Bank of England puts base up to 0.25%

Post by **gremlin** » Thu Dec 16, 2021 12:20 pm

Like a bad balloonist, inflation is a worry. Watch as mortgages follow suit in the next 25 minutes and savings rates stay doggedly low.

Banks: thieves the lot of 'em.

In other money news, I found an old fiver the day.

Yorick · Post by **Yorick** » Thu Dec 16, 2021 12:26 pm

That's good news for our savings. Long may it continue to rise

Post by **KungFooBob** » Thu Dec 16, 2021 12:29 pm

Did I mention I fixed my mortgage for five years in October

Which reminds me, I need to up the over payment.

Post by **Supermofo** » Thu Dec 16, 2021 12:35 pm

I also read that the BOE were scrapping the requirement that people need to be able to afford a 3% rate rise when getting a mortgage. Nothing like kicking the bubble down the road some more.

Post by **gremlin** » Thu Dec 16, 2021 1:08 pm

KungFooBob wrote: ↑Thu Dec 16, 2021 12:29 pm mortgage

Nope. Remind me.

Post by **Skub** » Thu Dec 16, 2021 1:10 pm

Shit. We've just spent all our savings.

Kneerly Down · Post by **Kneerly Down** » Thu Dec 16, 2021 2:00 pm

My tracker mortgage will rise to 0.39% p.a.

Thieving banks!

Post by **KungFooBob** » Thu Dec 16, 2021 2:35 pm

I'm 43. It should be paid off in the next 3 years. Then I'm buying a Panigale.

Post by **KungFooBob** » Thu Dec 16, 2021 2:54 pm

There's £700 a month on loans and £800 for mortgage (£500+300 over pay) and the £500 a month we put towards the lump sum that will pay off the mortgage, that will all come to an end in three years time. The wife reckons she's going to retire.

Post by **Mr. Dazzle** » Thu Dec 16, 2021 3:11 pm

My mortgage isn't even my biggest monthly bill.

Bloody bairns.

Le_Fromage_Grande · Post by **Le_Fromage_Grande** » Thu Dec 16, 2021 3:13 pm

My mortgage was £300 a month, we now save £900 a month instead of £600

Post by **gremlin** » Thu Dec 16, 2021 3:39 pm

Mr. Dazzle wrote: ↑Thu Dec 16, 2021 3:11 pm My mortgage isn't even my biggest monthly bill.

Bloody bairns.

It don't get any cheaper. Yesterday's trip to the nail shop cost me an arm and a leg.

Well, hand and foot, but you know what I mean....

Yorick · Post by **Yorick** » Thu Dec 16, 2021 3:42 pm

We bought 2 of our houses interest only. When the bank manager asked how we were gonna pay the balance off, we told him we'd be selling up moving here. They liked the honesty

Post by **Cousin Jack** » Thu Dec 16, 2021 5:36 pm

Too little and too late. The BoE appear to have forgotten the basic rules.

Post by **KungFooBob** » Thu Dec 16, 2021 6:46 pm

We share everything, it all goes into a joint account. All the bills and shit are covered by one wage, the other wage (which has just gone up dramatically) covers the fun stuff. No kids means more fun.

Yorick · Post by **Yorick** » Thu Dec 16, 2021 6:52 pm

Potter wrote: ↑Thu Dec 16, 2021 6:49 pm My general rule was no debt/mortgage that came to more than 1/4 of our combined income. We ignored it once and nearly went under, it’s basically how I ended up where I am, I had to chase the money.

Mortgage paid off for me was psychological, as a father it’s nice knowing my kids have a home even if I croak.

Watch they don't put explosives in the bumming hat.

Post by **Mr. Dazzle** » Thu Dec 16, 2021 6:56 pm

Potter wrote: ↑Thu Dec 16, 2021 6:41 pm
KungFooBob wrote: ↑Thu Dec 16, 2021 2:54 pm There's £700 a month on loans and £800 for mortgage (£500+300 over pay) and the £500 a month we put towards the lump sum that will pay off the mortgage, that will all come to an end in three years time. The wife reckons she's going to retire.
I suppose it’s all relative but you must be doing ok anyway if you’ve take on two grand of expenses before you’ve even bought food or paid a bill.

We used to run a house and two young kids on a combined income of about that back in the day.

No matter how much you earn you generally find your expenditure expands to use it up. To a certain extent what's the point of earning more if the expenditure DOESN'T go up?

My mortgage and baby Ds school alone cost more than my monthly take home in my first "proper" job.

Post by **KungFooBob** » Thu Dec 16, 2021 7:06 pm

Send baby D to state school and buy a Panigale.

I'd already have a Panigale in your shoes, because I'd have sold baby D to Madonna.

Post by **Mr. Dazzle** » Thu Dec 16, 2021 7:10 pm

I could lease a McLaren for less

Le_Fromage_Grande · Post by **Le_Fromage_Grande** » Thu Dec 16, 2021 7:55 pm

Mr. Dazzle wrote: ↑Thu Dec 16, 2021 6:56 pm

No matter how much you earn you generally find your expenditure expands to use it up. To a certain extent what's the point of earning more if the expenditure DOESN'T go up?

Only if you're an idiot, it's amazingly stress free spending £900 less than we have coming in a month, for instance, today I had a bill for £640 to put my wife's car through MOT and a service, just paid it, no worries, no dipping into savings, just done. If it goes bang tomorrow, I don't care, we'll go and buy another car.

It really is great living well within your means and having zero money worries.

revtothelimit - motorbike forum

revtothelimit - motorbike forum

Bank of England puts base up to 0.25%

Bank of England puts base up to 0.25%

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Re: Bank of England puts base up to 0.25%