| Interest rates on 18:50 - Nov 2 with 5144 views | Lord_Bony |
Hold on tight folks, it's the start of many years of small incremental increases. Many will lose their homes no doubt especially if they've been paying interest only mortages,now is a good time to think about renting.
The UK will now see a downtrend in property prices over the next few years. |  |
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| Interest rates on 19:04 - Nov 2 with 5134 views | monmouth |
| Interest rates on 18:50 - Nov 2 by Lord_Bony |
Hold on tight folks, it's the start of many years of small incremental increases. Many will lose their homes no doubt especially if they've been paying interest only mortages,now is a good time to think about renting.
The UK will now see a downtrend in property prices over the next few years. |
Loving your optimism Bony.
On the bright side though, rich pensioners will get more interest? |  |
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| Interest rates on 19:12 - Nov 2 with 5124 views | jack247 |
| Interest rates on 18:50 - Nov 2 by Lord_Bony |
Hold on tight folks, it's the start of many years of small incremental increases. Many will lose their homes no doubt especially if they've been paying interest only mortages,now is a good time to think about renting.
The UK will now see a downtrend in property prices over the next few years. |
Most people on interest only mortgages, especially those with no repayment plan, would have started them during or before the credit crunch and be on their lenders variable rate or better by now. Back then the base rate was 6 or 7%. Payments have been ridiculously cheap on interest only mortgages for the best part of 10 years and still will be with a 0.5% base rate.
Why is it a good time to start thinking about renting? |  | | |
| Interest rates on 19:16 - Nov 2 with 5114 views | byron |
40 million in the uk are savers so they say....about time they had some good news like going back to 5%, house prices should fall a bit making starter homes more affordable anyway. |  |
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| Interest rates on 20:00 - Nov 2 with 5062 views | Meraki |
| Interest rates on 19:12 - Nov 2 by jack247 |
Most people on interest only mortgages, especially those with no repayment plan, would have started them during or before the credit crunch and be on their lenders variable rate or better by now. Back then the base rate was 6 or 7%. Payments have been ridiculously cheap on interest only mortgages for the best part of 10 years and still will be with a 0.5% base rate.
Why is it a good time to start thinking about renting? |
Exactly, the vast majority of mortgages since then are fixed rate - or so I'm led to believe. | | | |
| Interest rates on 20:04 - Nov 2 with 5060 views | exiledclaseboy |
| Interest rates on 20:00 - Nov 2 by Meraki |
Exactly, the vast majority of mortgages since then are fixed rate - or so I'm led to believe. |
About 60% of current mortgages are fixed rate, according to some dude on Radio5 earlier. |  |
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| Interest rates on 20:06 - Nov 2 with 5056 views | Meraki |
| Interest rates on 20:04 - Nov 2 by exiledclaseboy |
About 60% of current mortgages are fixed rate, according to some dude on Radio5 earlier. |
Ah not as much as I thought then...
I'm not sure it will be a good time to rent either though, surely landlords will deflect any mortgage rates on to their tenants? | | | |
| Interest rates on 20:07 - Nov 2 with 5054 views | exiledclaseboy |
| Interest rates on 20:06 - Nov 2 by Meraki |
Ah not as much as I thought then...
I'm not sure it will be a good time to rent either though, surely landlords will deflect any mortgage rates on to their tenants? |
Rent controls are needed. | |
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| Interest rates on 20:14 - Nov 2 with 5034 views | lifelong |
I bought a house in 1979, I think mortgage rates were about 10%, by 1982 mortgage interest rates had gone up to 18% |  | | |
| Interest rates on 20:24 - Nov 2 with 5020 views | jack247 |
| Interest rates on 20:06 - Nov 2 by Meraki |
Ah not as much as I thought then...
I'm not sure it will be a good time to rent either though, surely landlords will deflect any mortgage rates on to their tenants? |
They will, but as well as that, a £100k interest only mortgage at 4% (which isn’t a particularly competitive rate) is £333.
