme after scheme being used over the years to prop up our economy and stave off probably the worst recession/depression in history..with each scheme giving short term relief but on the long run probably exasperating the end result. 
 

this latest news will he a godsend to some no doubt but can’t help feeling it’s just putting off the inevitable just like every other scheme 

 

Mortgage holders to get 12-month grace period before repossessions amid interest rate hike

APPLE.NEWS

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Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before...

 

[daveatdave]

can't remember getting any help with my Morgage when interest rates were in double Figgers 

i think a lot of people bought a house as a home in those days now people over the last few years have been buying them as a short-term investment the mortgage rates where low house prices were soaring interest rates on savings were very low  

[spuddog0507]

38 minutes ago, daveatdave said:

can't remember getting any help with my Morgage when interest rates were in double Figgers 

i think a lot of people bought a house as a home in those days now people over the last few years have been buying them as a short-term investment the mortgage rates where low house prices were soaring interest rates on savings were very low  

If i remember right my first mortgage was taken out in 1986 and interest rate was around 16%, i didnt get any help either just did a few more hrs during the wk and probably worked all day saterday  and possibly sunday till lunch time to make the payments,, we are a long way from 16% ATM with it only being at 5% and people are asking to be helped  out all ready !! If interest rates keep rising with it being forcast to hit 6 - 6.5% this side of christmas there will be some people in the shit, a lot has changed about our life style in the last 25-30 yrs, mobile phone bill every month, credit card bills, cars on HP and god knows what else on monthly payments ? back when i did it it was quite simple as if we could not afford it we simply didnt have it until we could afford it,,

[Johnsond]

1 hour ago, spuddog0507 said:

If i remember right my first mortgage was taken out in 1986 and interest rate was around 16%, i didnt get any help either just did a few more hrs during the wk and probably worked all day saterday  and possibly sunday till lunch time to make the payments,, we are a long way from 16% ATM with it only being at 5% and people are asking to be helped  out all ready !! If interest rates keep rising with it being forcast to hit 6 - 6.5% this side of christmas there will be some people in the shit, a lot has changed about our life style in the last 25-30 yrs, mobile phone bill every month, credit card bills, cars on HP and god knows what else on monthly payments ? back when i did it it was quite simple as if we could not afford it we simply didnt have it until we could afford it,,

The amount you borrowed for a house back then was a lot less, wage increases have nowhere near kept up with house price increases. An increase in a 40k mortgage is easier to handle than an increase on a 300k mortgage. The banks and the government are coining it in at the moment with the interest rate rises, I see Hmrc are on course for near record tax take, freezing tax thresholds and allowing people to climb into upper bands seems to be putting a lot of cash back into the tax man’s coffers. 

[Johnsond]

10 hours ago, Steve Bullman said:

Scheme after scheme being used over the years to prop up our economy and stave off probably the worst recession/depression in history..with each scheme giving short term relief but on the long run probably exasperating the end result. 
 

this latest news will he a godsend to some no doubt but can’t help feeling it’s just putting off the inevitable just like every other scheme 

 

Mortgage holders to get 12-month grace period before repossessions amid interest rate hike

APPLE.NEWS

---

Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before...

 

The depressing thing is Steve I’ve not heard any viable alternative suggestions or ideas from any other political party at all . My own view of the idea that interest rate rises will sort inflation is that it’s akin to using a hammer to sort a headache. I think you’d get more effect with a series of tv ads telling people to be cautious with money, save and plan for the future etc etc rather than constant ads encouraging us to buy shit we don’t need or eat utter muck. 

[difflock]

We have always been very cautious with borrowing, but that aside, I am totally perplexed or bemused that anyone, young or old, having functioned well enough to be in a position to purchase a house, could NOT see that interest rates were stupidly stupidly artifically low and could and would only go one way, and therefore "game" the numbers to understand the possible additional monthly costs. As I seem to recall we did any time we considered borrowing money. Or lock in to fixed rates for 3 to 5 years, even if it meant paying a fraction more each month. 

Also, re increasing material prosperity, the number, or percentage  of Range Rovers, and other such luxury vehicles on the roads is as staggering as the prices I see displayed on the windscreens at a local dealership.

Ditto the growth in the number of coffee shops, and people using them.

etc

etc

etc

Edited June 24, 2023 by difflock

[Johnsond]

2 hours ago, difflock said:

We have always been very cautious with borrowing, but that aside, I am totally perplexed or bemused that anyone, young or old, having functioned well enough to be in a position to purchase a house, could NOT see that interest rates were stupidly stupidly artifically low and could and would only go one way, and therefore "game" the numbers to understand the possible additional monthly costs. As I seem to recall we did any time we considered borrowing money. Or lock in to fixed rates for 3 to 5 years, even if it meant paying a fraction more each month. 

Also, re increasing material prosperity, the number, or percentage  of Range Rovers, and other such luxury vehicles on the roads is as staggering as the prices I see displayed on the windscreens at a local dealership.

Ditto the growth in the number of coffee shops, and people using them.

etc

etc

etc

I’d agree wholeheartedly with the latter points, being frugal and sensible is not seen as a virtue nowadays. my youngest son came  in asking about a stone island jumper a while back 😳over £200 it was, needless to say he regretted the request very very quickly after getting both barrels. But I guess when you rely on consumerism so much to keep the economy going then what we see now was pretty much inevitable at some point. 

[sime42]

We were told by my parents and grandparents to only buy something if we could afford it, and preferably only things that were needed, not just wanted. Very sound advice, that I still abide by now. Similar for my Mrs. The only debt we have is a mortgage, and it's a fairly affordable one at that, we didn't get stupid with the income multiple. Wouldn't dream of borrowing for anything else; no loans for exotic holidays, no store cards, no fancy cars paid for with HP, non of that sillyness.

 

I'm sure most people had the same message about financial prudence when they were growing up, so I don't know how it's all gone so wrong.

 

 

 

 

[devon TWiG]

On 22/06/2023 at 13:07, trigger_andy said:

1 hour ago, sime42 said:

We were told by my parents and grandparents to only buy something if we could afford it, and preferably only things that were needed, not just wanted. Very sound advice, that I still abide by now. Similar for my Mrs. The only debt we have is a mortgage, and it's a fairly affordable one at that, we didn't get stupid with the income multiple. Wouldn't dream of borrowing for anything else; no loans for exotic holidays, no store cards, no fancy cars paid for with HP, non of that sillyness.

 

I'm sure most people had the same message about financial prudence when they were growing up, so I don't know how it's all gone so wrong.

 

 

 

but if we only spent on essentials then there would be mass unemployment and no nice things to enjoy , dining out , sports / hobbies , events , holidays etc etc ...look at poor countries , we could do that but I doubt many would adopt such policies .