Asset strippers are gunna have a feast before them
We as a country are very good at making an article showing people who are struggling (complete with a photo of them looking into the lens and looking mildly fed up) and having them say platitudes such as “we just have to get on with it” while selling their shop/moving back into their parents house/lowering their thermostat.
But where is the actual anger?
This “stiff upper lip” shite is something that actively enables them.
You are letting them get away with this when you joke about putting the thermostat on 13C or having tesco value beans for dinner in a self-depreciating way at work.
Just something to think about.
Edit: one word.
Genuinely scared when my mortgage deal ends in Jan 2024.
You’d only lose your home if you stop making any payments for a considerable amount of time. Speak to the lender, agree a payment plan. There’s no way a court would grant an order to evict if regular payments are being made.
If I hadn’t fixed my mortgage again a month or so back I would have been paying £200 more a month – out of morbid interest I check the various calculators online. When I was finally able to buy a place I did a stress test of my own, a few years back I was comfortable enough to put a little bit into savings, to do some home repairs.
But now, if it weren’t for a happy accident of timing I could have lost my home. Everything has gone up in price, there’s no wriggle room left. Fuck the rainy day fund we’re in a seemingly never ending monsoon season. It’s terrifying and infuriating.
Is now a rare moment where its better to not be a home owner?
I empathise, but low rates have never been a guarantee.
I understand getting used to the rates the UK had -they were absolutely stellar for homeowners for a long time- and the changes have been abrupt. That time should have been spent “making hay” for just this moment.
Do people not think about this when going for a mortgage? I mean this low rate weren’t going to be around forever. Surely you’d think that hey I best check to see if the rate went to 10% would I be able to afford possibly double. I know I did and that’s why I bought a cheaper house and not one right at the top of my limit.
Granted I know there’s not much that can be done and we are all screwed when it comes to renewals at this point. I just feel that planning for the worse should be 1 of the first things a mortgage advisor speaks to you about.
Talk about a stupid title… Obviously if you can’t pay you will lose your house, you should always plan a buffer in you finances. Obviously things have gone a bit crazy in areas other than house prices, but if say start to downsize or move somewhere cheaper now rather than later
I completed on my first home at the beginning of the month but locked in 2.4% for 3 years. I REALLY hope we can sort this shit out by the end of my fixed because I didn’t sign up for my mortgage to go up hundreds of pounds that quickly.
Mine comes up for renewal in 18 months. If it really hits 6% my mortgage is pretty much my take home salary which will make life interesting. Might need to switch to interest only for a while.
Literally just got an email to say my mortgage offer has been made and they’re posting it to me.
We applied for a 2 year 4.59% fixed rate last Friday. Are they likely to have stuck to the same interest rate in the illustration, or might they have changed it in their offer?
Filled with fear that we’ll get an offer drop on the doormat next week with an even higher interest rate. 🥲
The Tories have lowered stamp duty on cheap houses, tanked the pound, forced the Bank of England to empty the coffers and now are in a prime position to utterly ruin people’s lives that are living close to the edge of their wages each month.
All it’s going to take is the Bank of England being forced to put the interest rate up by a decent margin and people will have to sell up and all these Tory allies waiting in the wings can swoop in for the cheap land smash and grab deals.
United Kingdom Clearances here we come.
Average Brit “The government have totally fucked this and cost me hundreds of pounds”
“So how will you be voting at the next election?”
Average Brit: “Conservative, can’t trust labour on the economy”
Investment firms are licking their lips at this sort of thing, it is why we need to protest en masse as soon as possible. A stiff upper lip and hoping things get better is not going to cut it anymore. If people want change then we will have to demand it, otherwise we will get more of the same if Truss is ousted.
Devils advocate here.
But all the people who for years have been so happily saying how much cheaper their mortgages are compared to all the people who rent. Where did the money go? have you not got a slush fund? Surely with interest rates being so low for so long, it would of kind of been expected that at some point in the 25-35 year mortgage pay-off time that there are going to be ups and downs with the interest rates, and as such, you have to be flexible in your payments and actually actively plan for it?
Good luck too all of you upside down in your new house!
Sorry to everyone who’s going to be screwed by these clowns, I have been overpaying while rates have been low and my last mortgage payment will be December 2022, would have already been done if I hadn’t got an extension built 6 years ago!
