Inflation

[The Real Maroonblood]

1 minute ago, Dawnrazor said:

I just can't get my head around paying for things with a phone or a watch.

These ways of paying is beyond me at the moment. 

[hughesie27]

I've seen a few buskers with card machines. Genious.

[il Duce McTarkin]

14 hours ago, Dawnrazor said:

Do you use your phone to pay for things?

 

I do.

It's also my boarding card when I travel.

I'm travelling to west Africa next week and my phone will get me from my front door to the hotel in Pointe Noire.

[hughesie27]

14 hours ago, Dennis Reynolds said:

I barely leave the house with a wallet anymore.

This. Ill maybe take a bank card as backup for the rare occasion they want you to do chip and pin.

The only time i ever take cash out a machine is when i got to get my haircut as they still only accept cash.

[Dazo]

14 hours ago, Dennis Reynolds said:

I barely leave the house with a wallet anymore.

Yep, sit with cash in my wallet all week and it just doesn’t get used. I’m not even sure why I use my phone or card instead of cash. 

[Dazo]

17 hours ago, Malinga the Swinga said:

Forecast .5 increase this week and then further one in Sept. It worked in past as people who had mortgages to pay were impacted immediately. As most are now on tracker mortgages, the impact isn't as immediate as it was years ago and they panic because according to their training manual, what they're doing works. Trouble is the training manual is out of date and hasn't been updated for decades.

They haven't a clue what to do as if they did, they wouldn't be working for BofE, they'd be in private company making money.

Most on trackers ? Don’t think that’s right, I’m sure most will be on fixed and by sone distance. 

[Boris]

18 hours ago, Malinga the Swinga said:

That's where you're going wrong. Why on earth would anyone listen to Carol Vorderman? One of the champagne socialists Cambridge educated people who seem to believe that being extremely wealthy gives them the right to speak for others.

She's part of problem, not the solution finder.

 

It's fair enough to disagree with what she says, but she's as entitled to comment as you or I are.

 

Speaking out against this corrupt government is a brave move, given her profile and, like Lineker, lines the right wing press up against her.

 

Not sure she had such a privileged upbringing, single parent household, went to a local authority school so getting into Cambridge is testament to her own endeavour, I would imagine.

 

If anything she should be a poster girl for the Tories as an example of individual hard work and application!

 

I don't ever remember her being vocal about politics before, so it is a pretty damning indictment on the way the Tories have mismanaged this country for the last decade or so that leads to someone like her speaking out.

 

All IMO, of course.

[Malinga the Swinga]

54 minutes ago, Dazo said:

Most on trackers ? Don’t think that’s right, I’m sure most will be on fixed and by sone distance. 

You are correct. Fixed is what I meant. These didn't exist years ago. Got my trackers/fixed mixed up

[Dazo]

2 minutes ago, Malinga the Swinga said:

You are correct. Fixed is what I meant. These didn't exist years ago. Got my trackers/fixed mixed up

😂👍

[Dawnrazor]

2 hours ago, Dirk McTarkin said:

 

I do.

It's also my boarding card when I travel.

I'm travelling to west Africa next week and my phone will get me from my front door to the hotel in Pointe Noire.

That's mental!! My wife keeps the tickets for gigs and rugby on her phone, I'm a complete Luddite when it comes to technology, I really need to get up with things.

[Tommy Brown]

21 hours ago, Dirk McTarkin said:

 

The only time you'll need cash is a pound coin for the locker at the swimming pool.

I won't even need that, as our local pool is closing at the end of the month.

[Joey J J Jr Shabadoo]

17 minutes ago, Tommy Brown said:

I won't even need that, as our local pool is closing at the end of the month.

I assume we're still paying for wee Rasheed's heated pool?

 

[il Duce McTarkin]

7 hours ago, Tommy Brown said:

I won't even need that, as our local pool is closing at the end of the month.

 

Nightmare. 

[scott herbertson]

7 hours ago, Joey J J Jr Shabadoo said:

I assume we're still paying for wee Rasheed's heated pool?

