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Thread: Interest rates up 0.5%!

  1. #26

    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
    About 50% of the population of the UK are fools then. You also seemed to think anyone who doubted man-made climate change was a fool, the same with anyone who supported brexit. There's a theme running here..

  2. #27

    Re: Interest rates up 0.5%!

    You forgot to put Trump on that list. Anyway I don't think Brexit has happened due to the amount of times I keep hearing ECHR on the news.

  3. #28
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.

    Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
    That's a silly remark
    Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
    As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
    So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.

  4. #29

    Re: Interest rates up 0.5%!

    Quote Originally Posted by xsnaggle View Post
    That's a silly remark
    Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
    As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
    So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
    In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.

  5. #30
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by A Quiet Monkfish View Post
    In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.
    In addition to this income tax basic rate was 33% in 1978 reducing to 30% in '79 and allowances were a couple of grand a year depending on how many kids you had.

  6. #31

    Re: Interest rates up 0.5%!

    Quote Originally Posted by A Quiet Monkfish View Post
    About 50% of the population of the UK are fools then. You also seemed to think anyone who doubted man-made climate change was a fool, the same with anyone who supported brexit. There's a theme running here..
    You're so so close to getting it.

  7. #32

    Re: Interest rates up 0.5%!

    Quote Originally Posted by xsnaggle View Post
    That's a silly remark
    Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
    As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
    So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
    It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

    source- https://www.marketwatch.com/story/th...ers-2019-12-04

  8. #33
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by Parti Mellow View Post
    You forgot to put Trump on that list. Anyway I don't think Brexit has happened due to the amount of times I keep hearing ECHR on the news.
    What has the ECHR got to do with Brexit?

  9. #34

    Re: Interest rates up 0.5%!

    Quote Originally Posted by xsnaggle View Post
    That's a silly remark
    Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
    As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
    So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.
    If that house was £10,000 in 1972-it would be worth £500,000 now. House price inflation has priced young people out of the market. As Doucas infers it was easier getting on the housing ladder 40 years ago than it is now. Thats allowing for much higher interests back then too. If you disagree how do you explain why so many more from our generation were on he housing ladder back then compared to millennials today.

  10. #35
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

    source- https://www.marketwatch.com/story/th...ers-2019-12-04
    There is no argument that house/flat prices to salary ratios have grown steadily over the past 40 years. It has doubled for first time buyers. Private sector rents have also risen massively in real terms.

    https://www.economicshelp.org/blog/5...affordability/

  11. #36

    Re: Interest rates up 0.5%!

    Quote Originally Posted by EastbourneBlue View Post
    The rich get richer and the poor get poorer. Beautiful capitalism
    Think they all made hefty losses through covid times but it’s madness to put all our bills up so much, we don’t even buy gas from the Russians ffs….I know the price is set regardless but it’s crazy

  12. #37
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

    source- https://www.marketwatch.com/story/th...ers-2019-12-04
    For a start thats America?

    The facts look way out too!

    Seriously you want to forget about this sort of jelousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constaly moan that life would have been better if this or that had happened.

    Spend less time on here moaning about the torries and get on with your career, crying on here is not going to change anything!

  13. #38

    Re: Interest rates up 0.5%!

    Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?

  14. #39
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    Re: Interest rates up 0.5%!

    On a phone so correcting some of the typos!

    For a start that’s America?

    The facts look way out too!

    Seriously you want to forget about this sort of jealousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constantly moan that life would have been better if this or that had happened.

    Spend less time on here moaning about the Tories and get on with your career, crying on here is not going to change anything.

  15. #40
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by goats View Post
    Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?
    They can do what they like, but yes they always work it in their favour!

  16. #41

    Re: Interest rates up 0.5%!

    Quote Originally Posted by A Quiet Monkfish View Post
    In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.
    I was working for the council at the time, working the same van with a guy, he couldnt afford to sell his house ( negative equity ) and used to every Friday ( pay day ) borrow £50 from me, would pay it back over the week and then go again, I asked him where the extra money was coming from in bits and pieces, he said " selling stuff , maybe a few hours doing private work "

    we have had it good for a long time, I feel almost spoilt by the low interest rates for some long

  17. #42

    Re: Interest rates up 0.5%!

