What's made you grumpy today?

[StevenRB45]

Tend to be halfway between, when interest rates were low it was barely more expensive to get a loan out even if you had the cash in the bank.

Took at a loan to cover the Citroën when we got that, didn't particularly need to had the cash to buy it outright but it worked out as 150 quid more over 2 years than using my own money...and I got to keep my own money in case something else came up and pay it off monthly instead. Ended up clearing that a year early as well..so in theory they should love me.

Wouldn't do that now of course... given money in savings is shedding value like dandruff and interest rates are high (for loans only obviously...savers can do one).

 

[AndyRKett]

Tend to be halfway between, when interest rates were low it was barely more expensive to get a loan out even if you had the cash in the bank.

Took at a loan to cover the Citroën when we got that, didn't particularly need to had the cash to buy it outright but it worked out as 150 quid more over 2 years than using my own money...and I got to keep my own money in case something else came up and pay it off monthly instead. Ended up clearing that a year early as well..so in theory they should love me.

Wouldn't do that now of course... given money in savings is shedding value like dandruff and interest rates are high (for loans only obviously...savers can do one).

The Flip side is the interest I was getting on my savings was in the pennies, its already jumped up to Pounds and I expect with the 3% interest rate its going to probably at least double again for next month.

 

[StevenRB45]

The Flip side is the interest I was getting on my savings was in the pennies, its already jumped up to Pounds and I expect with the 3% interest rate its going to probably at least double again for next month.

Aye but until savings interest rates match mortgage/inflation rates.. you're losing money every day unfortunately.

My 0.05% savings account interest was always good for a giggle..

 

[Barchetta Bloke 440]

Sarcasm from a stranger on a forum.

There are so many angry ignorant people on the other forum I frequent . I don't know why I keep using it . Pistonheads by the way .

Thread on someone wanting to visit Italy on holiday , a forum "expert" posted about Fiorenza , he meant to post Firenze ,the way Florence is spelt and pronounced in Italy .
In an earlier post he said that he used to live in Italy and he cannot even spell one of the largest cities correctly .

I posted the correct spelling and he came back with a sarcastic reply .

I won't bother in future

 

[s130]

Sarcasm from a stranger on a forum.

There are so many angry ignorant people on the other forum I frequent . I don't know why I keep using it . Pistonheads by the way .

Thread on someone wanting to visit Italy on holiday , a forum "expert" posted about Fiorenza , he meant to post Firenze ,the way Florence is spelt and pronounced in Italy .
In an earlier post he said that he used to live in Italy and he cannot even spell one of the largest cities correctly .

I posted the correct spelling and he came back with a sarcastic reply .

I won't bother in future

So as you found out ... Pissed On Head

 

[Cheest]

Well, poop. I just found out that two guys I hung out with in high school passed away in the last month.

Jerry was a year ahead of me but we were both on the football team together. He succumbed to injuries from a motorcycle accident on his 67th birthday. Donny went to the rival high school in the county but we were good friends with a shared interest in antique farm equipment. Good enough friends that I asked him to stand up at my wedding, 48 years ago next Wednesday. Cancer sucks.

 

[The Panda Nut]

I agree totally with Mike and Jock. The trouble with life is when you need money most theres less of it and when you are older and have struggled to save its not quite as necessary, at least for some. I worked out once we paid over £200,000 for our house which actaully cost £76,000. It really makes me angry how they rob you at both ends both borrowing and saving. I have decided to pass my money to family to fund loans they have. Banks dont pay a fair rate of interest so they can just take a hike!

 

[The Panda Nut]

Well, poop. I just found out that two guys I hung out with in high school passed away in the last month.

Jerry was a year ahead of me but we were both on the football team together. He succumbed to injuries from a motorcycle accident on his 67th birthday. Donny went to the rival high school in the county but we were good friends with a shared interest in antique farm equipment. Good enough friends that I asked him to stand up at my wedding, 48 years ago next Wednesday. Cancer sucks.

Age is no fun unless you get badly behaved and grumpy. Im working on the first and already an expert on the second. The worst of it is I cant eat all the things that are bad for me or I suffer terribly. That at leasts keeps the grumpy bit running at full tilt. Its all a balance.

