If we vote for Brexit what happens

david1951

iantojones40 wrote: »

A recent study found a third of (so called) middle class professionals would have to resort to borrowing if confronted with an unexpected £500 bill.

Have you got a link?

indianabones

iantojones40 wrote: »

Very true, I reckon I.R's of just 2-3% would see a lot of people in a lot of trouble.
A recent study found a third of (so called) middle class professionals would have to resort to borrowing if confronted with an unexpected £500 bill.

A 3% increase for me would be £300, I could cope with that even if I borrowed the max I were allowed.

However you're not going to have a 3% increase overnight, a 3% increase would at fastest be over 2-3 years giving plenty of time for people to adjust.

iantojones40

david1951 wrote: »

Have you got a link?

Just google ''middle class £500 bill'' and take your pick!

kilby_007

Who said there's a time limit on finding the right house? If it's your first property, I can't see how anything less than a year would give you enough time to understand what properties are worth, which area you want to settle, what you do and don't like, etc. I know that when we started looking we wanted a modern detached house, but after 6 months of looking and finding the same designs/layouts with small gardens we've changed our criteria and we're now looking at semi-detached period properties with big gardens, plus we've also had to up our budget. We now just have to decide which area for shools and shops with a reasonable commute for my wife. Not everybody rushes in and pays the asking price for the first house they see!

kilby_007

indianabones wrote: »

A 3% increase for me would be £300, I could cope with that even if I borrowed the max I were allowed.

However you're not going to have a 3% increase overnight, a 3% increase would at fastest be over 2-3 years giving plenty of time for people to adjust.

A 3% increase on a 300K mortgage is £900 per month though! If that happened for us we wouldn't default immediately as we have savings, but I would have to start doing a few days overtime each month to keep up. If it was a sustained rate, in the long term we'd have to down size. I work to live, not live to work! I imagine there'd be a lot of people like me though who wouldn't have the option of overtime and they would have to sell up or in the worst case have their home repossessed. I'm saying all of this hypothetically by the way, we're not currently home owners.

peter_we

iantojones40 wrote: »

Just google ''middle class £500 bill'' and take your pick!

http://www.dailymail.co.uk/news/article-3628832/A-middle-class-people-not-able-pay-unexpected-500-bill-squeeze-wages-rising-living-costs.html

With Americans its 46%. Stunned

https://www.washingtonpost.com/news/wonk/wp/2016/05/25/the-shocking-number-of-americans-who-cant-cover-a-400-expense/

wotsthat

Generali wrote: »

We've apparently got a referendum coming up on gay marriage in Aus and TBH I'm dreading it. I can think of no better way to foment hatred against gay people.

In a representative Parliamentary system we vote for people to represent us and make decisions. If you stand under that system and aren't prepared to make a decision you're a bottler and should be kicked out.

Heading off topic but if someone wants to marry someone else I don't see why it's any business of the electorate via a referendum OR their representatives in parliament.

jimpix12

indianabones wrote: »

A 3% increase for me would be £300, I could cope with that even if I borrowed the max I were allowed.

However you're not going to have a 3% increase overnight, a 3% increase would at fastest be over 2-3 years giving plenty of time for people to adjust.

A 0.5pc increase would be a disaster for a lot of debt junkies.

kilby_007

spunko2010 wrote: »

A 0.5pc increase would be a disaster for a lot of debt junkies.

True! A lot of people who I work with who all earn decent salaries still live in their overdrafts and on finance. The younger lads especially have 25+yr mortgages, 5% deposit, 50 grand car on a 6/7 year finance deal. A 3% increase would mean drastic lifestyle changes for them, but my bet is they wouldn't be able to live within their means and the lack of savings would mean they would default on their mortgage almost immediately. Even a 0.5% increase would present quite a challenge for someone with a 300K house who reguarly goes £500 overdrawn.

ukcarper

Harper123 wrote: »

And that figure is?

You be lucky if you get an ans I asked before no ans, I think he thinks every body is on self cert or 8x.