That’s a very good point.jamesedwards wrote: ↑Thu Aug 24, 2023 2:42 pmWill the UK be suing Italy for the slaving of Britons by the Romans?sionascaig wrote: ↑Thu Aug 24, 2023 9:52 amI really don't see how those living now can be held account for something that was done by their ancestors - how far back do you go...?Archery1969 wrote: ↑Wed Aug 23, 2023 7:35 pmA UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.
Who thinks we should pay that back ?
I bet none of the political parties do.
However if your great great grandfather made vast sums of money from owning slaves, was an active participant in stopping legislation to end the slave trade and had his own personal branding iron for use on his slaves then I think you may be on a sticky wicket as the Prince of Wales found during a recent trip to the Caribbean.
UK Economy
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Archery1969
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It's a bit tragic for these people. There must be so many that have stretched their finances to the limit to afford low interest mortgages and now are in a world of pain.
Talk about learning the hard way!!
A 2% mortgage borrowing 225k with 25k deposit (£250k house) had monthly payments of £950, on 7% it’s almost £650 more every month, where are these people going to find that
It's awful, it's true. As inflation recedes interest will come down, but it all depends on the level of flexibility that mortgage providers choose to deploy in the interim.Naffman wrote: ↑Sat Sep 02, 2023 11:59 amA 2% mortgage borrowing 225k with 25k deposit (£250k house) had monthly payments of £950, on 7% it’s almost £650 more every month, where are these people going to find that
There should be some leeway, it isn't entirely fair to say these people shouldn't have stretched themselves so far. I bet a lot of current mortgagees have no previous experience of high interest rates, they sure do now. I feel for them, I really do.
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jamesedwards
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Interest rates aren't currently high, it's just that we have come through an exceptional period of very low rate. Interest rate today of 5.25% is still well below the average of the last 50 years.
Social media a few years ago was full of people moaning about how banks wouldn't let them get a mortgage even though the payments would be the same as their rent. Hopefully now they understand why.
Social media a few years ago was full of people moaning about how banks wouldn't let them get a mortgage even though the payments would be the same as their rent. Hopefully now they understand why.
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Yes agreed. Only comparatively high.jamesedwards wrote: ↑Sat Sep 02, 2023 12:33 pmInterest rates aren't currently high, it's just that we have come through an exceptional period of very low rate. Interest rate today of 5.25% is still well below the average of the last 50 years.
Social media a few years ago was full of people moaning about how banks wouldn't let them get a mortgage even though the payments would be the same as their rent. Hopefully now they understand why.
My generation lived through double digit inflaton and interest rates, but we can't just cast these people aside there needs to be some recognition of their predicament and possibly going forward, strengthen how much we allow people to commit to their mortgage.
But the problem there is the vested interests want to remove any obstacles to people buying homes and taking on mortgages.
The spec builders, banks, buiding societies have a vested interest in allowing as many people as possible to pass whatever financial stress tests are out there.
Then when the s**t hits the fan it's a bloody mess. Capitalism ain't perfect eh?