Cost of Living and Glastonbury

[efcfanwirral]

23 minutes ago, Lycra said:

Interesting we're having this discussion and yet the main squeeze on living standards has not even hit, viz: higher energy costs and higher interest rates which will affect mortgages and credit. The big ouch is yet to come.

I feel for those on fixed mortgages about to expire in the next few months. Bad situation

I think this is where my thoughts on the Glastonbury sale come from, I doubt the biggest issues will have been seen by early November, but we'll know exactly where we stand by late March

[Andy0808 v5]

10 minutes ago, efcfanwirral said:

I feel for those on fixed mortgages about to expire in the next few months. Bad situation

I think this is where my thoughts on the Glastonbury sale come from, I doubt the biggest issues will have been seen by early November, but we'll know exactly where we stand by late March

My fixed rate needs renewing in June. Hoping for something to change drastically before I even start shopping around. But that’s definitely something that’s gonna cost me

 

[dotdash79]

2 minutes ago, Andy0808 v5 said:

My fixed rate needs renewing in June. Hoping for something to change drastically before I even start shopping around. But that’s definitely something that’s gonna cost me

 

Mine ends next August. Holding that the swap market see’s the trend downwards for rates so it won’t be as bad for fixing, but it’s still going to be bad. 
 

5 year fixes look slightly cheaper than 2 year fixes at the moment. 

[DeanoL]

1 hour ago, Lycra said:

Interesting we're having this discussion and yet the main squeeze on living standards has not even hit, viz: higher energy costs and higher interest rates which will affect mortgages and credit. The big ouch is yet to come.

I think a lot of people plan their finances and are aware of the coming challenges. Some folk are certainly oblivious to it and will just carry on regardless until it really hits, but plenty of people are well aware of it, it's certainly in the news enough!

 

[gooner1990]

36 minutes ago, Andy0808 v5 said:

My fixed rate needs renewing in June. Hoping for something to change drastically before I even start shopping around. But that’s definitely something that’s gonna cost me

 

Mine ends in April 2025...I keep thinking that its ages away...but I need to start looking at renewing it in late 2024.....pray things sort themselves out within the next two years!

[Crazyfool01]

1 hour ago, Lycra said:

Interesting we're having this discussion and yet the main squeeze on living standards has not even hit, viz: higher energy costs and higher interest rates which will affect mortgages and credit. The big ouch is yet to come.

People tightening belts already to stave of debt as long as they can 

[nikkic]

22 hours ago, efcfanwirral said:

I feel for those on fixed mortgages about to expire in the next few months. Bad situation

I think this is where my thoughts on the Glastonbury sale come from, I doubt the biggest issues will have been seen by early November, but we'll know exactly where we stand by late March

Ours is going to go up by 70%!

[Leyrulion]

22 hours ago, Andy0808 v5 said:

My fixed rate needs renewing in June. Hoping for something to change drastically before I even start shopping around. But that’s definitely something that’s gonna cost me

 

If you didn't know you can get an offer from a bank in place 6 months before your fixed rate expires. So start looking now, use a free mortgage broker to get everything in place so as soon as you enter the 6 month window you can lock down an offer. You can then look again in May and see if there's anything cheaper. 

[Crazyfool01]

21 minutes ago, Leyrulion said:

If you didn't know you can get an offer from a bank in place 6 months before your fixed rate expires. So start looking now, use a free mortgage broker to get everything in place so as soon as you enter the 6 month window you can lock down an offer. You can then look again in May and see if there's anything cheaper. 

Will that still apply with lots of mortgages being removed from the market ? 

[Leyrulion]

35 minutes ago, Crazyfool01 said:

Will that still apply with lots of mortgages being removed from the market ? 

If you get an offer before it's removed it'll be honoured. 

[Simsy]

11 minutes ago, Leyrulion said:

If you get an offer before it's removed it'll be honoured. 

Yep, we had this when we bought our flat. Lifetime tracker mortgage approved in mid 2008, then the base rate plummeted and it was removed from the market, but the bank still honoured ours when we completed a few months later (after a slightly hairy moment when all our deposit money was stuck in an Icelandic bank 😰).

