| Adult children... on 09:27 - May 12 with 1211 views | Hong_Kong_Bluey |
| Adult children... on 07:28 - May 12 by Lord_Lucan |
They also look after their elders rather than shove them into old peoples homes.
I asked you a question on another thread but you may not have seen it.
Is HK now like China where they look at you like a madman if you try and pay for something with a debit or credit card? I just got back after an elongated visit and I couldn't use my card anywhere - ended up not even being able to pay my hotel bill. They all seem to pay with Wechat.
Pre Covid everyone accepted cards. |
Ah sorry Lucan, missed that............
Totally agree about the taking care of elders aspect. Again this comes into keeping the family nucleus together.
Hong Kong is still very normal with regards to payment methods.
China however is a different matter. I fly to Shanghai on Sunday for the first time in more than 3 years, and I'm massively concerned about this actually. I'll have good old fashioned cash ready, but even that could be refused by the taxi driver. It's quite ridiculous.
I have my Wechat pay set up just in case. That really is a fascinating app developed to track every single person in China in every aspect of their lives. |  | |  |
| Adult children... on 09:29 - May 12 with 1196 views | Lord_Lucan |
| Adult children... on 08:21 - May 12 by BanksterDebtSlave |
"This is only the start of the beginning, A real sh1t show is coming, sorry but I don't think we've seen nothing yet."
Morning chancellor. Do you mean in terms of interest rates or the economy more widely? What are you seeing in your crystal ball? |
Obviously it's only speculation but I can see interest rates staying around the same for a year and then falling gradually.
I have started to think that supermarkets may be holding the prices artificially high right now and there will be a bit of pressure from the man about this. Import costs are pretty much back to pre pandemic (which was a big driver in price rises) but the prices are still rising. Energy bills may be the big driver now though so maybe the prices are realistic, I don't know. I wouldn't want to be having to fund all those fridges and freezers.
The big problem though is how is the man on the street going to keep up? His mortgage will more than double, the food bill in reality has risen 50% and his energy prices are off the scale. Consider this, the vast majority of people have no savings of note, they live week to week and habit is now that if there is more money in the pot than usual it isn't saved but spent on consumer goods.
I'm not saying people shouldn't spend when they have it, it's just that saving for a rainy day has long been out the window and I can appreciate that. I have never been a saver myself, but in my defence I have generally spent on things that might make me a £ or 2
Having said that, when I was a youngster I was absolutely terrible with money, was earning great money but spent it (and more) - on the things that cost you too much |  |
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| Adult children... on 09:43 - May 12 with 1154 views | itfcjoe |
Definitely an element of that - my in-laws bought a house for my sister in law to live in because she couldn't get a mortgage. She then paid them back the deposit over the years with a view of taking ownership of the house.
However now, she has decided to live in Colchester rather than where this was, so they have had to 'buy' her out of the house they own to release a deposit.
They want to sell the house because they can't handle the stress of owning it, but when they do they will have made serious money (on a 2 bed end terrace in Clacton) and are coining it in with the rent at the moment.
So they did this with best intentions (to get daughter back in property market), are going to walk away from really easy money because they can't handle stress (there is basically none) of owning it, and are still going to make a comparative fortune - you can see why people do it but it really doesn't help anything. |  |
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| Adult children... on 09:46 - May 12 with 1149 views | itfcjoe |
| Adult children... on 08:54 - May 12 by Kieran_Knows |
Luckily I've still got 3 years left of our 5 year fixed deal (ends in October 2026). I'm hoping that things will settle down by then, but I've got a feeling they won't have done (currently paying 1.4%). |
I've got about 7 years of a 10 year fixed to go at around 2% which is looking quite good now! | |
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| Adult children... on 09:53 - May 12 with 1125 views | J2BLUE |
| Adult children... on 09:46 - May 12 by itfcjoe |
I've got about 7 years of a 10 year fixed to go at around 2% which is looking quite good now! |
I locked a 7 year mortgage down on around 2% just before everything started going crazy.
Great timing! |  |
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| Adult children... on 09:59 - May 12 with 1103 views | Lord_Lucan |
| Adult children... on 09:27 - May 12 by Hong_Kong_Bluey |
Ah sorry Lucan, missed that............
Totally agree about the taking care of elders aspect. Again this comes into keeping the family nucleus together.
Hong Kong is still very normal with regards to payment methods.
China however is a different matter. I fly to Shanghai on Sunday for the first time in more than 3 years, and I'm massively concerned about this actually. I'll have good old fashioned cash ready, but even that could be refused by the taxi driver. It's quite ridiculous.
I have my Wechat pay set up just in case. That really is a fascinating app developed to track every single person in China in every aspect of their lives. |
Ah, well same same as they say.
I hadn't been since Jan 2020 because of Covid and it has completely changed. Everywhere I went I was shoved a QR code in my face. I managed to get payment on my Wechat set up but it wouldn't work, I guess it won't communicate with an English bank.
In Guangzhou I managed to pay by card once but it took forever, the bar staff didn't know how to work the machine.
