CityAM - Big mortgage borrowers rejoice, savers and renters getting hammered

chucky

mbga9pgf wrote: »

After a few months of minimum overpayments, looks as if its back to nailing 1.5%+ each month off the mortgage over the next 12 months.

Will have paid off 12% of my mortgage in 19 months by christmas if I keep up the overpayments!

well done it's the way forward!! but... be careful there though i've some people on this forum who will get a bit upset with you as they don't like others doing well and making the most out of low rates.

DervProf

chucky wrote: »

i thought that i wouldn't. it's obviously some subliminal message that is being broadcast that only some special chosen individuals will be able to receive and decipher.

It's not even subliminal. The "message" I mentioned is the conclusion that many people will come to if they look at recent history (which I think a lot of people tend to do when making financial decisions).

Really2

DervProf wrote: »

It's not even subliminal. The "message" I mentioned is the conclusion that many people will come to if they look at recent history (which I think a lot of people tend to do when making financial decisions).

So why are people more cautious about borrowing now then?

Graham_Devon

FTBFun wrote: »

Are you actually going to take comments left on news articles seriously?

Good lord.

The comments sections on news articles are there to give, and gain opinion.

I seriously don't understand how the same people can disagree with absolutely everything. No matter what it is, even down to the comments / opinion sections on news articles and how stupid you are to take them as that, comment or opinion on the subject.

What else are the comments sections there to provide?!

Anyway, heres an article about said message:
http://www.thisislondon.co.uk/standard/article-23882523-message-from-the-bank-of-england-spend-dont-save.do

Heres another, warning us to spend, don't save:
http://www.confused.com/featured-articles/money/savings/economic-recovery-don-t-save-spend-3624928403

I suppose we shouldn't take news articles in any way seriously now.

Or indeed, deputy BOE governors.

This forum gets crazier as each day passes!

StevieJ

It takes a certain person to register with a newspaper site and leave comments, they certainly don't particularly reflect general opinion.

quantic

I can assure you that anyone who has managed to pay off their mortgage will not feel cheated by this.

DervProf

Really2 wrote: »

So why are people more cautious about borrowing now then?

Are they, or are the banks a bit less willing to lend ?

The number of loan offers landing on my doormat has shrunk to almost zero. In fact, I can't remember that last time one did.

DervProf

quantic wrote: »

I can assure you that anyone who has managed to pay off their mortgage will not feel cheated by this.

I'm sure they won't. If and when the "easy" money becomes avaialable again, I'm sure they'll feel very confident that should the economy "go bad", at least they'll get lots of "help" paying off their debts.

RenovationMan

mbga9pgf wrote: »

After a few months of minimum overpayments, looks as if its back to nailing 1.5%+ each month off the mortgage over the next 12 months.

Will have paid off 12% of my mortgage in 19 months by christmas if I keep up the overpayments!

Congrats mbga. If people don't like the current financial situation, then instead of waiting in vain for it to change (and moaning on forums about it) they could simply do what both of us have done and buy dream homes.

In several years in the future both you and I will look back at this financial crisis and be able to say "Well, I didn't have a had in creating that mess but I damned well made the best of it".

Graham_Devon

RenovationMan wrote: »

they could simply do what both of us have done and buy dream homes.

Oh, simple.