[Crazyfool01]

 

[Zoo Music Girl]

On 9/26/2022 at 2:24 PM, efcfanwirral said:

I feel for those on fixed mortgages about to expire in the next few months. Bad situation

I think this is where my thoughts on the Glastonbury sale come from, I doubt the biggest issues will have been seen by early November, but we'll know exactly where we stand by late March

 

On 9/26/2022 at 2:36 PM, Andy0808 v5 said:

My fixed rate needs renewing in June. Hoping for something to change drastically before I even start shopping around. But that’s definitely something that’s gonna cost me

 

Mine ends in May 2023. Feeling a bit nervous about that...

[Neil]

need to check when mine ends.

[Leyrulion]

5 hours ago, Zoo Music Girl said:

 

Mine ends in May 2023. Feeling a bit nervous about that...

Same advice as above, look now and get everything in place to lock in an offer. It lasts 6 months, you don't have to take it. 

Source: Martin Lewis said so, he's basically my financial advisor. 🤣

[gigpusher]

5 hours ago, Leyrulion said:

Same advice as above, look now and get everything in place to lock in an offer. It lasts 6 months, you don't have to take it. 

Source: Martin Lewis said so, he's basically my financial advisor. 🤣

He’s basically the financial advisor of all normal people. I used his website to get my mortgage etc and do it all myself to save paying a financial advisor. 

[Suprefan]

Gas went up an entire dollar in a week here. Shit sucks. Ugh

[moogster]

I just realised reading the EOTR forum here that up to last year I was interested in making this my second UK festival of the year. Now not. 

I am still shocked daily at the supermarket on the increase on foodstuffs. 

My heating's broken so saving on gas for now. The sad thing is that I went to the sport school last week end to shower and... they had closed off the showers because of costs... 

This has been snowballing so fast and it feels like the avalanche is about to start with the winter.

[Zoo Music Girl]

6 hours ago, Leyrulion said:

Same advice as above, look now and get everything in place to lock in an offer. It lasts 6 months, you don't have to take it. 

Source: Martin Lewis said so, he's basically my financial advisor. 🤣

Yeah we started looking the other day but I'm not sure we'll get a good deal either way. But yeah it's on our radar.

[Zoo Music Girl]

1 hour ago, gigpusher said:

He’s basically the financial advisor of all normal people. I used his website to get my mortgage etc and do it all myself to save paying a financial advisor. 

I use his website for everything as well. Via his recommendation we used L&C as a mortgage broker. Would recommend - they were free! I'm self employed so it was really useful to use a broker.

[Mr Boo]

My mortgage will need renewing next year😳

In the news this morning they are talking about mortgage rates and they said not to panic, which makes me want to panic

[Scrump]

Same boat on the mortgage. Ends in May. Will take the advice here on board, thank you @Leyrulion!

I'm making my own cider this year. It will hopefully be a way of forgetting the crisis, if not avoiding it. First time so nwill probably taste rank but... I'm toying with the idea of making a festival strength version in a plastic bottle to take to glasto. Every little helps!

 

[gigpusher]

1 hour ago, Zoo Music Girl said:

I use his website for everything as well. Via his recommendation we used L&C as a mortgage broker. Would recommend - they were free! I'm self employed so it was really useful to use a broker.

Yes sometimes it's necessary.  We went to one first but I managed to get a better deal just doing it myself on the web and saved the fees they would have charged. 

I used to work with a lot of insurance sales people and they moved and went to brokers and when I hear them talking about their motivations I don't think they always have the customers best interests at heart. Lots of conversations about who is good for paying commission. 

[Zoo Music Girl]

8 hours ago, gigpusher said:

Yes sometimes it's necessary.  We went to one first but I managed to get a better deal just doing it myself on the web and saved the fees they would have charged. 

I used to work with a lot of insurance sales people and they moved and went to brokers and when I hear them talking about their motivations I don't think they always have the customers best interests at heart. Lots of conversations about who is good for paying commission. 

L&C were great because they don't charge (can't remember how they fund themselves now but it's one of the reasons Martin recommends them). I had only one year of tax returns so we wouldn't get looked at by anyone so really glad we went that route.

[Zoo Music Girl]

1 minute ago, Zoo Music Girl said:

L&C were great because they don't charge (can't remember how they fund themselves now but it's one of the reasons Martin recommends them). I had only one year of tax returns so we wouldn't get looked at by anyone so really glad we went that route.

Ah they make their money from the lender that's right.