I don’t think you can rent a house of that value for £333 a month and even if you can, you won’t benefit from it appreciating.
House prices will go up and down, but there’s only one way they go long term. | | | |
| Interest rates on 20:34 - Nov 2 with 5008 views | swanforthemoney |
BBC news wer making a huge thing of this, but pretty irrelevant it just reverses the emergency cut that they made in the wake of the Brexiters vote. It's one quarter of one percent ffs.
Savers won't get anything more as a result of this. Mortgage rates won't change to any appreciable extent. Nothing to see here.
I can't see rates going up appreciably. If they did it would crush so many people financially that the economy would crash again. |  |
| I stand in the North Stand
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| Interest rates on 20:37 - Nov 2 with 5005 views | monmouth |
| Interest rates on 20:14 - Nov 2 by lifelong |
I bought a house in 1979, I think mortgage rates were about 10%, by 1982 mortgage interest rates had gone up to 18% |
When I joined RBS in 1990 one of the major perks was a subsidised rate down to 5%. I paid an average of 9% over the 15 year life of my mortgage. People seem to think low rates are a god given right these days. | |
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| Interest rates on 20:49 - Nov 2 with 4990 views | exiledclaseboy |
| Interest rates on 20:37 - Nov 2 by monmouth |
When I joined RBS in 1990 one of the major perks was a subsidised rate down to 5%. I paid an average of 9% over the 15 year life of my mortgage. People seem to think low rates are a god given right these days. |
They wont reach 80s and 90s levels again. Not unless we do something really stupid like voluntary extricate ourselves from a huge common trading block and blow a massive hole in the economy. And we won’t be that stupid. | |
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| Interest rates on 20:51 - Nov 2 with 4983 views | oh_tommy_tommy |
| Interest rates on 20:49 - Nov 2 by exiledclaseboy |
They wont reach 80s and 90s levels again. Not unless we do something really stupid like voluntary extricate ourselves from a huge common trading block and blow a massive hole in the economy. And we won’t be that stupid. |
You’d be surprised |  |
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| Interest rates on 20:52 - Nov 2 with 4982 views | JACKMANANDBOY |
Today's rates are a low anomaly, my son suggested that he's got it tough compared to when I started out. In the early 1980s unemployment in S Wales was 16 percent, mortgage rates were 8 percent, inflation 10 per cent and basic rate tax 30 percent.
I explained to him My Dad had to fight the second world war. One of his school mates joined the merchant navy at 16, a week later he was sunk by a u boat, survived got the u boat and was then thrown back in the sea to drown. My grandad fought in the first world war when there was no welfare state, the working class relied on charity or died if they got ill. When my grandad was born life expectancy in the UK for Male's was 45.
My son has not raised the issue again. What gets me is politicians raising the issue of generational differences, they are the scum of the earth. |  |
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| Interest rates on 20:55 - Nov 2 with 4968 views | exiledclaseboy |
| Interest rates on 20:52 - Nov 2 by JACKMANANDBOY |
Today's rates are a low anomaly, my son suggested that he's got it tough compared to when I started out. In the early 1980s unemployment in S Wales was 16 percent, mortgage rates were 8 percent, inflation 10 per cent and basic rate tax 30 percent.
I explained to him My Dad had to fight the second world war. One of his school mates joined the merchant navy at 16, a week later he was sunk by a u boat, survived got the u boat and was then thrown back in the sea to drown. My grandad fought in the first world war when there was no welfare state, the working class relied on charity or died if they got ill. When my grandad was born life expectancy in the UK for Male's was 45.
