news & politics:discussion

[steviewevie]

1 minute ago, Crazyfool01 said:

That’s one hell of a lot of screwed people with mortgages 😞 pretty grim for them 

f**k'em.

[fraybentos1]

2 minutes ago, Crazyfool01 said:

That’s one hell of a lot of screwed people with mortgages 😞 pretty grim for them 

Yeah it's a nasty rise from extreme lows. Hence why i think it was dumb of them to stick with 0.1% rates for so long, they should have been raised way earlier. 3.5-4.5% would be a good range when inflation is back under control.

Yes it is grim for people coming off low fixed mortgages, but what is more grim for everyone is double digit inflation. Even if it reduces to 5% it can't stay there for long.. high inflation is bad for everyone, high IRS are bad for some.

[gary1979666]

2 minutes ago, Crazyfool01 said:

That’s one hell of a lot of screwed people with mortgages 😞 pretty grim for them 

It's definitely not fun for a lot of people out there, but there's also an element of it being their own fault.  Yes, we've had a period of ultra low interest rates, but there's no guarantee that it would stay like that - when getting a mortgage, you need to make sure it's still affordable if there's a decent shift in the rates, rather than borrowing up to the hilt.  It's hard, but there's some personal responsibility out that needs to be taken.  

It's easy to say here, given Iast year I locked in for 10 years at 2.3%, but even with that, I made sure we we're crazy with what we borrowed and compromised on what we bought, so there was some wiggle room.

[Crazyfool01]

3 minutes ago, steviewevie said:

f**k'em.

I saw someone on here say that their mortgage had gone up by 500 odd quid .. how on earth that’s sustainable for all concerned I’ve no idea . To me that cost is worse than inflation cost on bills although obviously inflation is screwing us all still . People just can’t work the extra to cover it . So fortunate I’ve no mortgage I just need to figure out the bills 

[Crazyfool01]

3 minutes ago, gary1979666 said:

It's definitely not fun for a lot of people out there, but there's also an element of it being their own fault.  Yes, we've had a period of ultra low interest rates, but there's no guarantee that it would stay like that - when getting a mortgage, you need to make sure it's still affordable if there's a decent shift in the rates, rather than borrowing up to the hilt.  It's hard, but there's some personal responsibility out that needs to be taken.  

It's easy to say here, given Iast year I locked in for 10 years at 2.3%, but even with that, I made sure we we're crazy with what we borrowed and compromised on what we bought, so there was some wiggle room.

Oh for sure you need to factor in some ability for fluctuations and not max out … and some of that lies with banks not lending too . Big problems though as this has probably passed the levels some might have been expecting … plan for 3% and we get 6 … 

[Guest]

2 minutes ago, steviewevie said:

f**k'em.

That seems like the attitude from some which is a shame. Empathy can go a long way (I know you are joking).

The BoE have once again taken the wrong course of action in the middle of a cost of living crises by making sure that rents, mortgages and food all will increase. This will just push more money to the already wealthy institutions and only make things harder for people.

It really seems like they and the government want a recession.

Just remember people there measures available to help such as extending the term of your loan and moving to interest only repayments for a bit. They might not be very help but it’s something. 

[steviewevie]

9 minutes ago, gary1979666 said:

It's definitely not fun for a lot of people out there, but there's also an element of it being their own fault.  Yes, we've had a period of ultra low interest rates, but there's no guarantee that it would stay like that - when getting a mortgage, you need to make sure it's still affordable if there's a decent shift in the rates, rather than borrowing up to the hilt.  It's hard, but there's some personal responsibility out that needs to be taken.  

It's easy to say here, given Iast year I locked in for 10 years at 2.3%, but even with that, I made sure we we're crazy with what we borrowed and compromised on what we bought, so there was some wiggle room.

sorry, but wtf

[steviewevie]

So...food inflation is at 17.3%...is this being driven by people just having way too much money the greedy f**kers?