I am very sorry to hear your mates are gone. There's nothing to be done and its hard.

 

[The Panda Nut]

I buy solar panels and the new ice age has begun.

 

[puntofan01]

Driving back from work, and there's a rather unpleasant smell. Then I notice the TDI badge on the crappy golf in front of me.

 

[Pugglt Auld Jock]

High winds last night. went out this morning to see if a recently repaired fence post was still upright - Hurrah, it is! Turned round to go back in by the back door only to notice the second post down from the back gate is sheared off at ground level - Bugger! Going to use Post Buddy supports again as the 3 others with this repair system are doing very well, haven't moved at all in last night's wind. Eventually they'll all have to be dug out and renewed but, the way the Post Buddies are lasting, I'm hoping they'll outlast me and the kids can deal with it when they sell the house!

 

[AndyRKett]

Pushchair related casualty.

This plastic piece covers the hinge in the boot for the folding rear seats. Now, do I replace it, knowing it will probably get broken again. Or do I just take it off and leave the metal exposed?

I suppose one question to answer is if the metal has any sharpe edges.

 

[StevenRB45]

Pushchair related casualty.

This plastic piece covers the hinge in the boot for the folding rear seats. Now, do I replace it, knowing it will probably get broken again. Or do I just take it off and leave the metal exposed?

I suppose one question to answer is if the metal has any sharpe edges.

Well is it broken? Or is it actually weight reduction?

I tend to operate on the basis if it's crap bit of plastic and will break off again and nothing is being harmed by it not being there it's not worth the time or money.

Only thing so far that has been fixed after damage was a ripped door seal.. everything else is "character". When he's older it'll get a full valet and missing/broken bits sorted..no point till then.

 

[varesecrazy]

Intetest rate conversations..

I am of the Generation in the UK where the 'Endowment Mortgage' was basically the only options

House prices and interest rates making a months repayment being your full takehome pay ( got easier over the years )

Idea was it was 'insurance' that after @25 years it paid up the sum borrowed and left enough for a holday .. and .. or a new car ( great sales pitch.. @1988)


When we sold that house a while back.. we got the facts and figures together

Like many insurances.. there is an 'optout' early exit clause

So at 12 years early.. you only get a 60% payout...
at 2 years early we sold the house.. but kept paying the loan

It terminated and paid out....60%

Yes.. we paid @£400 A MONTH every month for 10 years for zero gain

We did a lot better than some..

Now that mortgage rates are now rising... is this junk coming around again?

 

[AndyRKett]

Intetest rate conversations..

I am of the Generation in the UK where the 'Endowment Mortgage' was basically the only options

House prices and interest rates making a months repayment being your full takehome pay ( got easier over the years )

Idea was it was 'insurance' that after @25 years it paid up the sum borrowed and left enough for a holday .. and .. or a new car ( great sales pitch.. @1988)


When we sold that house a while back.. we got the facts and figures together

Like many insurances.. there is an 'optout' early exit clause

So at 12 years early.. you only get a 60% payout...
at 2 years early we sold the house.. but kept paying the loan

It terminated and paid out....60%

Yes.. we paid @£400 A MONTH every month for 10 years for zero gain

We did a lot better than some..

Now that mortgage rates are now rising... is this junk coming around again?

Was there not the whole issue with endowments being missold and most people who had them got a fortune in compensation form the banks? This was about 20 years ago when I bought my first place and no one dared touch and endowment

 

[varesecrazy]

Many people were told by their lender that it was going to 'fall short' and you need to make arrangement to cover this shortfall

Often only 10 years into a 25 years term

Ours was still 'on track' at 15 years.. so no comeback

Obviously it was all based on @10% interest for the term..
Of course weve had @3% for years... so a massive shortfall in their projected profits.

The vast majority of these original lenders went to the wall by 1992 ..naturally..

Of course go back another generation and it was 17% mortgage rate..

