The property market could do with a 60% correction as a minimum.
Struggling to find much sympathy for the 1% rates crew in this article. Did it never cross their mind that rates were likely to increase at some point.
People are really going to regret stretching themselves and getting that extra unneeded bedroom or two
Mine expired this year. Thankfully my mortgage is very small so it was a £160 a month increase. When I was talking to my broker In November they were saying £500 was typical and some were pushing close to 800-900. Per month. Fuck that.
That being said, the identical sized house I’m attached to, they still pay £200+ a month more then me in rent, even after my increase.
A work friend of mine who is a lot younger and just moved out of his parents with his g/f for the first time pays
Like £1200-£1300 (rent) for an open plan, 1 bed conversion. It’s more then twice the cost of my house even after my rate increases and is less then half the size.
So I won’t be complaining at all, the housing market is a fucking disgrace but renters and mortgage holders shouldn’t be delighting in each others misery.
> What we probably should have done was pay off more [while interest rates were low], do some overpayments, but we just never did. We were riding on the low interest wave, like so many other people.
This summarises the state of the UK in so many ways. We absolutely squandered the post financial crash decade of low interest rates. Instead of using that low interest rate period to borrow money to invest in infrastructure and productivity and long term resilience, we thought there was no money, forced austerity, flatlined productivity, created phantom growth on a housing bubble. We then discovered a magic money tree when COVID happened and are now dealing with the inflationary hangover to that, but without any social safety net or public sector resilience since those were all gutted by austerity.
Taylor says he was projected to have an annual pension of £45,000 from age 67, but now, due to a combination of cashing his pension early and turmoil on the bond markets in the aftermath of Liz Truss’s government, it is looking to be £31,000 in today’s money, not accounting for inflation – “quite substantially less”.
My wife and I dodged a bullet here though sheer chance, She went freelance and we had no clue what her income was going to be so we locked into a 5 year fix in 2022 and 0.95 just for the stability. Thanking our lucky stars now
I overpay and have overpaid every mortgage I have ever had… why more don’t do the same I do not know
My mortgage went up 90% just a few days ago. The issue is very very real
9 comments
The property market could do with a 60% correction as a minimum.
Struggling to find much sympathy for the 1% rates crew in this article. Did it never cross their mind that rates were likely to increase at some point.
People are really going to regret stretching themselves and getting that extra unneeded bedroom or two
Mine expired this year. Thankfully my mortgage is very small so it was a £160 a month increase. When I was talking to my broker In November they were saying £500 was typical and some were pushing close to 800-900. Per month. Fuck that.
That being said, the identical sized house I’m attached to, they still pay £200+ a month more then me in rent, even after my increase.
A work friend of mine who is a lot younger and just moved out of his parents with his g/f for the first time pays
Like £1200-£1300 (rent) for an open plan, 1 bed conversion. It’s more then twice the cost of my house even after my rate increases and is less then half the size.
So I won’t be complaining at all, the housing market is a fucking disgrace but renters and mortgage holders shouldn’t be delighting in each others misery.
> What we probably should have done was pay off more [while interest rates were low], do some overpayments, but we just never did. We were riding on the low interest wave, like so many other people.
This summarises the state of the UK in so many ways. We absolutely squandered the post financial crash decade of low interest rates. Instead of using that low interest rate period to borrow money to invest in infrastructure and productivity and long term resilience, we thought there was no money, forced austerity, flatlined productivity, created phantom growth on a housing bubble. We then discovered a magic money tree when COVID happened and are now dealing with the inflationary hangover to that, but without any social safety net or public sector resilience since those were all gutted by austerity.
Taylor says he was projected to have an annual pension of £45,000 from age 67, but now, due to a combination of cashing his pension early and turmoil on the bond markets in the aftermath of Liz Truss’s government, it is looking to be £31,000 in today’s money, not accounting for inflation – “quite substantially less”.
My wife and I dodged a bullet here though sheer chance, She went freelance and we had no clue what her income was going to be so we locked into a 5 year fix in 2022 and 0.95 just for the stability. Thanking our lucky stars now
I overpay and have overpaid every mortgage I have ever had… why more don’t do the same I do not know
My mortgage went up 90% just a few days ago. The issue is very very real