Cost of living crisis.

[KrefelderFox666]

13 hours ago, yorkie1999 said:

Only when i moved house, but i never fixed it or anything because the rates quickly started falling, always seemed a gamble that i'd end up fixing it at a higher rate. At the moment, i don't think the banks can afford to let it go up too much, people seem to be mortgaged up to the max.

I guess the market was much different back then. As I say above, the last 10-12 years have been very flat in terms of mortgage rate movement. Which has probably allowed some complacency in regard to affordability but it has been fantastic to get good mortgage rates. Then again, it has also helped house prices go through the roof!

[Leicester_Loyal]

We're so used to low interest rates that when you start seeing 3.75-4% it's scary.

 

I fixed for 5 years in July 2021 for 2.19% (If I remember correctly). The higher interest rates go, the more I want to overpay on it in order to ensure that the higher payments won't be that much higher when I come to remortgage.

 

Pay freeze at work (Railwayman) for almost 3 years now, doesn't look like a deal will be sorted soon, will start to hit me hard next year when my elec & gas contract expires.

[RobHawk]

I've said it before in this thread, but I fixed in Feb (although the switch only just happened in July) as I could see rates were going up and imo will continue to do so for some time. 

 

I was lucky and got a great deal just before they started tip toeing up. Got a 10 year fix at around 1.8%, £1000 arrangement fees but also £1000 cashback. 

 

Even if rates go below that level at some point in the future I'm happy owing that in the world's current uncertain state, my mortgage is at an affordable rate. 

[Daggers]

[Steve_Guppy_Left_Foot]

Fixed is always the way to go imo l, if you can afford it and can continue to afford it even if it dips below in 3-4 years time on a 10 year fix rate you'll always be comfortable, and let's be honest, the way things are going with the profiteering the chances of getting below 2.5% in the next 5 years are incredibly slim anyway. It's a farce though. Tax the ****ING RICH. 

[ajthefox]

On 05/08/2022 at 14:12, Leicester_Loyal said:

We're so used to low interest rates that when you start seeing 3.75-4% it's scary.

 

I fixed for 5 years in July 2021 for 2.19% (If I remember correctly). The higher interest rates go, the more I want to overpay on it in order to ensure that the higher payments won't be that much higher when I come to remortgage.

 

Pay freeze at work (Railwayman) for almost 3 years now, doesn't look like a deal will be sorted soon, will start to hit me hard next year when my elec & gas contract expires.

I remember us buying around the same time. I moved in in May 21 on a 2 year fix at 2.4% (I think). I don't imagine I'm getting that in a few months time as things stand, I'll probably be looking to sort out a new fix pretty sharpish and just hope the hit isn't too much extra. I seem to recall you put quite a lot down didn't you?

 

I put down 15% on not very much so I think I'll be ok as I've fortunately moved jobs (upwards) and had a helpful little bump in the last year at work. That said, I'm very much feeling the pinch at the moment and trying to be smart now before it gets even worse. If I'd taken on much more on say 10% I'd probably be very worried right now. 

 

It's mental what is going on right now. I dread to think what it's like for so many up and down the country, and it's getting worse. 

Edited 7 August 2022 by ajthefox
Grammar.

[urban.spaceman]

 

 

[Bryn]

We should be in the streets.

[Foxdiamond]

8 minutes ago, urban.spaceman said:

 

 

And Johnson says any further action to offer any sort of help must wait until the new PM is in place. In meantime he is dossing down at no 10 while this farce of a Tory leadership contest goes on. He should have been booted out the day he was sacked and the leadership contest speeded up with a deputy in charge.

[Foxdiamond]

2 minutes ago, Bryn said:

We should be in the streets.

A lot of people will be thrown onto the streets at this rate

[urban.spaceman]

8 minutes ago, Bryn said:

We should be in the streets.

I'd go and protest with Steve Bray but I can't afford the train ticket

[Lako42]

11 minutes ago, Bryn said:

We should be in the streets.

In all seriousness if this was France or many other European countries we would be. 

 

Hence the reason France have a tiny increase of 4% maximum. The Government protecting it's people rather than energy company profits....................just imagine. 

 

 

Our Government are a bunch of rats and the population is too passive and lazy. 

[RoboFox]

We're staring down a national cataclysm and the government are doing absolutely nothing. Fvcking useless zombies more worried about personal point scoring than the millions of people around the country that will be left destitute. 

 

The predicted rise alone swallows up the pathetic £400 help for all homes, but also the £1,200 for the poorest. 