Taxis - yes, had a problem with cash as they never had any change, they will reluctantly accept it but make sure you have some low denomination notes.
When I moved up to Changsha it was worse inasmuch (as previously stated) I couldn't pay my hotel bill as I wanted to keep the cash I had in case I was offered a cheap flight upgrade which happened last time, and in anycase the bill was RMB 11,000.
If you have Wechat payment then you will be fine. For me though, I will be forced next trip to open a Bank of China account and get a QR code app thing set up (much like a digital pre loaded debit card)
*** I didn't get a cheap flight upgrade and now have a currently redundant RMB 5000 sitting in the kitchen.
If I hadn't pre paid and booked the Guanzhou hotel and train to Changsha I would have been in a proper pickle. At least in Changsha I knew people who could help and in fact pay for my hotel bill.
Good luck! [Post edited 12 May 2023 10:10]
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| Adult children... on 10:50 - May 12 with 1062 views | Rozz |
I moved out straight after university in 2016 to London for a grad job.
In the 6 and a half years since, I've put approximately £70,000 into the pockets of private landlords. I have been able to save less than half of that amount again towards a house of my own. For the majority of my time here I'd consider myself well paid for age / experience.
Being able to earn a full time salary for a few years at home would have been a huge advantage, and I wouldn't fault anyone for doing so. |  | | |
| Adult children... on 11:06 - May 12 with 1050 views | MattinLondon |
| Adult children... on 08:52 - May 12 by GlasgowBlue |
Only 2 years ago I had just the wife and our then 14 year old daughter living full time here. Son away at uni, a daughter away at uni and another daughter living at her boyfriend’s flat in all but name.
Now 23 year old son has graduated and is back at home saving fir his own place, after two years uni daughter decided it’s cheaper to live at home and travel to uni, other daughter split up with the boyfriend after we let them move in here when he couldn’t afford his flat, and the 14 year old is now 16.
The amount of dishes, washing, cars on the driveway etc is horrendous. A three hour film usually has to be watched over two nights as every half hour one of them comes in the lounge to ask a question or ask for a lift to town.
But hey, they are family. What you gonna do? |
Watch shorter films? |  | | |
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| Adult children... on 11:22 - May 12 with 1038 views | N2_Blue |
| Adult children... on 08:50 - May 12 by clive_baker |
Join the club, mine runs out this summer too and I’m moving from 1.5% to 4%. And that’s with comfortably less than 50% LTV. I consider myself one of the luckier ones though, my first place was a 1 bed flat in a grotty part of South London 10 years ago that nobody wanted to be in at the time. It felt luxurious though having been renting with friends in my early 20’s and saving anything I wasn’t p1ssing up the wall, and its all I could afford at the time. I did it up a bit in my spare time. Mad what a lick of paint and new carpets can do. Saved a bit, did some work etc. Made it more presentable and benefitted from the ridiculous market that nearly doubled its value in 8 years.
It’s still a stinger now though cash flow wise, especially with 2 little ones, childcare, every other cost going up and my wife getting paid a pittance working in the NHS.
I do think we’ll inevitably see a cycle of interest rates coming back down once inflation cools and the real pain starts to kick in when the millions of households like me come off their low rates over the next 18 months. Perhaps not to where they were pre Pandemic but certainly to something sub 3% over the next 24 months. |
Another here who’s deal expires in August, it’s definitely a painful one to the pocket.
We re going from around 1.8 to 4.1%
How long are you thinking of fixing for… I think historic low rates have gone and there may still be a few rises ahead but I agree we could be back to something near 2.5 - 3% in a couple of years. Trying to decide whether to fix for 2 or 3 years. The 5 year fixed rate was less than 4% but Im fairly sure rates will drop even if only slightly at some point in next 2-3 years so definitely didn’t want to fix that long. |  |
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| Adult children... on 11:27 - May 12 with 1032 views | clive_baker |
| Adult children... on 11:22 - May 12 by N2_Blue |
Another here who’s deal expires in August, it’s definitely a painful one to the pocket.
We re going from around 1.8 to 4.1%
How long are you thinking of fixing for… I think historic low rates have gone and there may still be a few rises ahead but I agree we could be back to something near 2.5 - 3% in a couple of years. Trying to decide whether to fix for 2 or 3 years. The 5 year fixed rate was less than 4% but Im fairly sure rates will drop even if only slightly at some point in next 2-3 years so definitely didn’t want to fix that long. |
I feel your pain.
My appetite to risk is fairly high tbh, and I think the upside potential of rates coming down from here outweighs the downside risk of them going up, so like you I'm not fixing for 5 years.
I've locked in a rate a few months back fixed for 2 years from when my current one ends. Will see me through to summer '25 and hopefully (fingers crossed) remortgage onto something keener at that point. |  |
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| Adult children... on 11:34 - May 12 with 1013 views | Lord_Lucan |
| Adult children... on 11:27 - May 12 by clive_baker |
I feel your pain.
My appetite to risk is fairly high tbh, and I think the upside potential of rates coming down from here outweighs the downside risk of them going up, so like you I'm not fixing for 5 years.