    Great time for borrowing, not so good for saving.
    When I took out a mortgage onto buy my house in 1987, I got an excellent deal (for then) of 10% fixed - for the term.
    Rates went up to about 16%, but I was sitting pretty.
    Then Black Wednesday happened, and I had to remortgage to get a rate of about 5%.

  18. #43

    Re: Interest rates up 0.5%!

    Didn’t most working class folk reside in well built council housing stock in the 70’s ?

    I thought “right to buy” and the obsession with owning your own home was initiated under Margaret Thatcher ?

    https://www.inkpendownie.co.uk/a-ver...n-the-70s.html

  19. #44
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    Re: Interest rates up 0.5%!

    Quote Originally Posted by TWGL1 View Post
    Didn’t most working class folk reside in well built council housing stock in the 70’s ?

    I thought “right to buy” and the obsession with owning your own home was initiated under Margaret Thatcher ?

    https://www.inkpendownie.co.uk/a-ver...n-the-70s.html
    Right to buy is probably a reason for average house prices being seen as so low at that time, a lot of the sales were ex council houses at a discount, so there was plenty of supply with far less demand, which would have had a knock-on affect to private sales.

    The main problem these days are amateur landlords buying up all the stock that would previously gone to first and second-time buyers, if we can offer an incentive for some of those to sell up we could reduce the problem.

  20. #45

    Re: Interest rates up 0.5%!

    Quote Originally Posted by North Cardiff Blue View Post
    Have you ever heard of Covid?

    Are there Torries in America?

    https://www.bbc.co.uk/news/business-61804877

    US makes biggest interest rate rise in almost 30 years

    Are the Torries in Europe ?

    https://www.bbc.co.uk/news/business-62240730

    Eurozone raises interest rates for first time in 11 years

    You can't shut the World down for two years and expect everything to be hunky dory!
    I'm with you on that. The problem is that the Tories spend half their time telling us how good the economy is and half their time blaming the opposition for how shit it is. Just a bit of honesty would be nice.

  21. #46

    Re: Interest rates up 0.5%!

    Quote Originally Posted by Eric Cartman View Post
    ................................. and half their time blaming the opposition for how shit it is.
    I'm not aware of that. Any examples?

  22. #47

    Re: Interest rates up 0.5%!

    Quote Originally Posted by North Cardiff Blue View Post
    For a start thats America?

    The facts look way out too!

    Seriously you want to forget about this sort of jelousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constaly moan that life would have been better if this or that had happened.

    Spend less time on here moaning about the torries and get on with your career, crying on here is not going to change anything!
    Mental post. So when I prove things are shit you say 'stop moaning' while people like you repeatedly vote for right wing governments that cause this shitness.

    And back to this jealousy thing, I'm doing alright, many my age aren't, many younger are struggling and the trends aren't getting better.

    I said this last week, I was accused of being jealous at first, then I said I was doing alright and I got called a champagne socialist, so tell me how much wealth should I have before I can complain that things are shit?

  23. #48

    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

    source- https://www.marketwatch.com/story/th...ers-2019-12-04
    How the heck do you know ? You can buy a new 2 bed just outside Cardiff for £250k A 90% mortgage will cost you £1100. You can get mortgages from practically everywhere - the Govt. will even chip in. I had to do odd jobs, save for 3 years with one of only 3 or 4 places you could get a mortgage - then once I'd saved up with them I had an 'interview' . No furniture/carpets, no white good. I had F. all. In those days you just went out and got on with it. Not a penny from my folks, and I didn't expect it either..

  24. #49

    Re: Interest rates up 0.5%!

    Quote Originally Posted by Doucas View Post
    I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
    Why do you peddle this rubbish ? Labour were in power from 1997 to 2010 and wrecked the economy. Blame them. Its taken the last 12 years to try to recover from what they did and now we have had a pandemic to deal with and Ukraine war as well. Employment and tax revenues are at record highs anyway.

  25. #50

    Re: Interest rates up 0.5%!

    Quote Originally Posted by dml1954 View Post
    Why do you peddle this rubbish ? Labour were in power from 1997 to 2010 and wrecked the economy. Blame them. Its taken the last 12 years to try to recover from what they did and now we have had a pandemic to deal with and Ukraine war as well. Employment and tax revenues are at record highs anyway.
    The economy was wrecked by a worldwide crash in 2008. The Conservative opposition of that time backed the measures Labour took to stop a run on banks - if Labour did wreck the economy, they did it with the backing of the main opposition parties.

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