BOE MPC raises interest rates by 0.25% to 0.50%

Boredatwrork

If anyones financial situation going to be screwed by a 0.25% hike and had to rely on the base rate just to get by, you have to wonder if they should of ever had a mortgage to begin with.

Thrugelmir

Boredatwrork wrote: »

If anyones financial situation going to be screwed by a 0.25% hike and had to rely on the base rate just to get by, you have to wonder if they should of ever had a mortgage to begin with.

It's the thin line of financial security that people walk that's the concern. A single payday away from financial distress.

Out,_Vile_Jelly

I did have a giggle at the front cover of the Evening George last night; in the same paragraph stating the average London mortgage would go up by £36 per month, and that it would give people "the fright of their lives".

Herzlos

Joeskeppi wrote: »

Depends what you want to program really. Once you know Python most other languages will have similarities.

Python is pretty popular, but it's quite unlike most other languages. It does give you an idea of how programming works, but you'd be best trying to do that and something like Java.

economic wrote: »

Do you know what the best way for me to get an entry level job in python? I live in London. I am happy to start from scratch. Thanks

Do you have any software experience or links to industry? If so, asking from there would help.
If you're self-learning with no contacts, I'd get onto github and start trying to contribute to some open source projects, and get some experience that way.

In either casel go to meetups, trade shows and get networking.

michaels

Boredatwrork wrote: »

If anyones financial situation going to be screwed by a 0.25% hike and had to rely on the base rate just to get by, you have to wonder if they should of ever had a mortgage to begin with.

Given that if you have taken out a mortgage in the last few years affordability has been checked up to 7% interest rate it is not going to be new borrowers who are impacted and at least in the SE longer borrowers are likely to have a fair chunk of equity.

Filo25

Crashy_Time wrote: »

Sky news presenters were saying things yesterday like "I can remember paying 15% on my mortgage", and "Could we now see rates ticking up every few months". Neither likely IMO, but it is all about sentiment, and I believe that they are deliberately pacing sentiment, just as they did when blowing the bubble, and that many people take their financial cues from things they hear on the main media outlets. Bottom line is they raised them, most of you guys thought they wouldn`t IMO.

Did most people on here think they wouldn't raise rates?

I thought they would (although I didn't see much justification for doing so, beyond losing credibility after indicating they would increase).

Given the rise though I was unsurprised to hear how dovish the BoE was sounding on future increase, implying we might be at around 1% base rates by late 2020 (on current expectations obviously), a lot of people have been talking about rapid rises from here, I still struggle to see any obvious driver for that, and it sounds like they are of the same view

economic

Herzlos wrote: »

Python is pretty popular, but it's quite unlike most other languages. It does give you an idea of how programming works, but you'd be best trying to do that and something like Java.



Do you have any software experience or links to industry? If so, asking from there would help.
If you're self-learning with no contacts, I'd get onto github and start trying to contribute to some open source projects, and get some experience that way.

In either casel go to meetups, trade shows and get networking.

i don't really want a hardcore software development job (yet anyway). are there any careers/jobs for intermediate level python programmers?

Filo25

michaels wrote: »

Given that if you have taken out a mortgage in the last few years affordability has been checked up to 7% interest rate it is not going to be new borrowers who are impacted and at least in the SE longer borrowers are likely to have a fair chunk of equity.

I'm one of those who should be most affected by being a FTB in London only last year.

But as you say I am insulated from much of the truly damaging impacts of rate rises by a combination of factors. Fixing for 5 years so it is April 2021 before I see any increase and also the affordability constraints giving me a fair amount of headroom in what I was allowed to borrow.

I was working the numbers yesterday and projecting forwards on current income and expenditure with a fair bit of pain I could still payoff the mortgage within term if rates got up to 12-13% by the end of my fix, not that I would be happy with that of course, as it would leave my plans for early repayment in tatters!

Thrugelmir

If you are on NRAM's SVR of 4.54%. Any rise would be unwelcome.

lisyloo

Boredatwrork wrote: »

If anyones financial situation going to be screwed by a 0.25% hike and had to rely on the base rate just to get by, you have to wonder if they should of ever had a mortgage to begin with.

Affordability checks in recent years for mortages have been quite stringent compared with other types of debt.

I don't see mortgages as a big issue, but some people are indebted with other types of debt e.g. proper loans, payday loans, loans from family which have less stringent checks.

I refused to lend to a family member but offered to help with budgetting etc. but certain people can't be helped.