[Guest]

2 minutes ago, steviewevie said:

So...food inflation is at 17.3%...is this being driven by people just having way too much money the greedy f**kers?

The bosses at the BoE were happy to take their pay rises whilst moaning at us for asking for one. They are hypocrites. 

[steviewevie]

all just helps with generational divide..older people with paid off mortgages and tons of savings...and younger people renting or with big mortgages. 

[fraybentos1]

It was daft of people to not think IRs were gonna rise from basically 0. I wouldn’t really blame people though, they’re only borrowing what they can to try buy a house. 
 

I would blame a)Bank of England for keeping them so low for so long and helping house prices go crazy 

b) the government for their Insane stamp duty holiday during the pandemic which created a frenzy and again pushed up house prices so much. It’s people that bought in 2021 on a two year fix that are now gonna get f**ked over 

[Crazyfool01]

and you are truly f**ked if you work for wilko 😞 for some bugeting can't control things that are out of their control 

 

 

[Guest]

Working people only suffer more as a result of this. 

[steviewevie]

haven't we basically been f**ked since 2008 crash but the subsequent low interest rates and house price rises masked that...? and now that is gone, we're just f**ked.

[lost]

Brazil the first country through the gates bringing inflation down. Just cut 0.5%. Rates went from 2% in 2021 to 13.75%.

Now down to a nicely manageable 13.25% 

[fraybentos1]

In Ozanne's world the Bank of England are doing this for a laugh when in reality they're following the USA, Canada, EU, NZ and Australia with IR rises. Maybe it's cause they're all terrified of long-term high inflation as they should be?

[Crazyfool01]

news mentioned Spain with tax increases dealing with things and more quickly than rate rises ? 

[Guest]

Spain and Japan have both dealt with inflation in much better ways than us without having to hoik interest rates up and make things worse for people. 

[fraybentos1]

6 minutes ago, Crazyfool01 said:

news mentioned Spain with tax increases dealing with things and more quickly than rate rises ? 

 

2 minutes ago, Ozanne said:

Spain and Japan have both dealt with inflation in much better ways than us without having to hoik interest rates up and make things worse for people. 

The European Central Bank has also raised interest rates substantially. 

Japan is a huge outlier as it has been for decades

[fraybentos1]

3 minutes ago, Ozanne said:

Spain

So Spain's interest rates have gone from basically 0 to around 4 with more rises to come and thats fine, but the Bank of England are doing it wrong despite following the same strategy 

[lost]

Japan deals with inflation by having zero immigration and zero births. 400k people on a 3 year waiting list for a nursing home who are already past the point where you can't look after yourself.

Very little demand coming from those peeps.

Edited August 3, 2023 by lost

[Guest]

Clearly raising interest rates isn’t working yet they will keep on doing it and keep them high for years. Basically a big f**k you to the public who are already feeling the pain.

We should be doing what Spain and/or Japan are doing but our central bank and government only want to make people poorer. 

[steviewevie]

can the Bentos resist?

[fraybentos1]

4 minutes ago, Ozanne said:

Clearly raising interest rates isn’t working yet they will keep on doing it and keep them high for years. Basically a big f**k you to the public who are already feeling the pain.

We should be doing what Spain and/or Japan are doing but our central bank and government only want to make people poorer. 

Will keep saying it and keep trying to resist the urge to call you a moron but Interest rates in Spain have risen as they have done all over europe as the ECB does the same as what the USA and a million other countries are doing

[steviewevie]

5 minutes ago, Ozanne said:

Clearly raising interest rates isn’t working yet they will keep on doing it and keep them high for years. Basically a big f**k you to the public who are already feeling the pain.

We should be doing what Spain and/or Japan are doing but our central bank and government only want to make people poorer. 

yes, the bank probably wants to make people poorer, as that is fundamentally what they are doing to get inflation down.

Not sure about the government, not exactly ideal leading into an election.