But the lack of worry over it is genuinely liberating
18 comments
Asset strippers are gunna have a feast before them
We as a country are very good at making an article showing people who are struggling (complete with a photo of them looking into the lens and looking mildly fed up) and having them say platitudes such as “we just have to get on with it” while selling their shop/moving back into their parents house/lowering their thermostat.
But where is the actual anger?
This “stiff upper lip” shite is something that actively enables them.
You are letting them get away with this when you joke about putting the thermostat on 13C or having tesco value beans for dinner in a self-depreciating way at work.
Just something to think about.
Edit: one word.
Genuinely scared when my mortgage deal ends in Jan 2024.
You’d only lose your home if you stop making any payments for a considerable amount of time. Speak to the lender, agree a payment plan. There’s no way a court would grant an order to evict if regular payments are being made.
If I hadn’t fixed my mortgage again a month or so back I would have been paying £200 more a month – out of morbid interest I check the various calculators online. When I was finally able to buy a place I did a stress test of my own, a few years back I was comfortable enough to put a little bit into savings, to do some home repairs.
But now, if it weren’t for a happy accident of timing I could have lost my home. Everything has gone up in price, there’s no wriggle room left. Fuck the rainy day fund we’re in a seemingly never ending monsoon season. It’s terrifying and infuriating.
Is now a rare moment where its better to not be a home owner?
I empathise, but low rates have never been a guarantee.
I understand getting used to the rates the UK had -they were absolutely stellar for homeowners for a long time- and the changes have been abrupt. That time should have been spent “making hay” for just this moment.
Do people not think about this when going for a mortgage? I mean this low rate weren’t going to be around forever. Surely you’d think that hey I best check to see if the rate went to 10% would I be able to afford possibly double. I know I did and that’s why I bought a cheaper house and not one right at the top of my limit.
Granted I know there’s not much that can be done and we are all screwed when it comes to renewals at this point. I just feel that planning for the worse should be 1 of the first things a mortgage advisor speaks to you about.
Talk about a stupid title… Obviously if you can’t pay you will lose your house, you should always plan a buffer in you finances. Obviously things have gone a bit crazy in areas other than house prices, but if say start to downsize or move somewhere cheaper now rather than later
I completed on my first home at the beginning of the month but locked in 2.4% for 3 years. I REALLY hope we can sort this shit out by the end of my fixed because I didn’t sign up for my mortgage to go up hundreds of pounds that quickly.
Mine comes up for renewal in 18 months. If it really hits 6% my mortgage is pretty much my take home salary which will make life interesting. Might need to switch to interest only for a while.
Literally just got an email to say my mortgage offer has been made and they’re posting it to me.
We applied for a 2 year 4.59% fixed rate last Friday. Are they likely to have stuck to the same interest rate in the illustration, or might they have changed it in their offer?
Filled with fear that we’ll get an offer drop on the doormat next week with an even higher interest rate. 🥲
The Tories have lowered stamp duty on cheap houses, tanked the pound, forced the Bank of England to empty the coffers and now are in a prime position to utterly ruin people’s lives that are living close to the edge of their wages each month.
All it’s going to take is the Bank of England being forced to put the interest rate up by a decent margin and people will have to sell up and all these Tory allies waiting in the wings can swoop in for the cheap land smash and grab deals.
United Kingdom Clearances here we come.
Average Brit “The government have totally fucked this and cost me hundreds of pounds”
“So how will you be voting at the next election?”
Average Brit: “Conservative, can’t trust labour on the economy”
Investment firms are licking their lips at this sort of thing, it is why we need to protest en masse as soon as possible. A stiff upper lip and hoping things get better is not going to cut it anymore. If people want change then we will have to demand it, otherwise we will get more of the same if Truss is ousted.
Devils advocate here.
But all the people who for years have been so happily saying how much cheaper their mortgages are compared to all the people who rent. Where did the money go? have you not got a slush fund? Surely with interest rates being so low for so long, it would of kind of been expected that at some point in the 25-35 year mortgage pay-off time that there are going to be ups and downs with the interest rates, and as such, you have to be flexible in your payments and actually actively plan for it?
Good luck too all of you upside down in your new house!
Sorry to everyone who’s going to be screwed by these clowns, I have been overpaying while rates have been low and my last mortgage payment will be December 2022, would have already been done if I hadn’t got an extension built 6 years ago!
But the lack of worry over it is genuinely liberating