My son has not raised the issue again. What gets me is politicians raising the issue of generational differences, they are the scum of the earth. |
Are you Uncle Albert Trotter by any chance? | |
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| Interest rates on 20:57 - Nov 2 with 4958 views | dickythorpe |
| Interest rates on 20:55 - Nov 2 by exiledclaseboy |
Are you Uncle Albert Trotter by any chance? |
Tell us the u boat story again. Something is missing |  | | |
| Interest rates on 21:03 - Nov 2 with 4947 views | lifelong |
| Interest rates on 20:55 - Nov 2 by exiledclaseboy |
Are you Uncle Albert Trotter by any chance? |
My father used to tell me they were so poor when he was a child they used to take a bone out of their mothers corset and boil it for 3 hours to make whale bone soup. | | | |
| Interest rates on 21:06 - Nov 2 with 4941 views | exiledclaseboy |
| Interest rates on 21:03 - Nov 2 by lifelong |
My father used to tell me they were so poor when he was a child they used to take a bone out of their mothers corset and boil it for 3 hours to make whale bone soup. |
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| Interest rates on 21:09 - Nov 2 with 4936 views | JACKMANANDBOY |
Dickythorpe, I found my Dad's friend on the internet, but out of respect would not want to name him. He wanted to join the war effort, he was too young to join the armed forces so on his 16th birthday joined the merchant navy. A week later his ship was torpedoed. He survived and when the u boat surfaced managed to climb aboard but was thrown back in the water by the Germans and drowned. My Dad tells the story in great detail, and when I found this on the internet he had every detail right after 70 odd years. He's still gets very upset, understandably. [Post edited 2 Nov 2017 21:31]
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| Interest rates on 21:09 - Nov 2 with 4936 views | dickythorpe |
My grandfather reckons he was so poor they used to lap the paddles of milk up that the lunatic Hywel Hopkins used to spill from carrying churns up Constitution Hill.
The horse couldn't do it, my grandpa smacked the horse to see if it would bolt up the hill, it walked up a bit but started walking backwards all the way to Hanover Street and back kicked his mates front teeth out! | | | |
| Interest rates on 21:09 - Nov 2 with 4935 views | cmajack |
Remember they were 15 per cent around the late 80s early 90s can remember being unable to afford to buy my favourite fish fingers as i had a young child and my wife wasn't working . | | | |
| Interest rates on 21:32 - Nov 2 with 4889 views | monmouth |
| Interest rates on 20:49 - Nov 2 by exiledclaseboy |
They wont reach 80s and 90s levels again. Not unless we do something really stupid like voluntary extricate ourselves from a huge common trading block and blow a massive hole in the economy. And we won’t be that stupid. |
Quite. | |
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| Interest rates on 21:45 - Nov 2 with 4859 views | MrSwansea |
| Interest rates on 20:37 - Nov 2 by monmouth |
When I joined RBS in 1990 one of the major perks was a subsidised rate down to 5%. I paid an average of 9% over the 15 year life of my mortgage. People seem to think low rates are a god given right these days. |
Interest rates have gone down a lot. House prices have gone up an incredible amount. Wages have gone up a little bit.
People dont look at the big picture.
Im looking at buying a small 2 bed terraced house in swansea. It’s the same price that my parents bought there 4 bed dettached house in a grower village 15 years ago. I earn exactly the same as my dad did back then, in a pretty similar position also. | |
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| Interest rates on 21:54 - Nov 2 with 4848 views | monmouth |
| Interest rates on 21:45 - Nov 2 by MrSwansea |
Interest rates have gone down a lot. House prices have gone up an incredible amount. Wages have gone up a little bit.
People dont look at the big picture.
Im looking at buying a small 2 bed terraced house in swansea. It’s the same price that my parents bought there 4 bed dettached house in a grower village 15 years ago. I earn exactly the same as my dad did back then, in a pretty similar position also. |
Yes, but the cheap finance has fuelled house prices. But house prices raced ahead anyway even with high rates.
I am just making the point that low interest rates and lack of general wage inflation (which reduces debt) is purely down to the financial crash and the calamitous austerity shit.
They may well rise irespective of low general wage inflation. | |
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