25 Brexit need-to-knows

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  • PompeyPete
    PompeyPete Posts: 7,126 Forumite
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    spadoosh wrote: »
    Yeh my mum and dad where exactly the same (just two kids though). Still pretty cushty being able to live off a single armed forces wage and feed a family. You couldnt do it now could you? O and im assuming your pension is as sweet as my dads too? My dad doesnt think hes had a hard life, theres a possibility you rubbed shoulders on his falklands tour. I wish i could get a pension like his.

    I suspect it was only as hard as it is now if im honest. I pulled in my purse strings before buying, needed a 10% deposit, the deposit included money saved from my paper round. Housing just isnt really considered an investment anymore as shown by pretty stagnant price increases. We did have to include two full time wages on our mortgage application otherwise it simply woulnt be affordable.

    As mentioned im sure life was hard and will be hard. For me its pretty easy if im honest. Homeowner at 24, should be mortgage free a little after 40, ive been made redundant a few times and my wage growth has been pretty much static since i started working full time but ive made sure i can make do on minim wage earnings. Its just people of the 70's and 80's always like to highlight all the [STRIKE]bad[/STRIKE]in proportion things like high interest rates. They forget all the [STRIKE]good[/STRIKE] in proportion things like booming economy, house price increases and much higher earnings per hour individually.

    Ill call out anyone who makes out there life was particular difficult due to one specific factor and neglecting all others whilst probably sat there being retired early, sat on wealth that is above and beyond anything theyve ever actually contributed. IM sure it will be similar for me, the difference is, i dont make out the next generation have it so much easier. Well, largely because i suspect they wont.

    The second sentence of what I've made Bold is absolute nonsense. So much so, I couldn't be bothered to read any further.
  • spadoosh
    spadoosh Posts: 8,732 Forumite
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    PompeyPete wrote: »
    The second sentence of what I've made Bold is absolute nonsense. So much so, I couldn't be bothered to read any further.

    Theres a difference between a lack of comprehension and nonsense.

    Ill make it simpler. Look at the entry salary for your rank upon joining the navy. Compare it to today's equivalent. Do you think you could provide for a partner and 3 kids with that salary?
  • TREVORCOLMAN
    TREVORCOLMAN Posts: 1,001 Forumite
    edited 21 November 2018 at 12:39PM
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    For my job (bought house in 1988)

    85/86 - 90/91 average annual increase: 0.8%
    90/91 - 98/99 average annual increase: 1.8%

    boom times eh?
    I am NOT a mortgage & insurance adviser - or anything to do with finance, that was put on by the new system I dont know why?!
  • Former_MSE_Callum
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    PompeyPete wrote: »
    Ask the OP, who should never have posted in this Sub-Forum.

    I suppose all threads have to be posted in one sub-forum. Brexit spans quite a few and given it could have a large affect on overseas holidays and travel planning, particularly in the event of no-deal, I thought it'd be best in here.
  • AndyHamp
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    spadoosh wrote: »
    Just have a look at economic activity from the time of 15% interest rates. Were talking from about mid 70s to lates 80s when those numbers in play right.

    As for the nurses, a regional nursing officer in 1974 was earning £8001 the same person in 1981 was earning nearly £22k. Over the period thats a 174% increase so it looks like we're both bad with numbers if they only ever received 3% pay rises during that time. And then youve got the working week dropping from 40 to 37.5 hours as well which gets forgotten about, i mean you forgot that didnt you? Adjusted for inflation and the figures help you out more because over the same period inflation was ~170%. So not a huge like for like pay rise but those figure use RPI which did account for mortgage interest inflation where as now we use CPI which doesnt.

    I'd love to know where you got some of those figures from .... Nursing officer earning £8K in 74 and £22 in 81 ..... absolute rubbish.

    I was only earning around 9K in 84 as a computer programmer..and that was good ! And it enabled me to buy a flat on my own.

    Interest rates of 15% were only short lived, but 8-10% was certainly normal when i purchased.
    This BIG difference is that now, prices are grossly over valued based on people wages... driven by BTL greed inflating prices at the bottom end, too many people (not too few houses), lenders allowing 4x+ multipliers which keeps prices inflated, and the British disease of think that a house should be a money maker rather than a home... Brexit price crash ? Bring it on.... I'd love my son to be able to afford to buy a property before he's 40.
  • simon_the_saver
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    To get back to the thread topic, Martin's commentary on the Mortgage Credit Directive sums up my criticism of the EU:
    1. It is a Directive: i.e. it comes from the unelected Commission bureaucrats, not the democratic European Parliament, yet is binding on Member States
    2. It is open to interpretation, and the UK seems to have taken a 'worst case' interpretation to pass into UK law. This seems to me to be a general trend in the UK's implementation of European regulation. It often felt as I travelled around Europe that other states either applied a very 'light touch' interpretation, or simply failed to enforce Directives they did not like
    I was unable to vote in the referendum, but on balance I probably would have voted remain [better to be inside, p***ing out...] , although Cameron's failure to gain any meaningful reform of the EU [not surprising if you choose an arch pro-EU diplomat as your negotiator] made it a tougher decision than I expected
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    ROFL everyone wants certainty out of uncertainty. Well for that we'll have to wait for Parliament to stop the current state of affairs, sort themselves out and come to some sort of a decision.

    At this time Auntie May has told us the current deal is the only deal, the EU tells us there are no other deals and yet all Parliament can come up with is rejecting Auntie May's deal and going back to the EU for another deal. Here again I have to ROFL.

    In the event of Auntie May's deal being rejected personally I see the probability of one of two likely outcomes: We leave without a deal or we don't leave at all. It's back to the people with another referendum!
  • asbr
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    I don't think the Commission does issue Directives by itself: I think they have to be approved by the Parliament and the Council. (Except in some very limited cases).

    It doesn't really matter any more because we have decided to leave, but it is pity not to understand how the EU is run. One of the tragedies of this situation is that we were never really adequately informed about how the EU worked.
  • dotchas
    dotchas Posts: 2,484 Forumite
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    I qualified as a radiographer in 1985, in my first job starting 1986 I got a 12.5 % payrise. In 1997 I bought my first property on 100% mortgage with a building society I had no previous relationship with.

    Payrises were big but so was inflation, and mortgages were about to go through the roof!
    :j I love bargains:j
    I love MSE
  • bobmccluckie
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    It’s all very well the govts giving fatuous guidance.
    I approached my vet about what to do with my dog as I intend to travel with her to France in May as I usually do.
    My vet said they had received no advice from govt and she had no idea. What we should do.
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