 

 

 

Boris is having some difficulty getting his pool built, if that's any consolation

 

https://www.theguardian.com/politics/2023/aug/01/boris-johnson-swimming-pool-newts-oxfordshire

 

The nice thing about this is he moaned about newts getting in the way of house building when he was PM

 

Karma

[Unknown user]

22 minutes ago, scott herbertson said:

 

 

Boris is having some difficulty getting his pool built, if that's any consolation

 

https://www.theguardian.com/politics/2023/aug/01/boris-johnson-swimming-pool-newts-oxfordshire

 

The nice thing about this is he moaned about newts getting in the way of house building when he was PM

 

Karma

Mon the newts!

[JudyJudyJudy]

35 minutes ago, scott herbertson said:

 

 

Boris is having some difficulty getting his pool built, if that's any consolation

 

https://www.theguardian.com/politics/2023/aug/01/boris-johnson-swimming-pool-newts-oxfordshire

 

The nice thing about this is he moaned about newts getting in the way of house building when he was PM

 

Karma

One has to admire the sheer chaputz of this guy . Teflon terry really . I’ll give him that . Shameless comes to mind. 

[Boris]

47 minutes ago, JudyJudyJudy said:

One has to admire the sheer chaputz of this guy . Teflon terry really . I’ll give him that . Shameless comes to mind. 

There is nothing admirable about that individual.

A liar and a bully. Wouldn't piss on him if he was on fire.

[Tommy Brown]

BoE expected too raise the base rate another  0.25% today to 5.25%.

 

Although a small chance it could be a 0.5% rise

Edited August 3, 2023 by Tommy Brown

[kila]

Some of the 2 year fixed mortgage deals have come down 0.2-0.5% in the last couple of days so I imagine it'll be a 0.25% rise from BoE with lenders feeing more comfortable things are peaking.

 

[Unknown user]

7 minutes ago, kila said:

Some of the 2 year fixed mortgage deals have come down 0.2-0.5% in the last couple of days so I imagine it'll be a 0.25% rise from BoE with lenders feeing more comfortable things are peaking.

 

 

I don't think it'll come down though, it's a longer term strategy, they actively want to keep the rate high so more and more people are paying more when they come off their fixed deals.

 

Unfortunately the point of this is for it to hurt.

Edited August 3, 2023 by Smithee

[The Mighty Thor]

1 hour ago, Smithee said:

 

I don't think it'll come down though, it's a longer term strategy, they actively want to keep the rate high so more and more people are paying more when they come off their fixed deals.

 

Unfortunately the point of this is for it to hurt.

According to Oliver Dowden the purpose if high interest rates is to 'grow the economy'.

 

He actually said it on SKY this morning.

 

Grow the ****ing economy?

 

😂

[Jambof3tornado]

So another 0.25 on the base rate....

 

 

I wonder when my savings rate will leap up 0.03%!!

[theshed]

I’m lucky enough to have paid my mortgage off last year but feel for people now as they are taking the pi** now. 
 

There was no need to put rates up this month as they are high enough 

[That thing you do]

21 minutes ago, theshed said:

I’m lucky enough to have paid my mortgage off last year but feel for people now as they are taking the pi** now. 
 

There was no need to put rates up this month as they are high enough 

 

Yes and No. If they really wanted to combat inflation interest rates would be higher than the inflation rate. They did that in Mexico where the inflation rate was 9.5% at the peak, interest rates were at 11%

Now, inflation is down to nearly 3% dead and the economy grew 3.5% in the last quarter.

 

The UK knows it cant do that because home owners would be even more donald ducked than they are now. So you have this half hearted rates hike that sort of helps and sort of doesnt.

 

Inflation is on the way down, so on that barometer they didnt need to do this but the truth is inflation is being stubborm as rates have not been put high enough to fully deal with it and if they were youd have housing armageddon in the short term with defaults galore

Edited August 3, 2023 by That thing you do

[Harry Potter]

On 01/08/2023 at 14:44, Dawnrazor said:

Cash is King Guv'

There should be a choice, be it, your phone, Cash or bank card, 

[tian447]

4 hours ago, The Mighty Thor said:

According to Oliver Dowden the purpose if high interest rates is to 'grow the economy'.

 

He actually said it on SKY this morning.

 

Grow the ****ing economy?

 

😂

 

Grow the economy?  Grow the ****ing economy?  He can **** right off. 

