Interest Rates to rise this week?

[CraigyLee]

My mam still has her house so there’s a probability that I will get a large cash sum before I’m 70. Dunno if they’d take that into account?

The house might have to go towards social care costs as she ages I wouldn’t bank on that mind

 

[Darlo1973]

Who has savings?

Probably not many under 30 but a lot of older people have a decent cash pot saver up, especially those who have paid off a mortgage, taken a redundancy or received an inheritance

 

[Big Jeff]

Probably not many under 30 but a lot of older people have a decent cash pot saver up, especially those who have paid off a mortgage, taken a redundancy or received an inheritance

And they are reaping the benefits now after years of low interest rates. Only trouble is those who have large mortgages that were a stretch a while ago are now in trouble.

 

[tenpins]

Well unless the debt is interest free, it’s generally going to cost more then savings are going to make.

Would anyone give a mortgage that won’t finish til you’re 70?

Yes but you’ll need to give pension forecasts etc.

 

[Darlo1973]

And they are reaping the benefits now after years of low interest rates. Only trouble is those who have large mortgages that were a stretch a while ago are now in trouble.

I would consider myself lucky. I bought in 2010 when prices had dropped following the crash, since the interest rates have been low and I have been overpaying when I have spare cash (I know not everyone agrees this is a good idea but it works for me) and should have the whole thing paid off in 4-5 years.

 

[Big Jeff]

I would consider myself lucky. I bought in 2010 when prices had dropped following the crash, since the interest rates have been low and I have been overpaying when I have spare cash (I know not everyone agrees this is a good idea but it works for me) and should have the whole thing paid off in 4-5 years.

I just sold a property last year while people could still get mortgages - good timing for both parties.

 

[KathyBatesHammer]

Mad to think i got my life together 2 years ago and started saving for a deposit. Then as soon as i had a deposit this happens...and liz trus fucked me.

Typical!

 

[bomber]

..and liz trus fucked me.

Grim

 

[Darlo1973]

Mad to think i got my life together 2 years ago and started saving for a deposit. Then as soon as i had a deposit this happens...and liz trus fucked me.

Typical!

Bet she enjoyed it more than you did.

 

[bomber]

Exchange rates are currently holding their own against the Euro despite the latest rise -

Down 0.4% despite the rise.

 

[Shambo]

Thanks Liz & Kwasi!

 

[Soap MacTavish]

My mam still has her house so there’s a probability that I will get a large cash sum before I’m 70. Dunno if they’d take that into account?

I've no idea tbh Dave, probably depends how close to 70 you are at the time. I was surprised when we got ours but we just threw everything at a mortgage adviser and they sorted it all for us

 

[Lambchops]

That would imply they have no debt. Who has no debt?

Me

 

[Dave Herbal]

The house might have to go towards social care costs as she ages I wouldn’t bank on that mind

Busy trying to get her to sign it over but “a solicitor told her not to”.

Me

You don’t live here so don’t count

 

[Lambchops]

Busy trying to get her to sign it over but “a solicitor told her not to”.

You don’t live here so don’t count

A fair point

 

[yamar1]

Banks raping the masses for the last dregs.

 

[42]

depends what the debt is. most people have a mortgage, some people get a car loan as they dont have enough to get a car. they can still save a bit for a rainy day.
having thousands on a credit card is different. who'd stick money in a savings account getting a couple of percent interest while they have a credit card charging 30%?

Not if you have a decent length 0% introductory offer on the credit card

 

[yamar1]

Not if you have a decent length 0% introductory offer on the credit card

Interest free loans essentially, if you have a decent credit score and can use credit cards sensibly.

 

[42]

Interest free loans essentially, if you have a decent credit score and can use credit cards sensibly.

https://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards/

We've got a few big expenses this year & have been hammering the cards (even more if we get to Wembley, as I'll be tasked with sorting tickets & digs for the lads). Its now at the point where I'm having to put it in owa lasses name to avoid getting taxed.

 

[Northern_chappy]

They were too slow to raise them in the first place and are now playing catch up. I think we will get another 0.25% on top before the end of the summer. Not sure if it will be the next or following meeting mind.