news & politics:discussion

[Crazyfool01]

1 minute ago, Barry Fish said:

I think most of our generation will be in that position - house funds retirement. 

my company pension will be worth jack shit ..... guess i need to hope for some kind of state pension but think ill be clasping at straws 

[fraybentos1]

7 minutes ago, Crazyfool01 said:

my company pension will be worth jack shit ..... guess i need to hope for some kind of state pension but think ill be clasping at straws 

Get a SIPP if you can afford it. Even 100 quid a month becomes a lot over decades with reasonable growth.

[Guest]

11 minutes ago, steviewevie said:

yeah, they shouldn't have announced it during an election campaign...got ditched and was actually a progressive way of funding social care which desperately needs it (and still does). Any tax is unpopular unless it just effects the rich only..

An even better way would be a National Care Service, to supplement a properly funded NHS. 

[fraybentos1]

13 minutes ago, Barry Fish said:

People need houses and houses need paying for.  Its not really an active choice to "mortgage" yourself up to the eye balls.  Its a consequence of the game of life and when you happen to need the different house.  And it impacts renters and mortgage people pretty much in the same way.

I "had"* to buy a bigger house in 2019 because we needed the extra space.  I was kind of a passenger to this need happening during a period of low interest rates and sky high house prices.  It being time to move was independent to the current market in a lot of ways.  And I am a passenger to now having this bigger expensive house while the rates shoot up.  Thankfully I am a year one of five year fixed.

I can just sense a bit of - they shouldn't of bought the house then - creeping in and its a bit toxic.  As the ability to make decisions on this stuff is largely out of the average joes hands.  

*I accept there is "always" a choice at some level...  but its like saying the person on benefits shouldn't buy a TV - not in anyway related to real modern lives...

Yeah I will admit I'm a bit pissed off about the whole situation as I am 26, renting and gonna buy probs next year. Yeah i know to an extent that people don't have a choice, but home owners are king and always have been. If everyone is allowed to brag about their house price going up then I  think it is fair that people that don't own should want the opposite.

The only way was up for interest rates. Ultimately it isn't the fault of your average Joe but if a couple extra percent means you cannot afford it then could you ever really afford it? It is a huge bubble, they always burst.

[Crazyfool01]

2 minutes ago, fraybentos1 said:

Get a SIPP if you can afford it. Even 100 quid a month becomes a lot over decades with reasonable growth.

will take a look and see how it compares to what i do currently . thanks FB  .... i pay in the minimum on minimum wage so dont think it'll be up to much 🙂 

[fraybentos1]

2 minutes ago, Barry Fish said:

You have to know what you are doing though - could easily lose the lot.

Really not gonna be likely if you're anyway sensible. Get a global index fund, set up a standing order and forget about it. Should average 7/8 percent a year over a couple decades.

[fraybentos1]

Just now, Crazyfool01 said:

will take a look and see how it compares to what i do currently . thanks FB  .... i pay in the minimum on minimum wage so dont think it'll be up to much 🙂 

i'm no expert but happy to offer advice I can. I don't know what age you are but assume you still have a couple of decades working. Just to emphasise, obviously still stay enrolled in your workplace pension- it is essentially free money.

As you say tho, you are  mortgage free and will get a state pension too anyway so you'll be fine 

[Crazyfool01]

1 minute ago, fraybentos1 said:

i'm no expert but happy to offer advice I can. I don't know what age you are but assume you still have a couple of decades working. Just to emphasise, obviously still stay enrolled in your workplace pension- it is essentially free money.

As you say tho, you are  mortgage free and will get a state pension too anyway so you'll be fine 

thanks 🙂 

[fred quimby]

3 minutes ago, Crazyfool01 said:

thanks 🙂 

Ignore him when he says give it all to me and I'll do the rest 😉

[Guest]

This gives good insight into the Tory members.

 

[lost]

21 minutes ago, Barry Fish said:

Surely the state will always be forced into some sort of safety net for the elderly....  or maybe Soylent green is the answer.

Wouldn't be surprised if the state pension is means tested when our generation get there.

[Guest]

I’d take Gordon Brown as PM again. 

[steviewevie]

Higher interest rates may bring down house prices, but they will also make mortgages more expensive for first time buyers? We need more housing stock, despite what the telegraph says. Starmer will sort it, 70% will be home owners when labour gets in apparently.