 

My mortgage is about to go up the best part of £400 at the end of this year.  It's going to cost me an extra £4450+ a year just to be exactly where I am right now.

 

That's £4450+ that I would usually have spent on other things, but instead I'm going to have to cut back on.  Fewer meals out, cutting back on treats and budgeting more on food, no travelling, no holidays.  £4450+ that is going directly to the bank to cover the additional interest that the BoE have pulled out of their arse.

 

What is actually happening is my contribution to the ****ing economy has just shrunk by over 4 grand for the coming year.

[Ribble]

3 minutes ago, tian447 said:

 

Grow the economy?  Grow the ****ing economy?  He can **** right off. 

 

My mortgage is about to go up the best part of £400 at the end of this year.  It's going to cost me an extra £4450+ a year just to be exactly where I am right now.

 

That's £4450+ that I would usually have spent on other things, but instead I'm going to have to cut back on.  Fewer meals out, cutting back on treats and budgeting more on food, no travelling, no holidays.  £4450+ that is going directly to the bank to cover the additional interest that the BoE have pulled out of their arse.

 

What is actually happening is my contribution to the ****ing economy has just shrunk by over 4 grand for the coming year.

 

I'll be in a similar position, mortgage renews at the end of November but got a call with my mortgage guy next week to look at options, best renewal offer from my current provider is a 2 year variable set at BoE base rate +.55% or a 5 year fixed at 5.8%

[Jambof3tornado]

21 minutes ago, Ribble said:

 

I'll be in a similar position, mortgage renews at the end of November but got a call with my mortgage guy next week to look at options, best renewal offer from my current provider is a 2 year variable set at BoE base rate +.55% or a 5 year fixed at 5.8%

Neither great options when you think where we were at just 18 months ago,incredible. We're fixed til mortgage ends but juniors 2.19% ends in march,he can afford the hike but getting his head round a huge increase is tough. He's been overpaying for a while but come march he'll be paying more than he currently pays including the overpayment to reduce his outstand debt by less every month!!

[Dawnrazor]

58 minutes ago, Harry Potter said:

There should be a choice, be it, your phone, Cash or bank card, 

I agree.

[Fxxx the SPFL]

My daughter is relieved that she managed to get a five year fixed rate mortgage at 3.9% but i noticed that BoE are stating that they expect inflation to drop to 5% by end of year genuine or not it will drop in time for the benefit's triple lock September increase for April next year.

[hughesie27]

I assume overpaying at my rate of 1.62% till March 2027 would be a sensible choice?

[Ribble]

21 minutes ago, Jambof3tornado said:

Neither great options when you think where we were at just 18 months ago,incredible. We're fixed til mortgage ends but juniors 2.19% ends in march,he can afford the hike but getting his head round a huge increase is tough. He's been overpaying for a while but come march he'll be paying more than he currently pays including the overpayment to reduce his outstand debt by less every month!!

 

yeah, we're probably looking at another 300 a month best case, not ideal with Mrs Ribble yet to return to work from maternity leave. We're also seeing a bit of a double hit, with mortgage rates as they are, estimated house prices are stagnating or even dropping slightly, last year we were on course to be under 75% LTV but that unlikely now so unless we overpay by 6/7k we'll be quoted 80% LTV rates.

 

Hopefully our mortgage guy will be able to pull something out of the bag when we speak next week.

[manaliveits105]

On 01/08/2023 at 18:24, The Real Maroonblood said:

These ways of paying is beyond me at the moment. 

They are idiot proof 

[Malinga the Swinga]

4 hours ago, hughesie27 said:

I assume overpaying at my rate of 1.62% till March 2027 would be a sensible choice?

Yep, pay as much as you can as early as you can. Quicker you repay mortgage, quicker your monthly outgoings will reduce so there is no downside to this.

 

[henryheart]

31 minutes ago, Malinga the Swinga said:

Yep, pay as much as you can as early as you can. Quicker you repay mortgage, quicker your monthly outgoings will reduce so there is no downside to this.