I've locked in a rate a few months back fixed for 2 years from when my current one ends. Will see me through to summer '25 and hopefully (fingers crossed) remortgage onto something keener at that point. |
I fixed for two years | |
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| Adult children... on 11:45 - May 12 with 994 views | tractorboy1978 |
| Adult children... on 09:06 - May 12 by clive_baker |
That's a great position to be in. I would be confident things will have had to cool down by then. The current base rate increases are unsustainable given the level of mortgage debt most are carrying now. I think they're starting to top out now, I can't see too many further increases once inflation starts to demonstrably fall, and I do think a cycle of reductions is inevitable to kick start what will likely be a fairly stagnant economic picture over the next 12 months.
2023: Base rate to top out something starting in a 4, perhaps even where it is today.
Late 2024: Perhaps start to see a small reduction
2025: Back to 3.something%
All guess work of course but that would be mine.
Best thing you can do is make hay while you're on that rate if you can. [Post edited 12 May 2023 9:09]
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I think the same as you. I went into a 2 year tracker a couple of months ago banking on the base rate not going above 4.75%. I think we are basically at the highest point now and rates will start to drop back towards 3% over the next 18-36 months. |  | | |
| Adult children... on 12:00 - May 12 with 973 views | Reus30 |
| Adult children... on 10:50 - May 12 by Rozz |
I moved out straight after university in 2016 to London for a grad job.
In the 6 and a half years since, I've put approximately £70,000 into the pockets of private landlords. I have been able to save less than half of that amount again towards a house of my own. For the majority of my time here I'd consider myself well paid for age / experience.
Being able to earn a full time salary for a few years at home would have been a huge advantage, and I wouldn't fault anyone for doing so. |
Same boat rented for 7 years and rent where I was around £1k per month just for a two bed place around 5 years ago. I honestly got a little upset at seeing how much I had spent over that 7 year period in rent because I didn't have the option to stay at home. When you are on p*ss salaries straight out of uni too it wasn't much fun either and I just feel terrible because it's worse for young people these days for a million reasons - without help and sacrifice, chances are you ain't getting on the ladder.
I had to up sticks and move 300+ miles away because a) I wanted my own home and wouldn't be able to afford it and b) train travel absolutely crippled my chances of saving for a deposit. Bit of a messed up situation really but thankfully own a home now albeit with a mortgage up to my eyeballs but it's mine.
For my siblings they are not so lucky and still share a bedroom at 32 and 25 and live with my elderly mum in a small place and I know adults that live with their parent/s at nearly 40 having never owned their own home.
The world is just so brutal right now, surprised we haven't seen a suicide epidemic as everything is so messed up. |  | | |
| Adult children... on 12:12 - May 12 with 946 views | Lord_Lucan |
| Adult children... on 11:45 - May 12 by tractorboy1978 |
I think the same as you. I went into a 2 year tracker a couple of months ago banking on the base rate not going above 4.75%. I think we are basically at the highest point now and rates will start to drop back towards 3% over the next 18-36 months. |
I was thinking that but opted for a fixed 2 year term. I have 21 days to change my mind.
Difficult isn't it! | |
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| Adult children... on 12:16 - May 12 with 940 views | solemio |
| Adult children... on 09:01 - May 12 by BiGDonnie |
My boys 14 and he's out the door the day he turns 16  |
I'm sorry to hear that he's told you that. You must be rather hurt. | | | |
| Adult children... on 12:20 - May 12 with 932 views | Rozz |
| Adult children... on 12:00 - May 12 by Reus30 |
Same boat rented for 7 years and rent where I was around £1k per month just for a two bed place around 5 years ago. I honestly got a little upset at seeing how much I had spent over that 7 year period in rent because I didn't have the option to stay at home. When you are on p*ss salaries straight out of uni too it wasn't much fun either and I just feel terrible because it's worse for young people these days for a million reasons - without help and sacrifice, chances are you ain't getting on the ladder.
I had to up sticks and move 300+ miles away because a) I wanted my own home and wouldn't be able to afford it and b) train travel absolutely crippled my chances of saving for a deposit. Bit of a messed up situation really but thankfully own a home now albeit with a mortgage up to my eyeballs but it's mine.
For my siblings they are not so lucky and still share a bedroom at 32 and 25 and live with my elderly mum in a small place and I know adults that live with their parent/s at nearly 40 having never owned their own home.
The world is just so brutal right now, surprised we haven't seen a suicide epidemic as everything is so messed up. |
I used to pay £850 for a bedroom in a 7 person warehouse conversion. It had a bathroom in a separate shared stairwell. I had some amazing times there, but £850!!!
As we've moved further out of the City I'm finding it harder to swallow. Our 2 bed flat is 1650pcm and rising, plus 200pcm on my commute. The trouble is that the lower rent for living further away just increases the travel costs by the same (if not greater) extent.
It's becoming very tiresome. | | | |
| Adult children... on 14:22 - May 12 with 858 views | BiGDonnie |
| Adult children... on 12:16 - May 12 by solemio |
I'm sorry to hear that he's told you that. You must be rather hurt. |
He doesn't know yet! |  |
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