 

The opposition parties are coming up with coherent proposals - Ed Davey set out a very reasonable plan this morning -  why aren't the FVCKING PEOPLE IN POWER.

 

This is bigger than party politics. It's gone way, way too far and action is needed NOW.

[Lionator]

To be honest, Sunak should just go for broke and come up with something radical in this leadership election like what the Lib Dems are offering. He’s going to lose anyway. Some things are more important than leadership. Truss and Johnson will once again have thousands of avoidable deaths on their hands all for personal gain. Psychopaths. 

[Sol thewall Bamba]

28 minutes ago, Lako42 said:

In all seriousness if this was France or many other European countries we would be. 

 

Hence the reason France have a tiny increase of 4% maximum. The Government protecting it's people rather than energy company profits....................just imagine. 

 

 

Our Government are a bunch of rats and the population is too passive and lazy. 

Either they fall into this category or fall into the category who feel they can absorb these costs so aren't bothered in the slightest about what happens to others. Out of sight out of mind. 

[Lako42]

I really wish we could get these bastards out of power now. It's criminal that they can keep on running the government like this. 

 

A complete shambles of a party. 

[grobyfox1990]

1 minute ago, Sol thewall Bamba said:

Either they fall into this category or fall into the category who feel they can absorb these costs so aren't bothered in the slightest about what happens to others. Out of sight out of mind. 

Its the second category for me, ie the 'fifth risk' - how can you care/not care about something if you dont even know how bad it is, or the full extent of it? They are shockingly bad at their jobs, incompetence we've not seen for generations, and the millions who buy up their bluster that this is all Putins fault enpowers them to continue not paying attention to the problem, and furthering their own initiatives/ambitions.

[fox_up_north]

I've said to others - there'll be a breaking point and it will be nasty. All they need to do to both save their own skin and people's is...

- windfall tax

- open some nuclear/ other centres sharpish (paid for by binning HS2)

- continue to blame Putin

[Unabomber]

It seems that food prices are rising every time I do a weekly shop, it’s madness.

[grobyfox1990]

6 minutes ago, fox_up_north said:

I've said to others - there'll be a breaking point and it will be nasty. All they need to do to both save their own skin and people's is...

- windfall tax

- open some nuclear/ other centres sharpish (paid for by binning HS2)

- continue to blame Putin

Unfortunately they will soon have another bogeyman to blame for their own sheer incompetence when Xi storms into Taiwan. They should be spending a serious amount of time NOW planning how to deal with this invasion to minimise impact to the population, instead they’re fighting each other

[ozleicester]

something will have to be done for the working class, this cannot continue...starting with...
 

A boost to the minimum wage and then link it to the inflation rate
Massive increase to welfare recipients funded by massive rise in tax rates
Limits on Corporate profits
Inheritance tax
Nationalise electricity, gas, and water utilities and banks/financial institutions

[urban.spaceman]

54 minutes ago, Lako42 said:

I really wish we could get these bastards out of power now. It's criminal that they can keep on running the government like this. 

 

A complete shambles of a party. 

I want recriminations after they're out. This sort of behaviour is ****ing unacceptable.

[Tommy G]

25 minutes ago, ozleicester said:

something will have to be done for the working class, this cannot continue...starting with...
 

A boost to the minimum wage and then link it to the inflation rate
Massive increase to welfare recipients funded by massive rise in tax rates
Limits on Corporate profits
Inheritance tax
Nationalise electricity, gas, and water utilities and banks/financial institutions

There has already been a massive rise in tax rates?

 

How do you limit company profits? Companies will just move elsewhere, if they have to start handing over profits to the government, how does that affect shareholders, the FTSE etc

 

Nationalise banks? 

 

I don't know where to start with this.......

[Daggers]

18 minutes ago, Tommy G said:

How do you limit company profits? Companies will just move elsewhere

I think the point is addressing the fact that we have a situation where all major organisations have already done this, and thereby pay next to no tax in this operating market.

 

Even smaller companies, such as all of the local care homes, are registered in tax havens to avoid tax.

 

This situation is untenable now.

[ozleicester]

23 minutes ago, Tommy G said:

There has already been a massive rise in tax rates?

 

How do you limit company profits? Companies will just move elsewhere, if they have to start handing over profits to the government, how does that affect shareholders, the FTSE etc

 

Nationalise banks? 

 

I don't know where to start with this.......

Yep...youre right, lets just leave it as it is...