No chance of most modern 1st time buyers keeping their £350,000 purchase in that climate unfortunately

 

[bugsymike]

That was all the "negative equity " thing, a friend of mine had just come out of the Navy, bought a house with an endowment mortgage and worried for years paying for something he might never own.
When those Mortgages were popular I was self employed and just moving to a semi as family got larger, my previous house was on a repayment mortgage, but building society and even my accountant were convinced it was better to go for a Endowment Mortgage, even though interest rates then were around 15% I am so glad I stuck to my belief and stayed with a Repayment Mortgage.

 

[The Panda Nut]

That was all the "negative equity " thing, a friend of mine had just come out of the Navy, bought a house with an endowment mortgage and worried for years paying for something he might never own.
When those Mortgages were popular I was self employed and just moving to a semi as family got larger, my previous house was on a repayment mortgage, but building society and even my accountant were convinced it was better to go for a Endowment Mortgage, even though interest rates then were around 15% I am so glad I stuck to my belief and stayed with a Repayment Mortgage.

Ditto. If it seems to good to be true it will be.

 

[portland_bill]

We started with an endowment mortgage (mid '86), projected to return double its value afer 25 years. 18 months later, moved, added another policy, with same end date. Both those, in the early years grew well, and were on target. Another 8 years, and another small policy was added, but different terms for that one. It grew, but more slowly.
As the financial situation deteriorated, the last policy got to the point where its annual growth was about £2 less than we'd paid in. Would have been better in a jar on the mantelpiece. Cashed that one in, used its value to pay off a significant part of the mortgage, and converted to a repayment. Now with the lower mortgae value, repayments were slightly less than we'd been paying overall, so a win. Kept the other two policies running.
Then two things happened close to each other. Took redundancy, reasonable fat cheque, paid for the training to become a driving instructor. Shortly afterwards, the remaining policies got to the 'break-even' point. Got a cash-in value, did the sums, took them, and with a little extra from the redundancy pot, paid off the mortgage. This tumbledown, poorly built, 'shed', is all ours. Bought for £54k in 1995, paid much more when the payments are considered. (No, not kept a record, rather not know.) But now nominally worth £225k. Which is nonsense, as anywhere else will be similarly valued, so the 'gain' is irrelevant unless I'm moving to a park home.

When we bought the house for £54k, we were offered larger mortgages, so could have bought up to £70k. Soon afterwards, interest rates shot up, so glad we didn't. My advice, don't take the maximum you are offered, it might bite back, and pay it off as soon as you can.

 

[bugsymike]

We started with an endowment mortgage (mid '86), projected to return double its value afer 25 years. 18 months later, moved, added another policy, with same end date. Both those, in the early years grew well, and were on target. Another 8 years, and another small policy was added, but different terms for that one. It grew, but more slowly.
As the financial situation deteriorated, the last policy got to the point where its annual growth was about £2 less than we'd paid in. Would have been better in a jar on the mantelpiece. Cashed that one in, used its value to pay off a significant part of the mortgage, and converted to a repayment. Now with the lower mortgae value, repayments were slightly less than we'd been paying overall, so a win. Kept the other two policies running.
Then two things happened close to each other. Took redundancy, reasonable fat cheque, paid for the training to become a driving instructor. Shortly afterwards, the remaining policies got to the 'break-even' point. Got a cash-in value, did the sums, took them, and with a little extra from the redundancy pot, paid off the mortgage. This tumbledown, poorly built, 'shed', is all ours. Bought for £54k in 1995, paid much more when the payments are considered. (No, not kept a record, rather not know.) But now nominally worth £225k. Which is nonsense, as anywhere else will be similarly valued, so the 'gain' is irrelevant unless I'm moving to a park home.

When we bought the house for £54k, we were offered larger mortgages, so could have bought up to £70k. Soon afterwards, interest rates shot up, so glad we didn't. My advice, don't take the maximum you are offered, it might bite back, and pay it off as soon as you can.

I agree, two of my daughters got a mortgage between them as cheaper than renting, I advised them to borrow the minimum necessary and having a repayment mortgage there is the option to pay off lump sums early if able.
One of my reasons to keep with the repayment mortgage for my semi was as I had become self employed I wanted the option to down size if times were hard.
Endowment mortgage was to much like Hire Purchase, in so much as you didn't own any of it until last payment made as I understood it.