Being financially independent

Hursty

RichM Typo 😃

-si-

You think Eddie could ledge a joint bants and economics masterclass, mc? You’d come out knowing how to suave the double nawty treacles with jokes about bull and bear markets. What a time to be alive that would be!

Mad_Cyril

-si-
No need, Hursty has since claimed it all as a ‘typo’ and corrected his post.

The economy of the future is once more in safe hands.

Onwards!

Funky

Good for savers it’s been low for long time, I’ve 3 years left on my fixed rate, hopefully not have to borrow anything by end of that term.

C_J

If you can fix for five at say 2% and inflation is robbing the bank of 10% you’re winning to the tune of 8% a year and I say fill your boots, don’t repay your debts!!

inflation is good for borrowers and bad for savers Funky

Along_the_Wire

Funky Buy high, sell low! LOL

Along_the_Wire

Funky have you finally out-smarter these shorters and retired yet, DF?

Hursty

Where do people think interest rates will get to while we are on the topic?

Is 10% outlandish even though it was a typo? I’ve heard of people selling up and renting to ride this incoming storm out

RichM

Hursty reckon 1.5% within the next year, but they will want to lower that as soon as they can. Like people have said, the impacts to many would be a massive financial issue on mortgages, companies ability to borrow cheaply.

Old-Dutch

Interest rates much higher than they are will cause significant problems for the UK. House prices have rocketed in the last 10 years based on lower rates - people have consequently had ro borrow huge sums in order to buy their own properties.

The banks are unhappy with just having people over a barrel with the huge sums they owe, but also want to increase interest rates to fuck them both ways. It will lead to masses of defaults and reposessions - wouldn’t surprise me if that’s the agenda - keep people renting and in debt for their entire lives. Blackrock started this in the US and Lloyds are already at it in the UK

Millsy

Old-Dutch yep. We would be absolutely fucked. 💯

Old-Dutch

I fixed in for 5 years last month. Will be down to 7 years at that point. Will start overpaying this term too.

I was very, very close to moving last summer. Would have gone up from a 12 year mortgage to 29 years and my monthly mortgage payments would have gone up by 40%. That’s while interest rates were still 0.1%.

Decided I’m going to kill off the mortgage where I am before I even consider moving anywhere

Millsy

Old-Dutch sensible. Mine is fixed for another 4. I also need to start overpaying by 10%, a no brainer really but have always never got round to it…

benson

Fixed for 4 more years at 1.34%

Will have about 200k on it then and to be honest between us we could probably pay that off then by dumping every penny of savings / ISA / overtime between now and then into the mortgage.

I’d be pretty chuffed at that point. Although have no savings.

Millsy

Huge bubble of people on interest only probably too. Carnage

Hursty

C_J You can’t fix for 2% for 2 years now nevermind 5, the banks have changed their outlook drastically since Jan this year

C_J

Hursty a quick Google search shows the five year fix is currently at 2.3% you mong

Millsy

This thread has prompted me to remind myself of current mortgage and have fixed until Jan 26 at 1.59%. That still feels too soon, yet at the time i really had to think hard whether to chance it. I have mates that are paying £200pcm on houses now worth 500k+. The absolute cunts. Also massively depressing to see my remaining term at 20 years lol. FML

benson

I was interest only to start with. When I moved out of London I was stretched so fixed for 4 years at 6% on a 100% interest only mortgage of £189k I was 27 years old and living the dream. I saved a fortune when I went onto the SVR.

Had loads of credit card debt that i rotated until my mid 30s then remortgaged, paid it all off, consolidated and have never not paid credit cards in full. Got our fiorst mortgage on our house now as 20 years (2.7% i think for 3 years). Next mortgage was 15 years at 1.34% fixed for 5 years.

Instead of letting inflation eat away the debt, we keep increasing the payments to bring down the term. Being mortgage free would be amazing.

One thing we are really not looking to do is move / upsize / have kids. One of my colleagues has just gone all out in a £1.5m+ house. I want to work less and retire early.

Millsy

On track mate. The key thing is not to have kids until you are into your 60s

Hursty

C_J Lol, you go for it mate, lower than 60% LTV with a fee no doubt. The average is around 3% now, up from around 1.8% in Jan…

gcw

I’m fortunately on track to be mortgage free as I turn 50 (9 years to go). Assuming I don’t move of course. I’m already starting to think about retiring at 55 and how nice that could be

Old-Dutch

I got 1.39% fixed for 5 years. What’s really fucking depressing is I have borrowed about £260k in terms of actual cash. I’ve been paying off a repayment mortgage for 13 years at around £1.4k a month and was down to £170k when I remortgaged in March. This has now gone back up to £200k when they add on their interest. So I’ve essentially paid off about £60k over 13 years.

Oooh but look how much money I’ve made on the value of the property over the years. Yeah all paid out to the cunting banks in interest. Will probably just about break even by the end. Cunts

Mad_Cyril

Old-Dutch
You need to get into the NFT game ASAP my friend.

#fuck the fiat

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