Re-mortgage now or wait?
Discussion
DonkeyApple said:
Adults decide how much they drink at parties though. Sympathy can only ever be spared for the servers and cleaners, never for the guests.
You're assuming that we were all able to partake of the party.Which from my position is fundamentally wrong:-
- Those unable to get a mortgage couldn't partake (including the retired or about-to-retire)
- Those without job security couldn't partake
- Those without any pre-existing assets to put up as a deposit on a 2nd/BTL home couldn't partake beyond their own home...which itself comes with certain restrictions such as being able to live in it and live after paying for it.
- Those whose income barely met their outgoings couldn't really partake (although I'm excluding the "got to have Sky TV, 20 B&H a day and a nice car on the never-never" sort from this)
- Those too young to attend the party while it was in full swing still now have to clean up after it
...which all in all pretty-much excludes at least 3/4 of the population, arguably closer to 90%. This isn't some wonderful opportunity that we've all missed. This was a pre-meditated raid on the wealth and future income of the working and middle classes, and of future generations. One which some of the middle classes, through fortune of birth/lucky decisions were able to ride on the coat-tails of...but don't kid yourself that it was any more than that.
havoc said:
You're assuming that we were all able to partake of the party.
Which from my position is fundamentally wrong:-
- Those unable to get a mortgage couldn't partake (including the retired or about-to-retire)
- Those without job security couldn't partake
- Those without any pre-existing assets to put up as a deposit on a 2nd/BTL home couldn't partake beyond their own home...which itself comes with certain restrictions such as being able to live in it and live after paying for it.
- Those whose income barely met their outgoings couldn't really partake (although I'm excluding the "got to have Sky TV, 20 B&H a day and a nice car on the never-never" sort from this)
- Those too young to attend the party while it was in full swing still now have to clean up after it
...which all in all pretty-much excludes at least 3/4 of the population, arguably closer to 90%. This isn't some wonderful opportunity that we've all missed. This was a pre-meditated raid on the wealth and future income of the working and middle classes, and of future generations. One which some of the middle classes, through fortune of birth/lucky decisions were able to ride on the coat-tails of...but don't kid yourself that it was any more than that.
You mean the poor people? Nobody on PH surely, we’re all living in £1m houses and earning 6 figs. Anyone who does have a mortgage and hasn’t retired by 40 could pay it off immediately if required, they choose not to while they dabble with their own hedge funds. Which from my position is fundamentally wrong:-
- Those unable to get a mortgage couldn't partake (including the retired or about-to-retire)
- Those without job security couldn't partake
- Those without any pre-existing assets to put up as a deposit on a 2nd/BTL home couldn't partake beyond their own home...which itself comes with certain restrictions such as being able to live in it and live after paying for it.
- Those whose income barely met their outgoings couldn't really partake (although I'm excluding the "got to have Sky TV, 20 B&H a day and a nice car on the never-never" sort from this)
- Those too young to attend the party while it was in full swing still now have to clean up after it
...which all in all pretty-much excludes at least 3/4 of the population, arguably closer to 90%. This isn't some wonderful opportunity that we've all missed. This was a pre-meditated raid on the wealth and future income of the working and middle classes, and of future generations. One which some of the middle classes, through fortune of birth/lucky decisions were able to ride on the coat-tails of...but don't kid yourself that it was any more than that.
Phooey said:
I have sympathy for those not invited to the party. However I don’t have much sympathy for the people who attended the party drinking champagne with beer money.
Ramses, he not dance at the Partyhttps://m.youtube.com/watch?v=AMQgbNK7fGs
DonkeyApple said:
But this isn't about people who weren't at the party. We are literally just considering the situation of those who were, nothing else.
- Who is bearing the burden of the bank bailouts from 2007/08 (& potential bailouts in the future, given it appears no one really learned any lessons except "carry on guys, the taxpayer WILL bail us out")? All taxpayers, and not just taxpayers...but everyone in this country who is seeing public services* get worse, and who is seeing their spending power fall as Sterling drops in value because we've too much debt (not the only reason by far, but one of them).
- And then there's all the younger generations and those trying to 'get on the ladder' who've seen property prices rise WELL ahead of RPI and wage-inflation, pushing their dream of owning their own home further and further into the long grass. They're bearing the burden of it in a different way,
- While those who DID get on the ladder have paid through transferring their hard-earned into the pockets of those who got in on the party early through sheer luck of wealth or age.
So I stand by my comments - this "party" did not just affect those who took part in it...
* Hospitals, police, schools, roads, social care, etc. etc. etc. - they're all on their knees, and it's not due to the tax-take falling. It's due to £137bn on bank bailouts (yes, a chunk has been recovered, but not all), £172bn spent (excluding lost tax take etc) on Covid measures, with a lot of doubt as to VFM, it's due to >£100bn pledged (&£70bn spent to-date) on the white-elephant that is HS2 (cost-per-mile is c.5x that of French, Spanish and German high-speed rail projects).
DonkeyApple said:
The only power the BoE really has is to try and keep the GBP stable against the USD.
It is amazing how many finance guys, Americans too, who were all so bullish about the dollar only months ago, are suddenly starting to blame the US for their abuse of FIAT over the last 50 years and the impending collapse. Is it not time we all walk away from the dollar?
Being the reserve currency brings with it some responsibility, and the US have absolutely shafted us all. And we all try and fight to keep stable against the dollar like puppets.
deutsche.diagnostics said:
DonkeyApple said:
The only power the BoE really has is to try and keep the GBP stable against the USD.
It is amazing how many finance guys, Americans too, who were all so bullish about the dollar only months ago, are suddenly starting to blame the US for their abuse of FIAT over the last 50 years and the impending collapse. Is it not time we all walk away from the dollar?
