Apathy?

Graham_Devon

My half brothers wife has just reduced her hours from 5 days a week to 3 days a week. She wants to spend more time at home now that outgoings are not as high.

They have a mortgage, and from what dads been told, they are paying about a third of what they used to.

So she's reducing hours. Which although nice for the family I'd guess, and can definately see the reasoning, surely is a major gamble, as interest rates on their mortgage can go up just as fast, leaving them in a precarious position. She's not in a job where she can just up her hours again, she's having to actually change roles.

Is this something that others are finding, or is it just a one off case? Are people literally adjusting more permanently to lower mortgage costs?

Conrad

Graham_Devon wrote: »

Are people literally adjusting more permanently to lower mortgage costs?

Graham - as I've always said to you - life is a risk - some of us just accept this, others avoid all risk.

In the end most of us do not get repossessed, I think this is the key point and what we bass our life choices on.

chewmylegoff

i am struggling to understand why this is "apathy"?

ess0two

Why don't you ask your bro?he may have just signed up to low fixed rate,Britannia are doing 5.29% for 10yrs.
At that rate you can afford to make life choices to which you have posted.

maveli

It will be a big shock to me when IR goes up. I used to pay £580.00/month and now I pay £71.00/month. The big luxury we took is OH resigned from job and looking after the kids. Kids are very happy now. I can't imagine they coping well if she goes back to work.

purch

i am struggling to understand why this is "apathy"?

Apparantly not having an intense interest in the minutae of House Prices and Mortgage Costs on a second by second basis, counts as 'Apathy' :eek:

Graham_Devon

chewmylegoff wrote: »

i am struggling to understand why this is "apathy"?

The decision is based mainly on the mortgage payment at the moment, as it's about a 3rd.

I was wondering whether this was a wider scenario, with people adjusting to paying lower mortgages and maybe making commitments based on current outgoings?

I did realise this would cause some stupid remarks when I wrote this thread, but it's a serious question. Personally I have got used to paying a lot less for mine.

chewmylegoff

Graham_Devon wrote: »

The decision is based mainly on the mortgage payment at the moment, as it's about a 3rd.

I was wondering whether this was a wider scenario, with people adjusting to paying lower mortgages and maybe making commitments based on current outgoings?

I did realise this would cause some stupid remarks when I wrote this thread, but it's a serious question. Personally I have got used to paying a lot less for mine.

it's not really apathetic then is it, it's a decision based on current costs. presumably if the mortgage payment increases three-fold, she will respond by attempting to get a full time job paying more money.

Harry_Powell

I find it difficult to believe that your brother's uncle's sister's boyfriend (or whoever it is this time) is basing her decision to reduce her working hours purely because her mortgage rate has fallen.

Good try though Graham.

kennyboy66_2

Perhaps she will spend 2 days a week on here !

HAMISH_MCTAVISH

Graham_Devon wrote: »

The decision is based mainly on the mortgage payment at the moment, as it's about a 3rd.
.

So two thirds of their mortgage payment was covered by 2 days a week of just one of their salaries.....

I'm not seeing the problem.;)