 

 

Couldn't agree more. My tip is never to extend the loan period when you take on a new deal. Think to the future and at what age you want to retire. It means you can pay off your mortgage at a relatively young age and if you over pay it reduces the size of the debt. As I moved homes my mortgage periods dropped from 25 years to under 10, but always with the same end date. Over paying meant that by the time my mortgage ended my interest repayments were down to £30 a month (a very small fraction of what it could have been) and I was mortgage free by the age of 50. Lucky you, I can sense some people think, but when I took on my first mortgage the rates were around 14% and my mortgage was 3.5x my salary so it wasn't easy, particularly for the first 10 years or so. In the end it was well worth it. 

[Psychedelicropcircle]

Mines is gone & at a similar age to Henry. 
Being outside a deal in 2008 when it crashed was the first time being a lazy ******* payed off!

 

 

[Jambof3tornado]

7 hours ago, Ribble said:

 

yeah, we're probably looking at another 300 a month best case, not ideal with Mrs Ribble yet to return to work from maternity leave. We're also seeing a bit of a double hit, with mortgage rates as they are, estimated house prices are stagnating or even dropping slightly, last year we were on course to be under 75% LTV but that unlikely now so unless we overpay by 6/7k we'll be quoted 80% LTV rates.

 

Hopefully our mortgage guy will be able to pull something out of the bag when we speak next week.

Yup junior was looking at being on 75%Ltv if they use what he paid 18 months ago for the valuation,the advisor did say back then about a better ltv but they've sent junior an email estimating his flat to have lost 10k in 18 months but other identical flats round him have continued to sell(as recent as 3 weeks ago) for about the same as he paid!!

Appointment getting arranged next week!! Gonna be a sore one!

[Mikey1874]

 

[il Duce McTarkin]

19 hours ago, hughesie27 said:

I assume overpaying at my rate of 1.62% till March 2027 would be a sensible choice?

 

I'd say so, aye.

[The Real Maroonblood]

4 minutes ago, Mikey1874 said:

 

Meanwhile back in the UK people are still getting shafted. 

[kila]

17 minutes ago, Mikey1874 said:

 

 

UK is a place for the corrupt elite to line their pockets ever more.

 

It's a place where the rich steal from the poor and the media portray like they are acting in our best interests.

 

We need to riot more.

 

[JudyJudyJudy]

Im paying the same now for my energy as i did a couple years ago..Im not complainning. 

[Cade]

1 hour ago, Mikey1874 said:

 

 

BUT THAT'S COMMUNIST LIKESAY

[The Mighty Thor]

8 minutes ago, Cade said:

 

BUT THAT'S COMMUNIST LIKESAY

I was told on here it was a global problem and yet Spain have not suffered like us. Nor have France. 

 

It's almost like we're being lied to. 

[manaliveits105]

After yesterdays rate rise Bank of England forecast UK inflation to fall to 4.9 % in Winter and 2.8% by the Summer 

Great news for calmer waters towards 2025 GE and keeping the Labour scums gas at a peep 

Onwards and upwards comrades 

 

[Konrad von Carstein]

18 minutes ago, manaliveits105 said:

After yesterdays rate rise Bank of England forecast UK inflation to fall to 4.9 % in Winter and 2.8% by the Summer 

Great news for calmer waters towards 2025 GE and keeping the Labour scums gas at a peep 

Onwards and upwards comrades 

 

 

 

[manaliveits105]

[Diadora Van Basten]

I was reading the Guardian article about the BOE saying interest rates will remain high for two years and noticed something interesting on the graph they provided on Interest rates.

 

https://amp.theguardian.com/business/2023/aug/03/bank-of-england-raises-uk-interest-rate-to-fresh-15-year-high

 

If you look at the graph you will notice that whenever Interest rates have peaked it is always followed by a fall within a few months and the falls are usually quite substantial.

 

This tells me that the Bank of England have consistently over predicted the interest rate that the economy can withstand and have had to drop interest rates in an emergency fashion to stop deflation. 
 

I actually think that an Interest rate of over 2% is more than the economy can withstand and that a raft of bad news is going to arrive between now and December leading to emergency rate cuts.

[Dusk_Till_Dawn]

Finally getting decent coin on my savings

 

[JudyJudyJudy]

10 minutes ago, Dusk_Till_Dawn said:

Finally getting decent coin on my savings

 

Better watch you’ll be getting called a 

“ capitalist, Toarie scum bag “ from the guardinsta champagne socialists on this  😂 if you have it , they. Want it . Politics of envy and all .