| Non QPR- Government and Bank of England determined to slaughter home owners 06:34 - Nov 4 with 4037 views | bosh67 |
Is anyone else out there terrified by what feels like a strategy to cripple average home owners? I live alone and I have to care for my last two family members. I’m a freelancer so money isn’t consistent. This latest interest rate rise feels like a ploy to beat people like me into submission. I had a mortgage with Northern Rock who collapsed and are now run by Landmark, who are brilliant but not lenders.
I don’t have the income to get another mortgage because I’ve been caring for family members who have either died or are in the process of recovery. I’m just a small example of a much bigger and worse problem out there.
Any responsible adults out there or with experience in coping with these things to give advice? Not just to me but other members of the board. It does feel terrifying and very specifically targeted at working class and lower middle class home owners.
Also am I not the only one seeing that Andrew Bailey is not fit for purpose at the Bank of England. His track record is horrendous and disastrous! [Post edited 4 Nov 2022 6:36]
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| Non QPR- Government and Bank of England determined to slaughter home owners on 07:49 - Nov 4 with 3889 views | nix |
I haven't been in this position or at least not since the 80s when the interest rates went into double figures when I had bought my first flat (yes I'm really that old!) but I do remember being very scared about how I was going to manage. It's particularly hard for you when you've got other people you're responsible for.
A couple of possible thoughts. Have you applied for a carer's allowance if you're doing a lot of caring? The other thing is the possibility of getting in temporary carers. You are likely to be able to earn more than you'd be paying the carers if you see what I mean. It may be possible to get support to fund carers or get help from an organisation like Age UK.
Tackling it from the other end, if the caring responsibility is likely to change soon, could you ask your mortgage company for a mortgage holiday to get you through the immediate next few months? It might give you a bit of respite. Or extend your mortgage for a few years to eke out the payments. The main thing if you're struggling is to keep in touch with your mortgage company, is always the advice given by financial experts, not bury your head in the sand. Sorry if you've thought of all these things already. I hope it gets better soon for you and everyone who's struggling atm.
I'm far from being a defender of this Government but I do think in answer to your original question that they've painted themselves into a corner and are terrified that inflation is going to go through the roof, which will affect pensioners and benefit claimants badly. It's not so much that they're targeting anyone but they haven't got much wriggle room and they can't blame the pandemic or Labour any more. |  | | |
| Non QPR- Government and Bank of England determined to slaughter home owners (n/t) on 08:30 - Nov 4 with 3819 views | easthertsr |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 09:47 - Nov 4 with 3736 views | BuckR |
Depends on current situation - are you tied to a fix rate for a period or are you on a variable rate? | | | |
| Non QPR- Government and Bank of England determined to slaughter home owners on 09:54 - Nov 4 with 3723 views | PlanetHonneywood |
Well we're really going to see what the banking industry is all about now.
Previously when interest rates have risen and foreclosures have ensued, banks have profited by taking the keys and waiting to flip when the time suits them. I once read of a particularly pernicious piece of shithousery from a bank in Los Angeles area, whose customers could no longer keep up payments on their oceanside properties and the bank foreclosed on them. Whereupon the bank's executives swooped in to pick them up for a song.
Given the state of the economy; job insecurity; and rising living costs, the last thing those of you with a mortgage need, are huge interest rate hikes. I really hope many won't lose their homes, but if the proverbial hits the fan, let's see what the banks will do: work to keep people in their homes or, reclaim the keys?
The latter would be especially repugnant given how the banks got bailed out in 2008 by our money! Now the tables are likely to turn, let's see the banks step up and react for the good of their customers.
When the interest rates plummeted in 2008/9, a mate advised me that this period might last a few months and to take advantage of it and pay some off. Never thought interest rates would stay that low for so long but as a few months rolled into years, it seemed to me that this period was unprecedented and after it ended, the potential for things to go nipples north would be high.
Therefore, we ended up having 13/14 years to either pay off or massively reduce our mortgages. If you could not is one thing, but I suspect many used the extra money saved from lower monthly mortgage payments for more material purposes.
Some good advice above about handling this for those facing the sharp end of economic circumstances which yet again, the average person has not caused but is likely to pay the brunt of. |  |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 10:58 - Nov 4 with 3650 views | derbyhoop |
I'm not sure what else BOE could do. Their brief is to keep inflation rate around 2%. It isn't and isn't likely to be for some time.
