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dredwerker

Disillusioned Due To Low Interest Rates

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We have friends who are paying £23 a month on their mortgage and can save circa £700 a month on their mortgage. They are rampantly saving the money. So it is offsetting any loss easily.

Hence those on variables if they keep the money havent lost anything.

argggh - although I dont want friends to feel the pinch - this is outrageous - prudent in not buying and we get stuffed.

I am almost leaving apart from I cant ;)

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We have friends who are paying £23 a month on their mortgage and can save circa £700 a month on their mortgage. They are rampantly saving the money. So it is offsetting any loss easily.

Hence those on variables if they keep the money havent lost anything.

argggh - although I dont want friends to feel the pinch - this is outrageous - prudent in not buying and we get stuffed.

I am almost leaving apart from I cant ;)

It certainly sounds like you want your friends to feel the pinch.

I have friends who are in deep negative equity on a fixed rate mortgage. The husband has just lost his job and they cannot sleep with worry. Does that make you feel better?

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We have friends who are paying £23 a month on their mortgage and can save circa £700 a month on their mortgage. They are rampantly saving the money. So it is offsetting any loss easily.

Hence those on variables if they keep the money havent lost anything.

argggh - although I dont want friends to feel the pinch - this is outrageous - prudent in not buying and we get stuffed.

I am almost leaving apart from I cant ;)

Those on lifetime base rate tracker are doing very well but has their house dropped less then £10K pa since the peak? An average house is down by ~£40K.

VMR.

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The low base rate policy seems to be helping the people who least need help. People who thought it sensible to budget and arrange a fixed rate for 5 or 10 years are being shafted while people who took trackers because they were confident of their income remaining fairly stable in the long term are benefiting hugely. Labour redistribution of wealth through handouts to the middle classes to buy their votes.

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It certainly sounds like you want your friends to feel the pinch.

I have friends who are in deep negative equity on a fixed rate mortgage. The husband has just lost his job and they cannot sleep with worry. Does that make you feel better?

no not at all - it wouldnt have bothered me if their house had stayed statically priced or even if had dipped a bit - they chose that time to buy and had a Dad that was a broker.

but for them to get a £700 off a month argggh it will never get house prices right as the people with looney mortgages will paying back b*gger all as well.

I am not sure why everyone should help people get their mortage free - Why do interest rates need to be this low? To stimulate the homeowners only I suspect and the BTLs who win twice over.

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Get real. It's happy days. I've paid so much off this last year even if rates go up (which they won't for ages) I'll have a small payment.

Cheers taxpayers. :lol:

If they won't, have you ever heard of deflation :blink: ?

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It certainly sounds like you want your friends to feel the pinch.

I have friends who are in deep negative equity on a fixed rate mortgage. The husband has just lost his job and they cannot sleep with worry. Does that make you feel better?

It's not really a matter of wanting your friends to feel the pinch. Of course no one wants to see their friends in trouble. But there has to be a balance. While I don't want my friends to lose their jobs etc., I do want to see the value of their houses fall by 25%. It's all about wanting to see prices (and therefore the debt new buyers have to take on) return to more normal levels so everyone gets a fairer deal.

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no not at all - it wouldnt have bothered me if their house had stayed statically priced or even if had dipped a bit - they chose that time to buy and had a Dad that was a broker.

but for them to get a £700 off a month argggh it will never get house prices right as the people with looney mortgages will paying back b*gger all as well.

I am not sure why everyone should help people get their mortage free - Why do interest rates need to be this low? To stimulate the homeowners only I suspect and the BTLs who win twice over.

One of my BTL's has come down in price form £1100 pm to just under £300 pm Means an extra £800 pm off the debt. Cracking deal pegged to the base rate. I hope this recession lasts a little while longer..

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One of my BTL's has come down in price form £1100 pm to just under £300 pm Means an extra £800 pm off the debt. Cracking deal pegged to the base rate. I hope this recession lasts a little while longer..

In that case, what's the prospect for your net equity?

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My god at last. It's finally sunk in.

You lot keep spouting doom and gloom for homeowners and we are laughing at you.

I feel like screaming sometimes when you post about how everyones getting repossessed and you'll all get a bargain.

Get real. It's happy days. I've paid so much off this last year even if rates go up (which they won't for ages) I'll have a small payment.

Cheers taxpayers. :lol:

Sibley, glad to hear you are rolling in it - if you look anything like your picture you'll need that moey for lots of plastic surgery!!! :lol::lol::lol::lol:

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In that case, what's the prospect for your net equity?

