Xela Posted June 29, 2023 Share Posted June 29, 2023 4 hours ago, Genie said: I’m clinging to the hope that at the end of 2025 inflation is through the floor and interest rates are slashed to zero to stimulate the economy. I'm on a decent fixed rate mortgage at the minute and i'm getting well over £100 more a month on interest on some cash savings than before. I'd say i'm up on the deal, but it gets wiped out with inflation/cost of goods! 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted June 30, 2023 Share Posted June 30, 2023 I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? Link to comment Share on other sites More sharing options...
Popular Post Genie Posted June 30, 2023 Popular Post Share Posted June 30, 2023 27 minutes ago, Demitri_C said: I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? Foreign holidays this year are crazy money. I do wonder about choices some people make. Are people who can’t pay their rent or mortgage still getting McDonalds from Just Eat? Still getting the hair, eyebrows and nails done every week? Still regularly going to the pub? 5 Link to comment Share on other sites More sharing options...
Popular Post trekka Posted June 30, 2023 VT Supporter Popular Post Share Posted June 30, 2023 (edited) 44 minutes ago, Demitri_C said: I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? Paying for holidays etc is all on credit no doubt. "It'll be okay, dear. We deserve a break with all of our troubles". Then the shit will hit the fan, they might cope for a few years paying things on credit (and shuffling money around on 0% transfer deals) but it'll all come crashing down like a house of cards. I've been there and it's a horrible place to be. Edited June 30, 2023 by trekka 8 Link to comment Share on other sites More sharing options...
Rodders Posted June 30, 2023 Share Posted June 30, 2023 44 minutes ago, Demitri_C said: I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? different people. the people who can't pay their mortgages aren't going on holidays, but the people who've had a savings boost and own their own homes or close to can do so I guess. 2 Link to comment Share on other sites More sharing options...
The Fun Factory Posted June 30, 2023 Share Posted June 30, 2023 45 minutes ago, Demitri_C said: I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? To keep working until you are 75/drop dead? Link to comment Share on other sites More sharing options...
Seat68 Posted June 30, 2023 Share Posted June 30, 2023 3 minutes ago, trekka said: Paying for holidays etc is all on credit no doubt. "It'll be okay, dear. We deserve a break with all of our troubles". Then the shit will hit the fan, they might cope for a few years paying things on credit (and shuffling money around on 0% transfer deals) but it'll all come crashing down like a pack of cards. I've been there and it's a horrible place to be. I put all of my big purchases on the credit card for the protection it offers, but immediately pay it off. I learned my lesson in my 30s. 4 Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 11 minutes ago, Seat68 said: I put all of my big purchases on the credit card for the protection it offers, but immediately pay it off. I learned my lesson in my 30s. When I first moved out I had about £1500 on credit cards and it would keep me up at night. Again, lesson learned before it got unmanageable. 2 Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 13 minutes ago, Rodders said: different people. the people who can't pay their mortgages aren't going on holidays, but the people who've had a savings boost and own their own homes or close to can do so I guess. It can’t just be the cash rich people on holidays as demand is through the roof. I assume a chunk of it is people using vouchers from the covid years that are potentially going to expire. Link to comment Share on other sites More sharing options...
trekka Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 Just now, Genie said: When I first moved out I had about £1500 on credit cards and it would keep me up at night. Again, lesson learned before it got unmanageable. Mine quickly became unmanageable when I relocated away from Birmingham for my first proper job. I rented a flat and was on measly money at the time (being fresh in) and I barely coped with the wage just about paying the rent etc. So I popped a few things on the credit card from time to time. People at work were aware I was struggling and said "why don't you house share?" - there was no way I was going to do that (as I like my own space). Things were sorted in the end but it took 10 years... 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted June 30, 2023 Share Posted June 30, 2023 37 minutes ago, Rodders said: different people. the people who can't pay their mortgages aren't going on holidays, but the people who've had a savings boost and own their own homes or close to can do so I guess. I dont think thats entirely true mate i think what trekka said is probably the most likely outcome 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted June 30, 2023 Share Posted June 30, 2023 It’s almost like with 68,000,000 people here there are multiple scenarios in play at the same time. You’d think there could just be one standard situation we are all in. Far simpler. 1 2 Link to comment Share on other sites More sharing options...