It's going to be a long road for those with mortgages. I'm afraid a long, deep recession is on its way.
I feel very lucky that mine was paid off a few years ago. |  |
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Find me on twitter @derbyhoop and now on Bluesky |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 11:05 - Nov 4 with 3633 views | bosh67 |
| Non QPR- Government and Bank of England determined to slaughter home owners on 07:49 - Nov 4 by nix |
I haven't been in this position or at least not since the 80s when the interest rates went into double figures when I had bought my first flat (yes I'm really that old!) but I do remember being very scared about how I was going to manage. It's particularly hard for you when you've got other people you're responsible for.
A couple of possible thoughts. Have you applied for a carer's allowance if you're doing a lot of caring? The other thing is the possibility of getting in temporary carers. You are likely to be able to earn more than you'd be paying the carers if you see what I mean. It may be possible to get support to fund carers or get help from an organisation like Age UK.
Tackling it from the other end, if the caring responsibility is likely to change soon, could you ask your mortgage company for a mortgage holiday to get you through the immediate next few months? It might give you a bit of respite. Or extend your mortgage for a few years to eke out the payments. The main thing if you're struggling is to keep in touch with your mortgage company, is always the advice given by financial experts, not bury your head in the sand. Sorry if you've thought of all these things already. I hope it gets better soon for you and everyone who's struggling atm.
I'm far from being a defender of this Government but I do think in answer to your original question that they've painted themselves into a corner and are terrified that inflation is going to go through the roof, which will affect pensioners and benefit claimants badly. It's not so much that they're targeting anyone but they haven't got much wriggle room and they can't blame the pandemic or Labour any more. |
Thanks for the advice on this, and other posters of course. My issue is that I am on a variable rate and it's interest only and runs out in a few years. To make matters worse the mortgage was with Northern Rock who went bust, and I now am under Landmark Mortgages, who are very helpful but not lenders. So with me just caring and working overnights on minimum wage until this year when it has been full on caring and just Universal Credit, my credit level for a new mortgage will next quite poor I suspect. My carers allowance is about £64 a month so everything helps but it is minimal.
Nonetheless, appreciate all the advice. | |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 11:19 - Nov 4 with 3607 views | PlanetHonneywood |
| Non QPR- Government and Bank of England determined to slaughter home owners on 11:05 - Nov 4 by bosh67 |
Thanks for the advice on this, and other posters of course. My issue is that I am on a variable rate and it's interest only and runs out in a few years. To make matters worse the mortgage was with Northern Rock who went bust, and I now am under Landmark Mortgages, who are very helpful but not lenders. So with me just caring and working overnights on minimum wage until this year when it has been full on caring and just Universal Credit, my credit level for a new mortgage will next quite poor I suspect. My carers allowance is about £64 a month so everything helps but it is minimal.
Nonetheless, appreciate all the advice. |
More power to you fella.
In 2013 I had that dreaded call we all fear, that a loved one has fallen seriously ill. I was living in Manila at the time, and said to my boss I needed to go back to London for a week as my mum had fallen ill. The week didn't end before I was resigning and spent the next year and a half being a full time carer.
Hardest most mentally and physically demanding job ever. That was just one person - whom I managed to nurse back to full health - but it took so much out of me. I was shattered at the Zamora Game, don't recall too much about it. When I did return to Manila for a few months to sort mine and Mrs. PH's crap out, I pretty much slept the whole flight and the three months I was back there.
My respect for you knows no bounds if you are looking after two people, especially at a really taxing time. I hope you are getting support beyond an allowance and that you're also managing to have some time to yourself. I had some carer's leave granted to me, so I could get a bit of a holiday and social services stepped in during my absence. Look into it, as it really was a relief to be away for a bit and gave me time to just relax and unwind a bit.
Good luck to you Sir! | |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 11:26 - Nov 4 with 3596 views | Wilkinswatercarrier |
I know people don't like hearing this, but interest rates have been ridiculously low for far too long. We are only at 3%, that is still too low.
To get inflation down rates will probably have to hit double figures, if it is like the 80s they should spike quickly.