Dont really give a fig as long as the debt repays itself before 25 years (or another 18 years). Quids in at the end of the day unless you believe prices will fall for a further 18 years...

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We have friends who are paying £23 a month on their mortgage and can save circa £700 a month on their mortgage. They are rampantly saving the money. So it is offsetting any loss easily.

Hence those on variables if they keep the money havent lost anything.

argggh - although I dont want friends to feel the pinch - this is outrageous - prudent in not buying and we get stuffed.

I am almost leaving apart from I cant ;)

Look, you'll just have to get used to it. FTBs and the young in general have been turned over so that the asset rich and near retirement baby boomers can live the lifestyle they deserve.

This means that they don't lose money but you do... a lot... just a little bit later.

Why do they deserve it? They were willing to take it.

Do you see GenY or GenX out on the street rioting? No, because they have no idea what's happened. They've bought into the whole thing, believing all the guff you read from the government and in the press. At the end of the day the government has bailed out Sibley. Yes, that's right. The irritating little orange **** has been bailed out with your hard earned. You're supposed to like it. Get used to it. No one is going to complain. Everyone thinks high house prices relative to earnings are good. Group doublethink has well and truly arrived. I re-read 1984 the other day. It's all a bit scarily relevant.

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Look, you'll just have to get used to it. FTBs and the young in general have been turned over so that the asset rich and near retirement baby boomers can live the lifestyle they deserve.

This means that they don't lose money but you do... a lot... just a little bit later.

Why do they deserve it? They were willing to take it.

Do you see GenY or GenX out on the street rioting? No, because they have no idea what's happened. They've bought into the whole thing, believing all the guff you read from the government and in the press. At the end of the day the government has bailed out Sibley. Yes, that's right. The irritating little orange **** has been bailed out with your hard earned. You're supposed to like it. Get used to it. No one is going to complain. Everyone thinks high house prices relative to earnings are good. Group doublethink has well and truly arrived. I re-read 1984 the other day. It's all a bit scarily relevant.

I think it only takes something like 2% of the population to want to do something about it for there to be a revolution. No wonder the government wants to restrict people's tendency to associate in public without prior written consent. The Internet, while allowing some degree of organisation, is actually stopping the people who might force change from actually going out and getting it because they're always too busy posting on here and other fora.

Edited by Von Moses

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The low base rate policy seems to be helping the people who least need help. People who thought it sensible to budget and arrange a fixed rate for 5 or 10 years are being shafted while people who took trackers because they were confident of their income remaining fairly stable in the long term are benefiting hugely. Labour redistribution of wealth through handouts to the middle classes to buy their votes.

Oh save the party political broadcast you little Tory boy. The Government don't set the interest rates and don't decide whether people buy trackers or fixed rate mortgages. Get over it.

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Oh save the party political broadcast you little Tory boy. The Government don't set the interest rates and don't decide whether people buy trackers or fixed rate mortgages. Get over it.

The government does set interest rates. It targets the BofE on inflation and who calculates the inflation figures?

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Oh save the party political broadcast you little Tory boy. The Government don't set the interest rates and don't decide whether people buy trackers or fixed rate mortgages. Get over it.

Chinney reckon :lol:

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The government does set interest rates. It targets the BofE on inflation and who calculates the inflation figures?

Wrong! The Bank of England sets the interest rate. It can set the interest rate at whatever level it likes. The Government set a long term target for inflation. The inflation figures are not calculated by the Government but by the Office of National Statistics - an independent body. This is true whether it is a Labour of Tory Government.

If you want to slag of the Government, do it properly on things they are responsible for - I'll even join in. But please don't dumb things down to the extent you have because who knows, some on here might be daft enough to fall for it.

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We have friends who are paying £23 a month on their mortgage and can save circa £700 a month on their mortgage. They are rampantly saving the money. So it is offsetting any loss easily.

Hence those on variables if they keep the money havent lost anything.

argggh - although I dont want friends to feel the pinch - this is outrageous - prudent in not buying and we get stuffed.

I am almost leaving apart from I cant ;)

Surely this means they are on an interest only loan, which means their debt is not getting any smaller. I wouldn't be feeling smug in their position. It will only make a difference to them if they use the money saved to pay down the mortgage aggressively, and most people are loath to do this. Other priorities like cars and holidays come first, especially for people who chose IO in the first place.

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Oh save the party political broadcast you little Tory boy. The Government don't set the interest rates and don't decide whether people buy trackers or fixed rate mortgages. Get over it.

:blink:

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