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[News] Some better news at last
- Thread starter Uncle C
- Start date
A mex eyecan
Well-known member
- Nov 3, 2011
- 3,341
Why not tar everyone with the same brush. For a moderator perhaps you should temper your comments to be more moderate. Your last line is pretty disgusting.
And no, I’m not a boomer sitting on great wealth and have great sympathy and more so concern for the younger generations coming along behind mine.
Fake moderator!
A mex eyecan
Well-known member
- Nov 3, 2011
- 3,341
then I apologise
You shouldn’t. He’s made a black and white dichotemy of boomers versus the young. There is no cliff.
Anecdotally, at age 34 my worth was probably just the value of an old car and a rubbish firm’s pension plan. Things take shape very gradually over a long time.
- Oct 20, 2022
- 4,935
… so if I understand this by ’taking stock’ you mean:
1. All those ‘fortunate people’ struggling to meet the increasing interest payments on their mortgages, could actually release some equity by taking out a Charge/second mortgage against the equitable value of their home and …. er pay it back by even larger interest payments? Even if a Lender agreed on that it would be ludicrous.
Or
2. These ‘fortunate people’ could of course sell their property and downsize - not so easy if you have kids - you’d have to downsize quite a lot, to not only pay off the existing mortgage but to pay all the moving costs, solicitors fees and a deposit on a new place from the proceeds of sale then negotiate a new mortgage! If you are already in anything less than a 3 bed house, you’d be a bit buggered on this one unless you were prepared to move the wife, the 3 kids and the dog into a cardboard box in the East Midlands.
Or
3. If the housing market slumps as it’s predicted to by next year, (by about 8%), the 200,000 or so people who will be in negative equity and struggling to meet their mortgage costs - well they could sell their home of course or just hand the keys back to the lender. Maybe they could get permission from their lenders to sell their home, but they’d still have to make up the shortfall of the remaining mortgage since they will be selling a property for less than the mortgage value.
4. Perhaps those ‘fortunate people’ who have a large property in an expensive area can downsize and get their lender to carry over a Charge against the value of the new property so they would then be paying off the mortgage debt of the old property on top of the mortgage on the new smaller property at a time when interest rates are rising. Unsurprisingly most lenders would not sign off on this one either.
Nah - The only property owners insulated by rising interest rates are those that have cash bought property or paid off their mortgage or can sell their property for ‘masses’ more than they paid for it and cash buy something cheaper.
I dont have a mortgage but I also cant afford to run a car, cant afford to go abroad (or even in the UK for a holiday) and need to be frugal with my fuel use. Rising wholesale costs and inflation have seriously increased the overhead costs on maintaining a home. It should not be presumed Homeowners are sitting on riches!
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Kosh
'The' Yaztromo
One thing is very clear, the kind of misguided we’re alright Jack mentality of those with wealth, stirs the ire and frustration of those with little to cling to except the faint hope that things might get better in about 5 years.
My reality got worse this week, a car breakdown has derailed any hope of a ‘normal’ but frugal Christmas... which coincided with work calling us all in and asking for volunteers (you know), the kind of I’ll take unemployment volunteer - again the realm of the near retired final salary pension birthday lottery winners... a restructure with union involvement awaits whilst a 500k budget shortfall, due entirely to government cuts ... will undoubtedly mean enforced redundancies to combat not just that budget cut, but the rising costs of running the wider organisation ...
It makes me chuckle that certain people could fund that shortfall from their interest payments alone... but those drawbridges - they’re pulled up, alas is it not always thus ?
This is the reality, the stark and bleak reality, which many thousands will face... and laughably people who reside in a certain place in society think a.) I can save anything and b.) selling my modest three bedroomed house is going to see me sitting on a beach earning 20%.
There is a very real possibility I won’t have a job come the 1st of April and YES I will do anything if that materialises ... anything to support my family and I’ll work to ensure I find an alternative from now... just like all the older generation would have done before me...
But, there is no pot of gold at the end of my sanctimonious rainbow ... there really isn’t.
The fact that certain people don’t get why Husty (for example) might have lost his shit a bit and (maybe) gone too far frankly astonishes me.
If you’re creaming 7% - good for you, but please think about ‘our’ reality before claiming it’s good news week.
- Oct 20, 2022
- 4,935
Sorry that your job might be at risk
However, you are the one sounding a little bit sanctimonious to me.
Whether you agree or not, the cost of living crisis is effecting everyone , whether they be mortgage owners, self+employed business owners, employees, or retired people who cash own their house but are living on State Pension (that will be me in a few years) or young people living in rented accommodation.
