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When will UK interest rates rise? - Markets Suggest 1% is still 5 years away!
Comments
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Mr._Pricklepants wrote: »So they took out modest mortgages 10-15 years ago. Can we assume then they have quite some equity in their home? What kind of mortgage are they on currently? Has any of the remortgaged lately or is planning to do so soon? How does their current mortage cost compare to what they were paying 10-15 years ago?
One close friend......
Yes, a fair bit of quity (~£140K).
SVR, I think.
Yes, remortgaged about 7 years ago, not planning to do so again.
Current mortgage cost is lower than it was 10-15 years ago, partly due to a lower rate, partly due to paying off a lump sum of about £20k a few years ago.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
One close friend......
Yes, a fair bit of quity (~£140K).
SVR, I think.
Yes, remortgaged about 7 years ago, not planning to do so again.
Current mortgage cost is lower than it was 10-15 years ago, partly due to a lower rate, partly due to paying off a lump sum of about £20k a few years ago.
He can't be struggling that much if he is happy to stay on SVR for the lifetime of the mortgage. :eek:0 -
Off topic, but.....
I know but someone else opened the can.
Makes a change from the Reno v. Devon fest which gets tiresome for other less an*l retentive posters.
"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Harry_Boyle wrote: »Interesting... And how does berating strangers for disclosing financial plans on an anonymous financial forum help your 'friends' with their financial predicament?
Berating strangers ?
I may have done that in the past. I did expose RenoMan as a "show off" a while ago. Rather than discussing the property market and the economy, he (more than others) kept going on about how "clever" he'd been. That's all well and good. He admitted that he'd taken a bit of a gamble on interest rates, and it was paying off, but did he go on about it rather a lot ! He once accused me of being jealous. I pointed out to him that I was not jealous, but it seemed that he was convinced that I was, or at least was trying to make me jealous. I felt sorry for him. For a chap that was obviously fairly well clued up financially, his behaviour seemed odd. He certainly didn't like it when I told him that I thought he was boasting. A few others seemed to see this trait in him too. Eventually he got PPRed, twice I think. I'm not exactly sure why, as I didn't see the posts that caused his bans.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Harry_Boyle wrote: »He can't be struggling that much if he is happy to stay on SVR for the lifetime of the mortgage. :eek:
His mortgage is now fairly small. I'm not sure of the exact deal or rate that he's on.
What I do know is that he is very glad that he did pay off a lump sum a few years ago, and that he hasn't got a large mortgage.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
One close friend......
Yes, a fair bit of quity (~£140K).
SVR, I think.
Yes, remortgaged about 7 years ago, not planning to do so again.
Current mortgage cost is lower than it was 10-15 years ago, partly due to a lower rate, partly due to paying off a lump sum of about £20k a few years ago.
OK
So your close friends took out mortgages 10-15 years ago, when an avarage SVR would have been roughly 6-9%, then go on to pay off a big chunk of their capital for the next 10-15 years, and made overpayments also.
On top of that they have bought before the 2002-2008 HPI peak, and enjoyed 10-15 years wage inflation.
But surprise suprise, now their budgets are strained.
Sure. I think I'll file this one under 'another desperate fairy anecdotal by Desperate Prof'.0 -
His mortgage is now fairly small.
Strange. Mortgage costs have declined steadily but now they are struggling. Maybe there are other factors involved? Illness? Job loss? Gambling addiction?Today, they have not much, if any money left at the end of the month....and it seems they are noticing an increasing strain on their budgets.0 -
Mr._Pricklepants wrote: »Sure. I think I'll file this one under 'another desperate fairy anecdotal by Desperate Prof'.
I answered your questions, but you seem to be rather dismissive.
I'm sorry if I typed anything that you disagree with, but it was all the honest truth.
This happened once before with Nollag. I reported that another friend was struggling to sell her 6 bedroom house, and Nollag wanted DNA samples.
BTW. That house may be going back on the market soon. I shall report on how it goes. It will be interesting to see how many, and what kind of offers she gets.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Mr._Pricklepants wrote: »Strange. Mortgage costs have declined steadily but now they are struggling. Maybe there are other factors involved? Illness? Job loss? Gambling addiction?
None of those, thankfully.
Children growing up and no wage rise for a few years.
I think food/energy price inflation is also a large factor.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Berating strangers ?
I may have done that in the past. I did expose RenoMan as a "show off" a while ago. Rather than discussing the property market and the economy, he (more than others) kept going on about how "clever" he'd been. That's all well and good. He admitted that he'd taken a bit of a gamble on interest rates, and it was paying off, but did he go on about it rather a lot ! He once accused me of being jealous. I pointed out to him that I was not jealous, but it seemed that he was convinced that I was, or at least was trying to make me jealous. I felt sorry for him. For a chap that was obviously fairly well clued up financially, his behaviour seemed odd. He certainly didn't like it when I told him that I thought he was boasting. A few others seemed to see this trait in him too. Eventually he got PPRed, twice I think. I'm not exactly sure why, as I didn't see the posts that caused his bans.
An interesting sojourn into the past, but it doesn't answer the original question. What is wrong with people discussing their financial plans on this financial forum? I'm not sure if you're one of the people who berate people for mentioning their successful financial plans, but as you responded I'm led to assume so?0
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