the last recession
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the last recession
NumanR
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If I could afford a 14% interest rate then that extra 0.5% wouldnt be as big an impact as if I could only afford a 5% interest rate.
I borrowed at 15.5% and my monthly payments for my mortgage were £550, 0.5% increase is £19
My friend borrowed at 4.0%, his payments are £550 also, 0.5% increase is £69.
Dont forget the kids today are maxing out just to get on the property ladder.
Is this an actual example of you and your friend, or are you trying to illustrate a point?
I'm no mathematician, but if you had a mortgage at 15.5% and were repaying £550 per month, then you would have to have borrowed a hell of a lot less than somebody who was paying £550 at 4% so I'm not sure what you mean.
I'm no mathematician, but if you had a mortgage at 15.5% and were repaying £550 per month, then you would have to have borrowed a hell of a lot less than somebody who was paying £550 at 4% so I'm not sure what you mean.
I re read this. I think you mean that because the property values are that much higher now than when rates were at 15%.
I agree with you that getting on the ladder today is a nightmare, and a near impossibility for many.
I agree with you that getting on the ladder today is a nightmare, and a near impossibility for many.
It's worse than that, I seem to remember the population of the USA going passed 300 million a couple of years ago.
NumanR
Established member
Exactly, I borrowed £43500, in 1989 he has borrowed over £100,000 (he wont say exactly) two years ago. Both houses are valued at the same price now.
Tried submitting my memories of the last recession, but the reply went on so long the server forgot what I'd put. Mostly it was ramblings about one of the main things that brought Margaret Thatcher to power. Industrial action and Restrictive Practices. Thieving and striking Liverpool dockers did more damage to Merseyside than Thatcher ever did. Driving a British built Bedford truck along the M4 out of Cardiff heading for Bristol early one morning I caught up with an articulated wagon and as I got closer I could see the Union flag emblazoned across the back of the trailer with the legend "Jones Bros. Proud to be hauling British Steel." As I passed it I could see the tractor unit pulling it
was a Mercedes. Even a haulier who relied on the British steel industry for its livliehood wouldn't or couldn't buy a truck made out of the very steel they carried. I'm going to lie down now with a large Bowmore's
was a Mercedes. Even a haulier who relied on the British steel industry for its livliehood wouldn't or couldn't buy a truck made out of the very steel they carried. I'm going to lie down now with a large Bowmore's
If you borrow money from the bank and can't pay it back, is that the bank's fault or your fault?
If the bank can't get the money back from you because the value of your house fas fallen, and they only had a small deposit (or no deposit at all) from you, then that's their fault, but that'll only matter if you can't pay back the mortgage which you took out in the first place.
It's all bo****s if you ask me. I'm about to take my bank to court for the ridiculous amounts they have charged me. £600 in 3 separate months. And they still need bailing out????? They've had my f***ing money.
Spot on Beard. Longbridge,Red Robbo Scargill, etc. terrible times. Although I do wish that they had somehow threatened to sell off the railways, power and water companies to make them more accountable and bring the trots in line, but not actually done it.I think that those sell offs were a mistake viewed with the benefit of hindsight.
Any yes, Rusty Bravo, I agree with you about the banks. If you have money and you don't need a loan, they are all over you like an Asda suit. But when you do need some slack cutting.....forget it!
Any yes, Rusty Bravo, I agree with you about the banks. If you have money and you don't need a loan, they are all over you like an Asda suit. But when you do need some slack cutting.....forget it!
when I sold my house my bank kept phoning me at work, I eventually realised that these friendly courtesy calls were only because they had a wad of my cash in their vault (they never ever phoned me in the previous 20 years before this!) so I took it all out & brought a shiny new tent and now they dont phone me anymore
I got made redundant a few years ago, and when I paid my redundancy cheque in at the bank, the manager was out withing 30 seconds offering me a cup of tea and a chat! Now when I go in, things are not quite so jolly.Strange that.
when I sold my house my bank kept phoning me at work, I eventually realised that these friendly courtesy calls were only because they had a wad of my cash in their vault (they never ever phoned me in the previous 20 years before this!) so I took it all out & brought a shiny new tent and now they dont phone me anymore
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http://www.timesonline.co.uk/tol/money/reader_guides/article4530072.ece
Just google it. Plenty of stuff on there. Just done a 3000 word essay on it for economics at uni
Just google it. Plenty of stuff on there. Just done a 3000 word essay on it for economics at uni
I am a privilige (i hate spelling that word) customer, I pay them to look after me, and they still don't help you out in the slightest.
It doesn't cost a bank a single penny to let you take out more than you've got. Perhaps the price of a letter to tell you. It doesn't cost a bank a single penny to 'consider' an unauthorised overdraft. Yet they charge you 25 quid a go just to inform you of these things they have considered and approved.
It makes you think that your bank charges pay people to sit around all day thinking about what customers they like and what ones they don't, as to whether they give them money!
It was the ridiculous bank charges that got me in the red in the first place!!!!
