Mortgage interest rates,24 Mar 2023 11:41
Did these people who took out their mortgage at a rate of about 3% not even consider let alone realise that these rates would rise in years to come. About 1-2 years of marriage we moved to Fazeley in a large semi but later the interest rates rose to 15%. We would have been overjoyed at paying 5 or 6 % at that time. In the end we had to downsize and buy a smaller place with no mortgage. Food took 33% of our income along with 33% for mortgage when we moved to Torquay. People do not realise how well off they are, in comparison to years ago. A few years ago I saw a lady on TV complaining about costs and she said " how the hell can i pay for my children's schooling" "Our three holidays a year" This was an extreme statement but there were similar and there are now. These days people pay first for what they want NOT what they need, A roof over their head, Food and their fixed outgoings, such as council tax water rates , mortgage etc.
I give to the local food bank but i get very upset seeing people go there with ***s hanging from their mouth. Stop the smoking and you will not require help from the rest of the community. Alcohol is another they put first. And of course the evil drugs that ruin peoples lives. (I do have an answer to stopping drugs but people say it is far to extreme, but adm)
I have first hand experience of people buying what they want first then if anything is left they pay part of their other essential bill, because I have a grandson who does just this. I bailed him out a number of times, then he and his partner won £30k and did repay £7k to me but is now in financial trouble again. He no longer asks me for money, he still owes his Mom who is very very disabled around £1k. I will give his mom, my daughter, that money. These people treat the rest of us like dirt and think what they want is an essential, not a luxury. OK I come from a different time, but it should still reflect those standards on present day, because it works. Food actually is quite cheap in comparison.
We had a fruit and veg shop about 45 years ago and bananas then cost 30p a pound, what are they now 35P. A friend of mine once said about me that I was mean, another pipped up and said "no he is not mean just very careful" Property prices are ridiculous, back in 1965 I bought a 3 bedroom semi in Sheldon B.ham for £2650 on a wage of £900 pa, three times my income.
Now days with ORDINARY people earning £25k pa you should be paying around£80k for a semi.
What has caused the house price rise? Wages went up a lot, giving people more money to spend and they pushed the house prices up, making them no better off. But Women started to go out to work, especially married ladies, children need their mother not a child care place, instead of looking after the children, their money contributed to the rise in property enormously, doubling the spare income doubled the house prices so in the end all women HAD to go to work to pay for a property. No one was bett