bobzy Posted July 13, 2023 Share Posted July 13, 2023 35 minutes ago, avfc456 said: Like you I'm no expert, but I read it will take 2-5 years for the effect on mortgage holders to be felt due to the amount of people on longer fixes My fix is up in Feb next year, always knew my 2% rate was a game that eventually would come to an end, 4-5% not great but fair enough, but creeping upto 7% I am starting to get concerned about what to do when my fixed rate term ends. It's just a massive shitfest. I feel sorry for first-time buyers. Personally know someone who has a massive pot of savings (far bigger than what I had when I got on the ladder) but can't get a mortgage for anywhere (decent) so they're "stuck" paying rent... which is about to become utterly ridiculous after their annual contract ends. They're likely to have to dip into savings to simply live, further eroding their chances of buying a house. And this is someone who is in a very good position financially, let alone all those who aren't. Fun times! 1 Link to comment Share on other sites More sharing options...
foreveryoung Posted July 13, 2023 Share Posted July 13, 2023 34 minutes ago, avfc456 said: Like you I'm no expert, but I read it will take 2-5 years for the effect on mortgage holders to be felt due to the amount of people on longer fixes My fix is up in Feb next year, always knew my 2% rate was a game that eventually would come to an end, 4-5% not great but fair enough, but creeping upto 7% I am starting to get concerned about what to do when my fixed rate term ends. Take a higher rate, stop spending, no holidays or luxuries like they expect us to do, while the well off including everyone in government still live the dream. Link to comment Share on other sites More sharing options...
chrisp65 Posted July 13, 2023 Share Posted July 13, 2023 Gotta rinse those covid savings out of everyone’s little rainy day accounts and back where they belong. Remember when we had to go back to offices because nobody was buying sandwiches in Pret? Now we need to have spending dampened down. They don’t know what they’re doing other than making sure you don’t have life options. 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted July 13, 2023 Share Posted July 13, 2023 So what do you think will be the norm with interest rates? Id be stunned if they ever went back to under 1÷ like we did (lets be real and honest here we had it very good for a long period) im thinking floating 2-3÷ as surely it cant go double digits as everyone would be ****? Link to comment Share on other sites More sharing options...
Genie Posted July 13, 2023 Share Posted July 13, 2023 2 hours ago, sidcow said: A bit of doom and gloom in the press today as the UK economy has shrunk. Aren't we supposed to be celebrating this? Shouldn't we be giving high fives? Good job done? They've spent months trying to stop people spending to reduce inflation and now people seemingly have stopped spending. Wasn't this the whole idea? It’s expected I think. I assume those at the BoE will be pleased as it shows people are spending less. The growth of the economy was always the collateral damage when trying to tackle inflation. Another of Rishi’s 5 pledges going the wrong way… Link to comment Share on other sites More sharing options...
Genie Posted July 13, 2023 Share Posted July 13, 2023 (edited) 2 minutes ago, Demitri_C said: So what do you think will be the norm with interest rates? Id be stunned if they ever went back to under 1÷ like we did (lets be real and honest here we had it very good for a long period) im thinking floating 2-3÷ as surely it cant go double digits as everyone would be ****? The governor chap last night was saying they won’t be going back to the early 90’s when shed loads of houses were repossessed. I’m not sure where their limit is though. He was saying the banking system is far more resilient now… I’m not sure what that means in terms of people being able to afford their bills. Will the banks be more flexible for home owners in distress? Edited July 13, 2023 by Genie Link to comment Share on other sites More sharing options...
Demitri_C Posted July 13, 2023 Share Posted July 13, 2023 1 minute ago, Genie said: It’s expected I think. I assume those at the BoE will be pleased as it shows people are spending less. The growth of the economy was always the collateral damage when trying to tackle inflation. Another of Rishi’s 5 pledges going the wrong way… I was just at the airport you wouldnt think so! It was absolutely rammed! Link to comment Share on other sites More sharing options...
Demitri_C Posted July 13, 2023 Share Posted July 13, 2023 Just now, Genie said: The governor chap last night was saying they won’t be going back to the early 90’s when shed loads of houses were repossessed. I’m not sure where their limit is though. I dont think they can. Id imagine there would be riots here if they did Link to comment Share on other sites More sharing options...