[Crazyfool01]

8 minutes ago, fred quimby said:

Ignore him when he says give it all to me and I'll do the rest 😉

Currently investing in fray bentos pies … hopefully I’ll get a decent slice of that pie to survive on 

[Crazyfool01]

1 minute ago, steviewevie said:

Higher interest rates may bring down house prices, but they will also make mortgages more expensive for first time buyers? We need more housing stock, despite what the telegraph says. Starmer will sort it, 70% will be home owners when labour gets in apparently.

I swear other countries don’t go so much on home ownership … how does it work elsewhere ? 

[Guest]

1 minute ago, steviewevie said:

Higher interest rates may bring down house prices, but they will also make mortgages more expensive for first time buyers? We need more housing stock, despite what the telegraph says. Starmer will sort it, 70% will be home owners when labour gets in apparently.

Yes that’s what I’ve been saying. Mortgages go up for both first time buyers and people coming off fixeds. It’s going to cause a lot of pain.

We do need to build more houses. 

[fraybentos1]

Even if there was a concerted effort to build a lot more new homes (which there is not), that would take years and years to have an impact. The only way prices come down is higher interest rates.

3 minutes ago, steviewevie said:

Higher interest rates may bring down house prices, but they will also make mortgages more expensive for first time buyers? We need more housing stock, despite what the telegraph says. Starmer will sort it, 70% will be home owners when labour gets in apparently.

Smaller deposit needed. But yes, FTB will still be fucked over the most

[Skip997]

Just now, Crazyfool01 said:

I swear other countries don’t go so much on home ownership … how does it work elsewhere ? 

Last I heard was that both France and Germany, Netherlands also (?) have far higher life long renters than owners.

We have this weird obsession with home ownership.

[fraybentos1]

1 minute ago, Crazyfool01 said:

I swear other countries don’t go so much on home ownership … how does it work elsewhere ? 

They have better social housing and a more secure rental market. Long-term, secure and more affordable housing. Would make you think harder about if buying is worth it 

[Guest]

2 minutes ago, Skip997 said:

Last I heard was that both France and Germany, Netherlands also (?) have far higher life long renters than owners.

We have this weird obsession with home ownership.

https://homehousebuyers.co.uk/uk-vs-eu-home-ownership/
 

According to this we are behind the EU on house ownership so we might not be that obsessed.

I saw the present of Novara media explain it quite well. He said that he doesn’t necessarily want to but he just wants a more friendly renters market, better renters rights, less buy to let landlords etc. Which to me sounds fair as the main reason I bought was because of ever few years having to find a new place to live. 

[Skip997]

2 minutes ago, Barry Fish said:

Is it weird to not want to give your money to a landlord and keep it for yourself ?  hence increase your financial independence. 

Anyway just checked the stats, seems were about on a par with the 3 countries I mentioned.

Anyway ignore me I have these apparently weird beliefs over the evils of money, capitalism etc

[lost]

5 minutes ago, Skip997 said:

Last I heard was that both France and Germany, Netherlands also (?) have far higher life long renters than owners.

We have this weird obsession with home ownership.

Same thing has happened to property prices though.. Even worse in some of the places that had negative interest rates.

[fraybentos1]

1 minute ago, Barry Fish said:

if you cant afford an extra £300 to £800  could you ever afford it

But the interest rates were always gonna go up. I don't necessarily blame individuals, people will take what they can get at the time. I blame the gov for their ludicrous stamp duty holiday and the BoE for keeping interest rates too low for ages. All i am saying is people cannot have expected interest rates to never go up.

 

6 minutes ago, Barry Fish said:

I hope you find a path on to the housing ladder.  Its certainly better than renting.

Appreciated. I'll be alright cause there is me and my GF, both earn alright money and live in glasgow so it isn't that bad. We'd have bought by now but we are off travelling to asia in January

[fraybentos1]

3 minutes ago, Barry Fish said:

"Should' 🙂  

Any investment could go up or down, past performance isn't indicative of future results etc etc but a global index fund is as safe and diversified as it gets. Any pension is gonna be liable to go down at certain points but you kinda need to do it.

[fraybentos1]

3 minutes ago, Barry Fish said:

I knew they would go up one day - I knew this day would come.

Not sure what difference that makes.

Yeah as I say it's harsh to blame individuals and people need homes and will pay what they can afford to. Ultimately at some point people's fixed rates were gonna end and they were gonna pay hundreds more a month. It's all just about luck really.