Being the reserve currency brings with it some responsibility, and the US have absolutely shafted us all. And we all try and fight to keep stable against the dollar like puppets.
havoc said:
nono:
- Who is bearing the burden of the bank bailouts from 2007/08 (& potential bailouts in the future, given it appears no one really learned any lessons except "carry on guys, the taxpayer WILL bail us out")? All taxpayers, and not just taxpayers...but everyone in this country who is seeing public services* get worse, and who is seeing their spending power fall as Sterling drops in value because we've too much debt (not the only reason by far, but one of them).
- And then there's all the younger generations and those trying to 'get on the ladder' who've seen property prices rise WELL ahead of RPI and wage-inflation, pushing their dream of owning their own home further and further into the long grass. They're bearing the burden of it in a different way,
- While those who DID get on the ladder have paid through transferring their hard-earned into the pockets of those who got in on the party early through sheer luck of wealth or age.
So I stand by my comments - this "party" did not just affect those who took part in it...
* Hospitals, police, schools, roads, social care, etc. etc. etc. - they're all on their knees, and it's not due to the tax-take falling. It's due to £137bn on bank bailouts (yes, a chunk has been recovered, but not all), £172bn spent (excluding lost tax take etc) on Covid measures, with a lot of doubt as to VFM, it's due to >£100bn pledged (&£70bn spent to-date) on the white-elephant that is HS2 (cost-per-mile is c.5x that of French, Spanish and German high-speed rail projects).
The big problem today is that the UK doesn't bring enough money in, by exporting goods or services.- Who is bearing the burden of the bank bailouts from 2007/08 (& potential bailouts in the future, given it appears no one really learned any lessons except "carry on guys, the taxpayer WILL bail us out")? All taxpayers, and not just taxpayers...but everyone in this country who is seeing public services* get worse, and who is seeing their spending power fall as Sterling drops in value because we've too much debt (not the only reason by far, but one of them).
- And then there's all the younger generations and those trying to 'get on the ladder' who've seen property prices rise WELL ahead of RPI and wage-inflation, pushing their dream of owning their own home further and further into the long grass. They're bearing the burden of it in a different way,
- While those who DID get on the ladder have paid through transferring their hard-earned into the pockets of those who got in on the party early through sheer luck of wealth or age.
So I stand by my comments - this "party" did not just affect those who took part in it...
* Hospitals, police, schools, roads, social care, etc. etc. etc. - they're all on their knees, and it's not due to the tax-take falling. It's due to £137bn on bank bailouts (yes, a chunk has been recovered, but not all), £172bn spent (excluding lost tax take etc) on Covid measures, with a lot of doubt as to VFM, it's due to >£100bn pledged (&£70bn spent to-date) on the white-elephant that is HS2 (cost-per-mile is c.5x that of French, Spanish and German high-speed rail projects).
That is the big thing that drives our currency down.
People only need to buy GBP to buy up rental properties and company shares.
We need to sell more GBP to buy natural gas, German cars and Chinese tat.
We sell more GBP than people want to buy, that tends to drive its value down.
The expenditure you list can be said to be paid for by borrowing, not the taxpayer.
OutInTheShed said:
The expenditure you list can be said to be paid for by borrowing, not the taxpayer.
Erm...you do understand that borrowing eventually* needs to be paid for, right? And those payments will come out of the public purse.* Or otherwise will be paid forever via interest payments, and the high level of debt will affect our national creditworthiness.
OutInTheShed said:
The expenditure you list can be said to be paid for by borrowing, not the taxpayer.
You do understand that borrowing is never funded by the government, it is funded by the tax payer, they are just spending your money and your future money and your children's money and now their children's money?deutsche.diagnostics said:
cheesejunkie said:
What's your suggested alternative?
I wouldn't dare suggest an alternative, I don't want to the US to invade me. 
It was more just a case of pointing out one of the reasons we are in so much trouble financially.
I know, I was half joking half serious. The USD is what we're stuck with or take a punt.
trashbat said:
Well, Platform came through with their [3.71% / 5 year fix / £1249 fee] product switch offer, received today, so that's good. There was some ambiguity about when the start date is - like, if it's before the current fix ends, that would incur ERCs - but a quick call and they tell me they handle that.
That was the 6th March. Paid the fee on this today so I think we're all sorted. It still seems to be about as good as I could get at any point recently, although their currently advertised switch rate for the same is still a pretty good 3.8%.Whoever complained that they take about a month to process stuff was about right, although I get the impression they operate on a just-in-time basis.
Incidentally, to pay the fee they rang me from a private number, asked me security questions and then asked me for my payment details. I was fine with this as I'd been pre-warned and was expecting it but, still, I was like: what about my security questions? How do I have any confidence in who you are? And why do you need all this verification when I'm paying you the money? Anyway...
Just thought I'd do a final update. Mortgage renewal due start of next month.
Ltv -55%.
Been looking at product transfers with Halifax (therefore no fees too). In January I was offered 4.29% (5yr fix), just rung up now to check the rates and its dropped to an not too horrendous 3.86%. Fixed for 5 years, with a 15yr term.
The rate we are coming off is 1.56%! Thankfully, we are going to do a rejig with some cash (putting more equity in the property), so our monthly payment is actually dropping by around £400/month.
Ltv -55%.
Been looking at product transfers with Halifax (therefore no fees too). In January I was offered 4.29% (5yr fix), just rung up now to check the rates and its dropped to an not too horrendous 3.86%. Fixed for 5 years, with a 15yr term.
The rate we are coming off is 1.56%! Thankfully, we are going to do a rejig with some cash (putting more equity in the property), so our monthly payment is actually dropping by around £400/month.
Edited by Rob_125 on Wednesday 3rd May 16:39
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