bumblebeeandboy

https://www.moneysavingexpert.com/news/2021/07/tesco-bank-current-account-closures/

Family works for a national housebuilding. His region is Surrey/Hampshire. Last week they sold 0 ! Before they were flying, now just dried up. Neighbour just put house on the market. 2 weeks later 25k taken off list price (around 4%). Very very slow,little interest. This is a ultra popular road.

Office in our town (surrey commuter belt) with a sign to let/may sell... I expect to see a lot more of those.

Just seen this on a local selling site...not even a house in the area of the group.

Str 2008. Bought forever home 2012. Redundancy twice during this time with 7k redundancy, pushed us to the edge, parents helped with food parcels for a while it was that tough (had a young preschool age family before redundacies). Bought a failing business (was a huge risk), built up business slowly with a lot of work. Saved and saved and saved to get a 30% deposit. House bought 2012 Bought 450k (in surrey) Worked our arses off to be Mortgage free in 2019. House Now valued 700k+ which is mental. Have done approx 150k of work making it exactly as we want, work wasn't needed but we made the house exactly what we want. Honestly still want a house price crash ( reason I'm still here).

Thoughts.... Will it make BA improve their staff offer or give BA the opportunity to try running on sub contractors and Ditch more staff? BA staff...better to have a job in these times than be out of work? *I don't work for them but know those who do.

I know! They faced redundancy risk a few years back. She was offered 50k Redundancy but didn't take it as worried about getting another job (in their 50s no qualification bar o levels,) anyway I said take redundancy, pay off most of their mortgage and work part time etc. They ve had this mortgage 20 years so I thought this would be realistic. Nope she said there would be only a few thousand left after debts. Mortgage still has 15 years left as kept consolidating debts!!! We could not live like this.

Yep. One works for a bank, redundancies happening and pay cuts for those that survive. Husband BA, told to sign new contract by Dec which has 20% pay cut plus 6 weeks unpaid each year or be made redundant. Already taken 6 month mortgage holiday. Ends wont meet if both get a pay cut. 5 figures in credit card debt i think 40k ish..... frittered on crap. Another a big management consultant. 6 figure salary. Let go in April, nothing since. Kids in private school. Panicking.

https://www.bbc.co.uk/news/business-54000714

Wfh but now back in the office. No pay cut. Work locally and school hours only.

Husband works for a large housebuilding (sorry). All were on a 20% pay cut through lockdown but now lifted and back to normal pay as so busy. We just keep saying it can't last....

This is a friend of a friend. They had been trying to sell their small starter home house for months and finally got a buyer and went sold stc just before lockdown. They hadn't sought out a mortgage offer before as selling was taking so long. They d been told however they could expect to borrow in the region of £180k.... Mortgage offer has come in at £81k. They can't use htb as their deposit is too big. I've suggested str but doubt my advice will be listened too. One is self employed, both average income earners still working throughout lockdown but in industries wobbling from covid19 ( what industry isnt). So once the current mortgage offers expire or used up is this when it starts to get interesting?

So real life situation for relatives with a NW mortgage. Both work in the travel industry, both had pay cut to 80% so they took a 3 month mortgage holiday. They said they could now only just break even without paying mortgage... (neither earns much over average salary, in their 50s, wasted money for years on crap, then remortgage debt etc etc). 3 months on. Now one of them on notice from BA redundancy then possible rehire on zero hours contract and pay cut. The others job is looking iffy. They are waiting to hear from NW their options for another 3 months mortgage holiday. Been told it will affect their credit rating. So really what will happen....let's be realistic if they take the 3 months additional mortgage holiday what happens after that? They ll be potentially in a worse situation and no means to pay.... They have lived there 20 years still have 15 years plus to go. Last remortgage were warned they couldnt extend the term as it's right up to retirement age.... Plus they have huge amount on credit card. I dont know exact but looking at 40k plus I m led to believe. We are the exact opposite and it stresses me to even contemplate living like this.

My department furloughed 4 staff. 2 coming back next week, 3rd is shielding so will be back later in the year. 4th I told they ll be back next week but she doesnt want to.... replied furlough scheme has been extended she ll stay on it for the summer thanks. Childcare issues are her reason she cant come back. Her childs school has reopened for her year group but she doesnt want to send her back. She also has 2 older 16 year old kids who live at home, surely that's childcare for a 4 hour shift. Also offered flexible working for her or weekends to help but no none suitable. I understand not wanting to send her child back but surely that's a childcare issue shes created herself. I'm sure a paid summer holiday instead sounds great. HR are hearing this more and more. Some certain types of employees rather enjoy being paid almost all salary to do nothing. Looking into tge legality of offering unpaid parental leave instead.