Genie Posted July 13, 2023 Share Posted July 13, 2023 12 minutes ago, Demitri_C said: I was just at the airport you wouldnt think so! It was absolutely rammed! There’s definitely something odd happening with holidays this year. Demand is through the roof, and prices reflect that. It’s out of sync with the general cost of living crisis. Its a combination of people prioritising a foreign holiday over other luxuries and also the possibility that vouchers given out during covid are expiring so people are using them before they are lost. Link to comment Share on other sites More sharing options...
sharkyvilla Posted July 13, 2023 Share Posted July 13, 2023 48 minutes ago, Genie said: There’s definitely something odd happening with holidays this year. Demand is through the roof, and prices reflect that. It’s out of sync with the general cost of living crisis. Its a combination of people prioritising a foreign holiday over other luxuries and also the possibility that vouchers given out during covid are expiring so people are using them before they are lost. Virtually all the ground handling companies are balloting to strike at the moment here at Gatwick, our ballot gets counted tomorrow ready for striking at the start of the summer holidays. If they cave in to what Unite are demanding then it won't do much to help inflation, already some of the companies have got 16% pay rises. 1 Link to comment Share on other sites More sharing options...
foreveryoung Posted July 13, 2023 Share Posted July 13, 2023 So the teachers and Nurses have been offered 6% pay rise, which is great, or is it? I guess they will have to agree to save it rather then spend it, as more spending will not help the economy according to the BOE. 1 Link to comment Share on other sites More sharing options...
Xela Posted July 13, 2023 Share Posted July 13, 2023 8 hours ago, Demitri_C said: So what do you think will be the norm with interest rates? Id be stunned if they ever went back to under 1÷ like we did (lets be real and honest here we had it very good for a long period) im thinking floating 2-3÷ as surely it cant go double digits as everyone would be ****? 3%-4% will do. That'll leave something for the savers. Those rates would be fine if companies/government hadn't taken the piss with peoples wages for years. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted July 13, 2023 Share Posted July 13, 2023 1 hour ago, Xela said: 3%-4% will do. That'll leave something for the savers. Those rates would be fine if companies/government hadn't taken the piss with peoples wages for years. Yeah id agree with that Link to comment Share on other sites More sharing options...
El Zen Posted July 13, 2023 Share Posted July 13, 2023 I can’t wait until my GF can move in with me (we’ve discussed it, and she will at some point.) Not that the money is the most important reason at all, but I’m sooo sick of paying on a £400k mortgage on my own. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted July 14, 2023 Share Posted July 14, 2023 11 hours ago, El Zen said: I can’t wait until my GF can move in with me (we’ve discussed it, and she will at some point.) Not that the money is the most important reason at all, but I’m sooo sick of paying on a £400k mortgage on my own. Its tough out there esp if you have amorthage that high like most people. Hopefully interest rates will half in the next year or two 1 Link to comment Share on other sites More sharing options...
ender4 Posted July 14, 2023 Share Posted July 14, 2023 (edited) So what to do with my fixed gas/electric with Ovo coming to an end? I looked at that Octopus Tracker that was mentioned on here a while back but they aren't accepting any new sign-ups. They are offering Flexible Octopus which i don't understand - flexible means it can change so it's basically a tracker, but more expensive than Octopus Tracker? With an unknown rate? But also isn't there a price cap, so flexible should still be capped by the price cap? Ovo is also offering similar confusion - i can fix again at the price cap rate, or go Flexible which is also showing the same price cap rate. But surely Flexible is capped by the price cap and therefore can only go lower than the fixed rate but not higher? What am i not understanding? Edited July 14, 2023 by ender4 Link to comment Share on other sites More sharing options...
phily85 Posted July 14, 2023 Share Posted July 14, 2023 1 hour ago, ender4 said: So what to do with my fixed gas/electric with Ovo coming to an end? I looked at that Octopus Tracker that was mentioned on here a while back but they aren't accepting any new sign-ups. They are offering Flexible Octopus which i don't understand - flexible means it can change so it's basically a tracker, but more expensive than Octopus Tracker? With an unknown rate? But also isn't there a price cap, so flexible should still be capped by the price cap? Ovo is also offering similar confusion - i can fix again at the price cap rate, or go Flexible which is also showing the same price cap rate. But surely Flexible is capped by the price cap and therefore can only go lower than the fixed rate but not higher? What am i not understanding? I'm guessing if you fixed it would protect you against future price cap increase. Where flexible might go down or up depending on what price cap does Link to comment Share on other sites More sharing options...
sidcow Posted July 19, 2023 VT Supporter Share Posted July 19, 2023 Well done Sunak, delivering on his pledge to reduce inflation. Now only 7.9%. He's been working hard in the anti inflation mine, sweating hard digging out all that anti inflation matter. What a guy. Deserves all the plaudits for his hard work. 1 Link to comment Share on other sites More sharing options...
Genie Posted July 19, 2023 Share Posted July 19, 2023 29 minutes ago, sidcow said: Well done Sunak, delivering on his pledge to reduce inflation. Now only 7.9%. He's been working hard in the anti inflation mine, sweating hard digging out all that anti inflation matter. What a guy. Deserves all the plaudits for his hard work. We’re finally seeing the result of all the hard work this government has done for us. Three cheers for Rishi! Hip hip… 1 Link to comment Share on other sites More sharing options...
The Fun Factory Posted July 19, 2023 Share Posted July 19, 2023 I am currently basking in paying 10p less for my milk. That will offset my impending mortgage hike. Link to comment Share on other sites More sharing options...
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