TheAuthority Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 A lot of you are talking about variable rate mortgages. Did folks in the UK not have the option to get 30 year fixed loans recently when the rates were at historic lows? Link to comment Share on other sites More sharing options...
sidcow Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 2 minutes ago, Craigyh74 said: Oh joy. Look forward to my interest over 5% now Sometimes I wish I'd meet with an accident so the house is paid off and the Wife and lad have a bit of money Woah. There is more to life than a bit of money, the wife and lad will value you way above anything else. 2 Link to comment Share on other sites More sharing options...
Craigyh74 Posted May 5, 2022 Share Posted May 5, 2022 Just now, sidcow said: Woah. There is more to life than a bit of money, the wife and lad will value you way above anything else. I know, but it's not about money. As a family we have been sold out by the Tories after the banking crisis, unable to move mortgage, in the eyes of a lender I cant afford to pay hundreds a month less , credit rating trashed from trying to live and keep a roof over their heads. I feel like a complete failure and no matter how many times I'm told it's not my fault I still feel like it is. 1 Link to comment Share on other sites More sharing options...
sidcow Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 15 minutes ago, Craigyh74 said: I know, but it's not about money. As a family we have been sold out by the Tories after the banking crisis, unable to move mortgage, in the eyes of a lender I cant afford to pay hundreds a month less , credit rating trashed from trying to live and keep a roof over their heads. I feel like a complete failure and no matter how many times I'm told it's not my fault I still feel like it is. Have you tried meeting with the bank to talk about restructuring payments? Try citizens advice bureau. I am pretty sure if people are struggling to pay they have to try and help out. Link to comment Share on other sites More sharing options...
Genie Posted May 5, 2022 Share Posted May 5, 2022 Yeah, CAB are very good. My brother got into a right mess and they gave him loads of really useful help to get him straight again. Link to comment Share on other sites More sharing options...
maqroll Posted May 5, 2022 Share Posted May 5, 2022 I'm itching to trade my Toyota Tacoma in for a Ford Maverick EV. Gasoline prices are obscene right now. Link to comment Share on other sites More sharing options...
Mandy Lifeboats Posted May 5, 2022 Share Posted May 5, 2022 CAB are good. The Money Advice Service is also an excellent starting point. Link to comment Share on other sites More sharing options...
ml1dch Posted May 5, 2022 Share Posted May 5, 2022 39 minutes ago, TheAuthority said: A lot of you are talking about variable rate mortgages. Did folks in the UK not have the option to get 30 year fixed loans recently when the rates were at historic lows? Not really a thing over here. Five is the maximum that most people go for, some go for ten. Nothing really any longer-term than that. 1 Link to comment Share on other sites More sharing options...
Craigyh74 Posted May 5, 2022 Share Posted May 5, 2022 Just now, sidcow said: Have you tried meeting with the bank to talk about restructuring payments? Try citizens advice bureau. I am pretty sure if people are struggling to pay they have to try and help out. No bank involved. The Tories sold off the so called toxic debts to American Vulture funds, they are classed as closed book lenders and aren't really regulated by the FCA and can do what the hell they like. I've never missed a mortgage payment but other bills have slipped due to this (now all up to date). The treasury have been saying they are looking into a solution now for the past 2 years and all John Glen has done is mislead parliament with bogus figures which have been proven wrong by Martin Lewis as he funded an independent report into the Mortgage Prisoner situation. I can't wait for tomorrow to get on a plane thanks to my dad paying for us, at least I can forget my worries for a week even if I'm stuck with 2 baggies fans 1 Link to comment Share on other sites More sharing options...
TheAuthority Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 2 hours ago, maqroll said: I'm itching to trade my Toyota Tacoma in for a Ford Maverick EV. Gasoline prices are obscene right now. Just bought another hybrid. 40 miles to the gallon. Very happy about that. Cancelled the dog's health insurance (sorry pal) Cancelled a lot of streaming services too and the wife's Peloton. With a 2nd baby coming and only one salary things are tough. 1 Link to comment Share on other sites More sharing options...