With regards to housing, is the council tax not reflected in this situation, because I've always wondered that. As the Council tax boundaries are still set as they were in '92 aren't they? So does that mean some people are paying so much Council tax for a house that isn't even worth that anymore...?? Not sure about that one.
First of all, I'd like to nominate pooroldcodger for Prime Minister, Chancellor of the Exchequer, Minister of Transport and Defence Minister. No on second thoughts, I'll be Defence Minister, all those lovely guns and bombs, any way, back to what brought Margaret Thatcher to power and such. Many historians are revisionist by nature and write about history in ways that suit their political bias. What can't be denied, is that Britain was known as "The Sick Man of Europe", and the US was so concerned that they were on the verge of
buying up our debts. Vauxhall workers picketing dealers, my Mum bought a new Mini in 1979 and when they got it back home my Dad had a look round it and when checking to see if the jack etc were there found 3" of water in the spare wheel well with a mouldy bacon sandwhich floating in it. I used to catch a train into Manchester in 1974 (remember these were the good old days before the Tories "ruined" public transport) and almost every day there were about 40-50 of us standing up in the guard's van, that's if it turned up due to a "staff shortage". Code for the driver throwing a sickie.
buying up our debts. Vauxhall workers picketing dealers, my Mum bought a new Mini in 1979 and when they got it back home my Dad had a look round it and when checking to see if the jack etc were there found 3" of water in the spare wheel well with a mouldy bacon sandwhich floating in it. I used to catch a train into Manchester in 1974 (remember these were the good old days before the Tories "ruined" public transport) and almost every day there were about 40-50 of us standing up in the guard's van, that's if it turned up due to a "staff shortage". Code for the driver throwing a sickie.
Thanks Beard. Unfortunately I will have to decline as my ego has not grown to the required level for high office !
I have had the benefit of visiting about 30+different countries (lost count) for business purposes, and there's no doubt that you get a better perspective and can see what works and what doesn't,the good and the bad. I think it should be a requirement for all government ministers - call it an apprenticeship!
As for staff shortages on the railways - it happened so often near us that we thought they must be employing pygmies!
I have had the benefit of visiting about 30+different countries (lost count) for business purposes, and there's no doubt that you get a better perspective and can see what works and what doesn't,the good and the bad. I think it should be a requirement for all government ministers - call it an apprenticeship!
As for staff shortages on the railways - it happened so often near us that we thought they must be employing pygmies!
As a Stopfordian, you may be familiar with the cattle train that was the Buxton to Manchester service. It may help you to remember that it went past
the Robin Hood, Rising Sun, Bull's Head, White Hart, Three Tunns, 'Orsh an Jocchee, hic, Gwapesh. Did I menshion the Why Are? Then there wash the Grove, Woothman, err, I don't feel very well, OK we'll jush twy the Gerghe & hic, belch Draagin. Oh I'm gonna be shik. That burger must 'ave bin ofsh
the Robin Hood, Rising Sun, Bull's Head, White Hart, Three Tunns, 'Orsh an Jocchee, hic, Gwapesh. Did I menshion the Why Are? Then there wash the Grove, Woothman, err, I don't feel very well, OK we'll jush twy the Gerghe & hic, belch Draagin. Oh I'm gonna be shik. That burger must 'ave bin ofsh
I know where you mean, but I have not had to commute on it. I did all my commuting on the Lichfield to Birmingham New Street, and 10 years on the Chelmsford to Liverpool Street line. One night coming back from London at about 10pm, having been for a couple after work, the train suddenly stopped near Shenfied,but in the middle of nowhere. As usual you could hear a pin drop as nobody speaks. Silence. Suddenly a guy in a city suit woke up, grabbed his briefcase, ran to the door,opened it and stepped out. He fell flat on his face on the track, as we were not in a station. He drunkenly thought he'd almost missed his stop. Undeterred, he climbed back in, and, assuming he had just got out the wrong side, did the same thing on the other side and fell out again, this time cutting his head and ripping his suit. For a second time he climbed back in, and, filthy and bleeding, he slumped back in the train! It was very funny to watch, until you realised that he could have been badly hurt, or worse. The point is that nobody did a thing - me included I have to add. We were all just de-humanised by the daily slog, the outrageous cost, overcrowding and 14 hour days out of the house. That's why I found the whole Manchester congestion thing a bit surreal and OTT. A London commute is something else.
kellys_eye
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Mention of 80's and 90's interest rates ....
I wonder how todays (well, a few months ago) interests rates compared with the 80's/90's if they were calculated using the then same methods???
4.5% anyone????? Who do they think they are kidding (Mr Hiltler)?
I'm no mathematician but 4.5% was WILDLY lower than what I was feeling... I'd say, using the same calculation parameters, that they were more like 10%+
I wonder how todays (well, a few months ago) interests rates compared with the 80's/90's if they were calculated using the then same methods???
4.5% anyone????? Who do they think they are kidding (Mr Hiltler)?
I'm no mathematician but 4.5% was WILDLY lower than what I was feeling... I'd say, using the same calculation parameters, that they were more like 10%+
