Mini Budget

[James Curry]

A £200,000 mortgage may increase by as much as £500 a month. A lot of mortgage lenders have stopped lending until they can see how interest rates develope. The average UK house price as of July was £292,000. A deposit can range from 5% to 20%. so between £14600 to £58,400. With the potential of repayments increasing on a £200,000 by a possible . At 3% interest on £200,000 monthly payment are £948 for a 25 year mortgage. Looking as if the Bank of England will increase interest rates to 6% in the coming days to protect the £GBP. Personally I feel sorry for those caught in the property market. Looks as if there will be a lot of folk caught in negative equity as it is looking that the housing market is on the verge of collapse.
Storm clouds gathering between the residents in number 10 & 11 Downing St

[James Curry]

#40 Louis , I was foolish to post the Swastika as it may have caused offence to certain members.
Perhaps some are totally insensitive as to what is happening to the UK economy.

[j.sabourn]

#40 Whose James Curry ? JS..

[John F Collier]

Seems we're all going to be in for a bumpy ride thanks to KamiKwasi???, the people I feel sorry for are the youngsters who are on the verge of obtaining a mortgage
after years of saving for a deposit. Although it was not as serious as this, I experienced a similar thing when I was buying my first house in 1967, a week before I was
due to sign the papers for my Mortgage Harold Wilson's labour Government devalued the pound, it increased my monthly payment's considerably but I pushed on and
completed the deal. I lived there for 50 years and like many others I paid my mortgage off early, in my case it was paid off in two thirds of the. Basildon was a growing
"New Town" requiring new Telephone exchanges and vast expansion of the telephone network, as a cable jointer there was unlimited overtime, I often worked 13 hour
night shifts 7 nights a week for a duration of 6-7 weeks at a time, this and cable breakdowns enabled me to often double my mortgage payments and cut the time down by
8 years, hard work, yes but well and truly worth it, I sold up in 2018 to downsize to the Bungalow I now live. Cheers John Collier

[Keith Tindell]

Similar in 1977 John, i had been in a tied house and decided to get a house of my own, managed a deposit, and moved in, almost immediately the interest rate went to 11.2%. I took the car off the road for 18 months to enable us to still pay the mortgage, and eventually managed to keep up the payments , even when they went down, so finished the mortgage early. It looks like house prices will now tumble, as people cannot afford the payments, but that is how house prices have always gone in peaks and troughs. I think the main problem is the availability for cheap loans has been going on for years, and people went in deep, not just housing, but cars and holidays etc, thinking it was always going to be like that, so the big shock now comes.

[James Curry]

House prices are now being forecast to drop by at least 10% in the coming months and in the new year.

Looks like a lot of people will end up in Negitive equity. Like a lot here we are the lucky ones being mortgage free.

Talk about people having their head in the sand concerning the UK economy.

Brexiteer Daniel Hannan blames fears of Labour government for market chaos

A Conservative peer and former Brexiteer has suggested the market chaos of recent days has been driven by concerns over a possible Labour government rather than the government’s own economic policy.

Seriously.

[Johnny Kieran]

Spot on Keith. It's the fatcat lenders that have got the people under their thumb. Started them at an early age with ease of access to debt.
The other thing is strikes. Years ago a strike was all out until one side won, but today, it's a little here, and a little there, with little impact. Probably because strikers are already up to their eyes with easy credit spending. Maybe I'm wrong, but it's how I see it.

[cappy]

As i grew up i knew no one with there own house ......i knew no one going to uni .....then a cousin went to uni ...jeez his father a drunken pit prop carrier in the docks .....the boy bought his own house .....48 hour weeks were common ashore even ......but in a current worldwide chaos some assholes are shouting......we want a 32 hour week ......and so are going on strike ....these of course are the folk from the benefits for every thing society .....one of my children remorgage his property last year and borrowed from the banks etc ......we have never been builders .....as louis reminds us regularly we stated peeling tatties on tramp ships .....the person has took the big gamble which anyone starting in businness must take......during the building he has employed dozens of workers tradesmen and labourers......he has sold the two houses at the market rate and made a handsome profit ......now while all the employed paid the basic rate of tax ....who would in honesty ask him to paythe higher rate on his profit.....if he had failed he would have lost his house and any other assets with no BENEFITS for his loss.....but thats perhaps the reason i like being conservative minded and a hater of unions.nobody holds me or mine back...the problem is there are too many hangers on in this country now living off others graft.....my motto now is the old unions squark of the 60s ......IM ALL RIGHT JACK R683532

[cappy]

Why all the attacks aimed at James Curry ?
Every day brings another crisis from the Tory government. 12 years of failure, from Cameron, May, Johnson and now Truss.
They are the people and party responsible for bringing our country to its knees. Lies, sleaze, corruption and gross mismanagement.
The pound sterling virtually worthless, collapse of the NHS, cost of living crisis affecting the lives millions of people who are afraid to turn on the heating in their homes. Top 1% of the very wealthy do not have these worries the government will ensure their fortunes are protected and increased.
Time some of you woke up to reality, all the disasters we as a country are facing are self-inflicted by Tory governments. James Curry had no part in this.

After reading your view on the current state of our countries affairs ....im wondering do you still want george the donkey for the xmas nativity again this year....even after his little mistakes on stage last year or are you cancelling xmas.....R683532

[Louis the fly]

What a huge leap to make, bringing in the unions as an excuse for the present chaos.
The Tory government is solely responsible, unfunded borrowing and tax cuts for the wealthy have led to this. Mortgage holders and those trying to get on the housing ladder have been caught up in the incompetence of Truss and her Chancellor.