Interest rates have gone up because global inflation costs were soaring post-pandemic and raising interest rates was the only fiscally responsible thing the BoE could do - so yes, the downside of that is higher mortgage costs. But raising interest rates has not stopped the continuing price hikes in just about everything else too.
Therefore soaring food prices, extortionate fuel costs, wages that haven’t kept up with the underlying levels of inflation, means the majority of people in this Country are struggling not just those with mortgages . In the past year, my brother’s business (he’s 63) has gone to the wall (a business he built up from scratch, invested a lot of emotional and physical energy into and worked very hard for, my 86 year old Mum sits in her non-mortgaged house wearing gloves, scarfs and wrapped in blankets to keep her heating costs down and my brother in law (he’s 59) is working out a voluntary reduced working week to part time for 6 months before he looses his job entirely - they have 2 kids at university btw and have very minimal savings. Just a snippet of the 60s boomers who you might expect to be ‘raking it in’.
Less than 1 in 3 people in the UK have savings above £1,500 whereas around %15 have no savings at all. Even 7% on £10,000 savings is only £700, barely enough to cover last April’s domestic energy hikes let alone the increases for rest of 2022-23.
The difference between you and people over the age of 60, is you still have earning potential, once you hit your late 50s you are pretty much unemployable (even if you are still fit enough to work 40 hours a week) or could get remortgages or business loans to start again (which is increasingly difficult to get as you get older for obvious reasons)
So yes, a 7% interest rise for the boomer savers is bloody good news because even for people who own their own home, for the vast majority once we hit 60-65 every penny matters - with my relatively’ meagre savings’, I help out my nieces and the rest of my family whenever I can and give about 10% of my annual income to charity (including supporting our air ambulances up here) but I still haven't put on my heating or been able to make essential repairs on the non-mortgaged house this year!
So, please think of “our reality before claiming it’s [not] a good news week”!
Sorry about your difficulties at work Kosh and hope it doesn’t turn out as bad as you fear.
However, you are the one sounding a little bit sanctimonious to me.
Whether you agree or not, the cost of living crisis is effecting everyone , whether they be mortgage owners, self+employed business owners, employees, or retired people who cash own their house but are living on State Pension (that will be me in a few years) or young people living in rented accommodation.
Interest rates have gone up because global inflation costs were soaring post-pandemic and raising interest rates was the only fiscally responsible thing the BoE could do - so yes, the downside of that is higher mortgage costs. But raising interest rates has not stopped the continuing price hikes in just about everything else too.
Therefore soaring food prices, extortionate fuel costs, wages that haven’t kept up with the underlying levels of inflation, means the majority of people in this Country are struggling not just those with mortgages . In the past year, my brother’s business (he’s 63) has gone to the wall (a business he built up from scratch, invested a lot of emotional and physical energy into and worked very hard for, my 86 year old Mum sits in her non-mortgaged house wearing gloves, scarfs and wrapped in blankets to keep her heating costs down and my brother in law (he’s 59) is working out a voluntary reduced working week to part time for 6 months before he looses his job entirely - they have 2 kids at university btw and have very minimal savings. Just a snippet of the 60s boomers who you might expect to be ‘raking it in’.
Less than 1 in 3 people in the UK have savings above £1,500 whereas around %15 have no savings at all. Even 7% on £10,000 savings is only £700, barely enough to cover last April’s domestic energy hikes let alone the increases for rest of 2022-23.
The difference between you and people over the age of 60, is you still have earning potential, once you hit your late 50s you are pretty much unemployable (even if you are still fit enough to work 40 hours a week) or could get remortgages or business loans to start again (which is increasingly difficult to get as you get older for obvious reasons)
So yes, a 7% interest rise for the boomer savers is bloody good news because even for people who own their own home, for the vast majority once we hit 60-65 every penny matters - with my relatively’ meagre savings’, I help out my nieces and the rest of my family whenever I can and give about 10% of my annual income to charity (including supporting our air ambulances up here) but I still haven't put on my heating or been able to make essential repairs on the non-mortgaged house this year!
So, please think of “our reality before claiming it’s [not] a good news week”!
- May 8, 2018
- 9,378
Should point out that the First Direct 7% rate is on balances up to £3,600 and fixed for a year so not a significant opportunity really for anyone
mejonaNO12 aka riskit
Well-known member
Bought Man Utd shares just over a month ago because I was bored and wanted to claim I owned a football club. They've gone up 60%.
Probably should have invested more than £150
Probably should have invested more than £150