Bank of England

Seem intent on bankrupting the hard working people of this country.

As if the Tories weren’t crippling everyone as it is. Nice work.

 

228quid my mortgage as gone up this year !
That lottery win better hurry up

 

I’ve been lucky to be on a fix but it’ll cripple plenty.

 

We’re all in this together the tories last slogan

 

The country has been hooked on cheap credit like a smack head on crack. It has papered over the chronic structural and regional inequalities of the ruinous Tory economic model we have been under and it’s all about to unwind spectacularly.
For the first 300 years of the existence of the B of E interests rates never fell below 2% but for most of the last 10 years they’ve been below 1%.

 

Our fixed deal ends in 12 months. Did a calc the other day which reckons £330 a month more than what we're currently paying. Don't know how we're going to afford it. May have to get a second job.

 

The bank of England seem to be doing everything they can to harm the average person and nothing at all to actually solve the problems.

I guess that's the problem when the Tory appointed head of the bank of England is a multimillionaire on over half a million a year. Oh he also fell asleep in an important meeting in his old job which led to decisions that saw a lot of low income people lose a lot of money, he was also strongly criticised by the treasury Select committee in march 2020. In the same month the bent Tories gave him the keys to the bank of England. I wonder what the corrupt multimillionaires gained from giving power to one of their arrogant pompous posh mates.

 

Used to dream of 4% interest rates tbf!

 

And the kids of today dream of mortgage payments as a proportion of income comparable to the 80s/90s/early 00s, including when rates were in double digits.

 

yeah because in the 70’s we were earning shitloads…. Not

 

I think it's well documented that house prices in relation to earnings are much different ow to the 70s isn't it?

 

I know is we didn’t expect everything to be new, we bought houses on affordable mortgages with room for manoeuvre and if we couldn’t afford to go on a big holiday we didn’t.
Now I’m not saying I’m not sympathetic to peoples financial problems now , I’m not.
What I’m saying is this seeming myth that folk have more money worries in the past is just that a myth.

 

Exactly.

 

The income multiplier in the 80’s/90’s was 3x main earner + 1x second earner or sometimes 2x joint annual income.
Around 1990 the mtge standard variable rate achieved about 15.75%

 

by that I meant we bought realistically , within our means, maybe not the dream house, but a compromise. I just think a lot of people ( not all) lost the ability to budget and compromise somewhere along the line.
As I said I am not being unsympathetic , I’m not , but new buyers have always been under the cosh and I know up here we are constantly bemoaning the prices of new builds especially.

 

All those smartphones and avocados...

The point is that mortgages were barely affordable for the current generation at the incredibly low interest rates available until last year. So saying "I dreamed of 4%" when they start going up is both ignorant to the difference between the generations and insensitive to the fact that these rate rises will put a lot of families into real difficulty and struggle.

 

Do you really think first time buyers are trying to buy a dream house and not scrabbling about trying to cobble up a deposit on literally anything with 4 walls and a roof?

 

I'm in my mid 30's and one of those used to low interest rates. When my fixed deal expires my mortgage is likely to be around £1,500 a month more, as we needed a 10% deposit.

Tis pretty tough going. Some will say we shouldn't have jumped straight for the dream home, but the fact that we are the only ones under 60 on the street is pretty telling.

 

no it was in response to the Op saying the Bank of England was bankrupting folk.
Yes houses weren’t as high proportionately but the interest rates just kept going up.
My comment about not expecting everything new still stands ,we both worked and we rented a tv and bought second hand and saved up for stuff we wanted.

 

not at all, I just object to the view that seems to prevail from people who weren’t even born that things were easier then , they weren’t.