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Sep 2022
8:52am, 22 Sep 2022
6,645 posts
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Fields
I won’t get too political but I expect the increase in rates and subsequent repossessions down the line will be useful for those in government whose ideology demands asset and wealth transfer from the poor to the rich.
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Sep 2022
9:28am, 22 Sep 2022
11,517 posts
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lammo
That was too political Fields 
Have to say i'm relieved that my mortgage is fixed until mid 2025, hopefully the energy bills will have settled by then
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Sep 2022
9:40am, 22 Sep 2022
65,588 posts
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GlennR
Paid off mine last year. Variable at 1% above base. I did *very* well after 2008.
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Sep 2022
10:19am, 22 Sep 2022
18,378 posts
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rf_fozzy
Yes the generation who bought before 97, didn't have to pay student fees, were still eligible for final salary pensions etc have all mostly done very well out of the various financial crises.
On the backs of those of us who had the unfortunate temerity to be born a little later
The ladders have now been all pulled up
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Sep 2022
10:22am, 22 Sep 2022
6,647 posts
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Fields
That was too political Fields Have to say i'm relieved that my mortgage is fixed until mid 2025, hopefully the energy bills will have settled by then
Perhaps it was. I’m glad I’m fixed at 2.09% till 2032, possibly the best decision I’ve ever made. Ideally I’d be able to pay it off in that time but seems unlikely unless the old man dies.
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Sep 2022
10:26am, 22 Sep 2022
11,518 posts
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lammo
I was lucky enough to catch the coat tails of that era, haven't quite benefitted from all of those but i'm sure it was easier for me despite not seeming easy at the time and moving away from friends and family to get on the ladder, with a small (repayable with interest) bunk up from the bank of Mum and Dad
I know it's been discussed quite a lot but surely at some point all those "older" people holding on to bigger properties are going to be released at some point, and should have an impact on availability and pricing of family houses, i think...
My parents are guilty of this still living in our family home, a nice semi with four bedrooms, close to good schools etc and it's only the two of them, almost 80 and nobody ever stays over, Dad can't ever see himself leaving except in a box, he says...
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Sep 2022
10:37am, 22 Sep 2022
65,594 posts
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GlennR
For what it’s worth I took out my mortgage in 2001.
In some ways those born later have done well. Mortgages fixed at 2.09% would have been unthinkable in the 1980s.
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Sep 2022
10:51am, 22 Sep 2022
11,519 posts
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lammo
I think i took out my first mortgage around then too, it's significantly more now than it was then, but i have moved and extended, and my current house is supposedly more valuable than my first (it bloody better be :-))
I wonder whether its been easier to buy a house in the 00's or the 80's, with the relevant wages, interest rates and prices taken into account...
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Sep 2022
10:53am, 22 Sep 2022
18,379 posts
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rf_fozzy
Average House prices over 10x+ average wages would have been unthinkable in the 1980s.
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Sep 2022
10:59am, 22 Sep 2022
34,776 posts
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Ocelot Spleens
It is different now, rather than more difficult.
The average house is getting up to 300k, interest rates 2%. I paid off mine 6 years ago, that was a mortgage I get getting re-arranged (extended, extra loans) as I moved around. Took it out 1997, house was just 100k, quite a bit above average (cotswolds for you), needed a 10% deposit because U wanted a fancy mortgage that I could overpay with no penny, interest rate was about 9%, my memory is saying 8.75%
I saw a financial advisor, max your pension out, over pay your mortgage, save big time, take the big hits early. I had 4 to 5 years of having sod all.
I was lucky, 2000 saw the .com boom going bang, as I worked in telecoms, sold everything, got whacked on tax but I did well enough, plenty didn't.
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