Be interesting to see if the bank pass the rate rises to savers; probably not. | |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 12:25 - Nov 4 with 3522 views | nix |
| Non QPR- Government and Bank of England determined to slaughter home owners on 11:05 - Nov 4 by bosh67 |
Thanks for the advice on this, and other posters of course. My issue is that I am on a variable rate and it's interest only and runs out in a few years. To make matters worse the mortgage was with Northern Rock who went bust, and I now am under Landmark Mortgages, who are very helpful but not lenders. So with me just caring and working overnights on minimum wage until this year when it has been full on caring and just Universal Credit, my credit level for a new mortgage will next quite poor I suspect. My carers allowance is about £64 a month so everything helps but it is minimal.
Nonetheless, appreciate all the advice. |
This all seems very tough Bosh. Sorry to hear. | | | |
| Non QPR- Government and Bank of England determined to slaughter home owners on 12:29 - Nov 4 with 3506 views | Konk |
Sorry to hear things are so hard at the moment, mate. I would definitely suggest speaking with your lender about your circumstances and also, a few people I know have found the Citizens Advice Bureau extremely helpful in similar situations. Hope everything works out - you certainly deserve a break. |  |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 12:31 - Nov 4 with 3499 views | JimmyR |
| Non QPR- Government and Bank of England determined to slaughter home owners on 11:05 - Nov 4 by bosh67 |
Thanks for the advice on this, and other posters of course. My issue is that I am on a variable rate and it's interest only and runs out in a few years. To make matters worse the mortgage was with Northern Rock who went bust, and I now am under Landmark Mortgages, who are very helpful but not lenders. So with me just caring and working overnights on minimum wage until this year when it has been full on caring and just Universal Credit, my credit level for a new mortgage will next quite poor I suspect. My carers allowance is about £64 a month so everything helps but it is minimal.
Nonetheless, appreciate all the advice. |
Possibly the only option will be equity release then
I would make this the very very last option as at 7% amt borrowed will double approx every 10 years, but there’s no monthly payment, interest rolled up and they get the house when you die
Good points you can stay in the house till you die and release some money now to help with the caring. You will be better off doing this is a 2/3 years when interest rates and on the way back down again. Assuming you are over 55 [Post edited 4 Nov 2022 12:34]
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| Non QPR- Government and Bank of England determined to slaughter home owners on 12:33 - Nov 4 with 3493 views | kensalriser |
Bosh, are you claiming all the help and benefits your family members are entitled to? You might be able to get relief carers from the NHS or social services, and depending on the individual situation someone needing care might be eligible for Attendance Allowance. |  |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 13:43 - Nov 4 with 3416 views | Lblock |
Having traded through 3 recessions now all I can do is shrug my shoulders and crack on.
Not very palatable at all having just taken another big mortgage and more fool me for ignoring the advice of an absolute top man who posts on here (you know mate) who advised me to fix for 3 years minimum but I went 2.... fool!
However... I remain positive as I live and work in London which has been a bit of a bubble through all those recessions.
My industry still buzzing and there's a huge shortage of everyone in it so I could jump ship on Monday to put a few more shekells in the monthly but I won't be doing that.
I don't see an Agenda to slaughter home owners but undoubtably we will be collateral damage.
The Agenda I did see was against private Landlords who left the sector in their droves and guess what..... rents in London are now ludicrous with massive waiting lists for these over-inflated monthly prices. Madness.
Housing stock should've been renewed over last 30 years with both public and private owned focus. I'm also talking about houses -- not blocks of boxes with no soul, character or longevity . You focus on proper houses being built and they spit out proper qualified tradesmen- not mechanno kit "builders" who cannot think their way around problems. That's a whole other debate.
Finally - good luck to Bosh. It's an absolute travesty that the care of our elderly and sick in this country befalls those who can afford it least and it's basically scrap heap or sell everything you've worked for if you're on your jacks. |  |
| Cherish and enjoy life.... this ain't no dress rehearsal |
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| Non QPR- Government and Bank of England determined to slaughter home owners on 13:55 - Nov 4 with 3405 views | hantssi |
Sorry guys but like Nix I remember interest rates at between 12-15%, I was earning £20K a year so the mortgage plus bills used up 100% of my take home!
Luckily the wife had a decent job for food and survival but when we had our first in 93 we were truely f**ked!
We dreamt of 5% mortgages!
Ps didn’t read it all so good luck Bosh. [Post edited 4 Nov 2022 13:57]
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