markavfc40 Posted June 30, 2023 Share Posted June 30, 2023 The percentage of people who can't pay their mortgage yet are going on holidays abroad must be tiny. It is like the old Tory claim that all those on benefits are smoking 40 a day and have sky/netflix and the latest iphone and tele's. It is bollocks. On a broader point though in the 6th richest country in the world a holiday should not be seen as a luxury that should be sacrificed for anyone working. 1 Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 (edited) It certainly is an interesting dynamic Reuters Quote LONDON, April 20 (Reuters) - Jet2 plc (JET2.L), Britain's biggest tour operator, upgraded its annual profit forecast and said trading for the coming summer was encouraging with demand for holidays continuing to defy the UK's gloomy economic outlook. Jet2's positive update is the latest evidence that British consumers are prioritising holidays despite cutting back elsewhere due to cost of living pressures from inflation which has been in double digits since September. Edited June 30, 2023 by Genie Link to comment Share on other sites More sharing options...
ender4 Posted June 30, 2023 Share Posted June 30, 2023 2 hours ago, Demitri_C said: I was reading about demand for going abroad has shot up the prices for going anroad yet people are still going and paying the prices Something dont add if a majority people cant afford to pay their mortages then how they affording extortionate holidays? 1 hour ago, Genie said: Foreign holidays this year are crazy money. I do wonder about choices some people make. Are people who can’t pay their rent or mortgage still getting McDonalds from Just Eat? Still getting the hair, eyebrows and nails done every week? Still regularly going to the pub? Only 28% of houses have a mortgage on them, 72% are mortgage-free. So roughly only quarter to a third of people are affected negatively by rising mortgage rates. And for old people who have paid off their houses and have significant savings, they are now earning very good interest on those savings plus inflation linked pensions. Link to comment Share on other sites More sharing options...
ender4 Posted June 30, 2023 Share Posted June 30, 2023 I went to my local Ember Inn pub last night and was going to have food. Every single table was full with people eating, we couldn't get a table so had to go elsewhere. No recession here. Virtually every person was over 45-50 years old as well. Not sure if that was just a coincidence or because they have more disposable income than younger people. Link to comment Share on other sites More sharing options...
Demitri_C Posted June 30, 2023 Share Posted June 30, 2023 3 minutes ago, ender4 said: Only 28% of houses have a mortgage on them, 72% are mortgage-free. So roughly only quarter to a third of people are affected negatively by rising mortgage rates. And for old people who have paid off their houses and have significant savings, they are now earning very good interest on those savings plus inflation linked pensions. Sorry am i reading that right your saying 72% of the population in the UK dont have mortgages? That cant be right surely if thats what your suggesting Link to comment Share on other sites More sharing options...
ender4 Posted June 30, 2023 Share Posted June 30, 2023 22 hours ago, tinker said: Thames Water is about to go belly up after paying shareholders £2b a year it finds itself in £10b worth of debt. Who would have thought it. Ridiculous. The govt better not pay them a penny to take over. The share value should be Nil as they are bankrupt. Link to comment Share on other sites More sharing options...
sidcow Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 Nationwide Building Society state on the BBC that mortgage applications are holding up. Huge demand for holidays. I'll whisper it quietly. Is there too much excess spending going on? Link to comment Share on other sites More sharing options...
ender4 Posted June 30, 2023 Share Posted June 30, 2023 (edited) 6 minutes ago, Demitri_C said: Sorry am i reading that right your saying 72% of the population in the UK dont have mortgages? That cant be right surely if thats what your suggesting That is correct. You have to remember most of the housing stock is owned by retired people now with mortgages paid off during their working life, and a lot of younger people are still renting so not paying mortgages. Links to prove the 28% mortgage figure: https://www.thisismoney.co.uk/money/mortgageshome/article-11922413/More-people-England-homes-outright-mortgage-rent-figures-reveal.html https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/researchoutputssubnationaldwellingstockbytenureestimatesengland2012to2015/2020#:~:text=Of those 24.7 million dwellings,a mortgage or a loan https://www.uswitch.com/mortgages/mortgage-statistics/ Edited June 30, 2023 by ender4 Link to comment Share on other sites More sharing options...
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