TheAuthority Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 2 hours ago, ml1dch said: Not really a thing over here. Five is the maximum that most people go for, some go for ten. Nothing really any longer-term than that. Wow. We have a 30 year locked at 2.75% I know some folks who refinanced even lower than that. Link to comment Share on other sites More sharing options...
maqroll Posted May 5, 2022 Share Posted May 5, 2022 (edited) Not regretting cutting meat out of my diet. Two medium sized, common brand chicken breasts cost $10. Edited May 5, 2022 by maqroll Link to comment Share on other sites More sharing options...
trekka Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 9 minutes ago, maqroll said: Not regretting cutting meat out of my diet. Two medium sized, common brand chicken breasts cost $10. Ouch. Serious fowl play going on there. 1 2 Link to comment Share on other sites More sharing options...
Genie Posted May 5, 2022 Share Posted May 5, 2022 36 minutes ago, TheAuthority said: Wow. We have a 30 year locked at 2.75% I know some folks who refinanced even lower than that. I locked in for 5 years which is generally seen as the max. I got 1.39% which is fantastic. I could have got 1.29% for 2 years. 10 year fixed rate exist but I don’t know anyone who ever had one. Link to comment Share on other sites More sharing options...
TheAuthority Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 6 minutes ago, Genie said: I locked in for 5 years which is generally seen as the max. I got 1.39% which is fantastic. I could have got 1.29% for 2 years. 10 year fixed rate exist but I don’t know anyone who ever had one. What happens if interest go up to 6/7%? Is there any sort of cap? Link to comment Share on other sites More sharing options...
trekka Posted May 5, 2022 VT Supporter Share Posted May 5, 2022 Back in the early 90s it wasn't uncommon to see 10% mortgages. BBC Link to comment Share on other sites More sharing options...
Genie Posted May 5, 2022 Share Posted May 5, 2022 (edited) 21 minutes ago, TheAuthority said: What happens if interest go up to 6/7%? Is there any sort of cap? No cap. It is what it is. Lots of repossessed houses I assume. People who are maxed out on massive mortgages could be in big trouble when the historically low rates go back up. Edited May 5, 2022 by Genie 1 Link to comment Share on other sites More sharing options...
Xela Posted May 5, 2022 Share Posted May 5, 2022 4 hours ago, TheAuthority said: A lot of you are talking about variable rate mortgages. Did folks in the UK not have the option to get 30 year fixed loans recently when the rates were at historic lows? Usually 10 years max here, from most mainstream lenders. People don't want to commit that long as they want to move and don't want to have huge termination fees for breaking a long fix mortgage. 1 Link to comment Share on other sites More sharing options...
Xela Posted May 5, 2022 Share Posted May 5, 2022 4 hours ago, Craigyh74 said: No bank involved. The Tories sold off the so called toxic debts to American Vulture funds, they are classed as closed book lenders and aren't really regulated by the FCA and can do what the hell they like. I've never missed a mortgage payment but other bills have slipped due to this (now all up to date). The treasury have been saying they are looking into a solution now for the past 2 years and all John Glen has done is mislead parliament with bogus figures which have been proven wrong by Martin Lewis as he funded an independent report into the Mortgage Prisoner situation. I can't wait for tomorrow to get on a plane thanks to my dad paying for us, at least I can forget my worries for a week even if I'm stuck with 2 baggies fans Have you spoken to any specialist mortgage brokers mate? 1 Link to comment Share on other sites More sharing options...
paul514 Posted May 5, 2022 Share Posted May 5, 2022 58 minutes ago, Genie said: No cap. It is what it is. Lots of repossessed houses I assume. People who are maxed out on massive mortgages could be in big trouble when the historically low rates go back up. They won't go back up to the previous normal rates. Inflation is high right now, a crash is coming and they will drop the rates again. Link to comment Share on other sites More sharing options...
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