(Buckle up) Recession for more than a year

[Mr Kobayashi]

He’s in the land down under.

Where women glow and men plunder?

 

[J.G.Blue.]

I think we will survive, I know I'm an old fart but I remember in the late 1980s when we had borrowed money to convert an old barn into a house & the market had gone tits up, the good old Co-Op bank were charging us 18% interest, we just about survived & there were a lot of people worst off than us stuck in negative equity.

 

[hilts]

I think we will survive, I know I'm an old fart but I remember in the late 1980s when we had borrowed money to convert an old barn into a house & the market had gone tits up, the good old Co-Op bank were charging us 18% interest, we just about survived & there were a lot of people worst off than us stuck in negative equity.

The main problem is for those and there will be plenty managing week by week on very little as is. However its done the price of essentials needs to come down and if that's impossible we need to protect people by whatever means necessary.

This is going well beyond the tighten your belts stage.

 

[Xhavenjoe]

He’s in the land down under.

A man at work so.

 

[BerkshireBlue]

Can someone help me please?
I got my first mortgage in 2020 just before the pandemic hit.
It's on a fixed rates until early 2025.
But with what's going on at the moment mean I will likely get a massive leap in 2025?
Sorry I am trying to learn a lot more on things like this now I am a home owner.

Personally if I were you I'd be overpaying to your cap as much as possible. So in 3 years you'll either won't notice an increase in rates or if the market goes the other way you'll be in a great financial position

 

[supercity88]

my 5 year fixed mortgage rate runs out next year (end of November) am i screwed ?

Try and overpay, get the LTV % down as much as possible and although you will get a higher interest hate hopefully the actual payment will not increase too much. But ultimately expect to pay more and plan for it.

 

[Mazzarelli's Swiss Cheese]

If those are mortgages on multiple properties or multiple mortgages from over leveraging purely for luxuries then fuck em.

They deserve the pain.

Indeed, but sadly there will be a lot of unfortunate folk that have just happened to buy at the top of the market, or older folk with modest 2nd or 3rd properties to provide a retirement income.

 

[gordondaviesmoustache]

I fear it’s going to be a biggie.

 

[Corky]

Indeed, but sadly there will be a lot of unfortunate folk that have just happened to buy at the top of the market, or older folk with modest 2nd or 3rd properties to provide a retirement income.

If they bought at the top of the market it was last week, so they shouldn't be hit by further interest rate rises for several years.

 

[Mazzarelli's Swiss Cheese]

I think we will survive, I know I'm an old fart but I remember in the late 1980s when we had borrowed money to convert an old barn into a house & the market had gone tits up, the good old Co-Op bank were charging us 18% interest, we just about survived & there were a lot of people worst off than us stuck in negative equity.

The current generation that are halfway through a mortgage would shit their pants if they saw 5%. Looking back at the 80's it's amazing how the Tory wankers managed to maintain the myth of financial competence.