| Victor Meldrew maybe 20:16 - Mar 14 with 2314 views | OldFart71 |
Is it just because I'm getting on a bit and struggle to do the things I used to do or does everyone feel like me in that I have just had the first of many increases of monthly outgoings landing on my mat. Council tax up £7 a month, Sky another £4.50, tv licence up. That's without water rates, house insurance, road tax and my car insurance went up over £110. I know everything usually goes up in April, but this year, on top of the massive increases we have seen on food, gas and electricity over the last few years and for those with hefty mortgages it's just one thing after the other and with the general state of this Country what with potholed roads everywhere, NHS waiting times it does seem like Britain is no place for old men, or come to that anyone else. |  | | |  |
| Victor Meldrew maybe on 20:29 - Mar 14 with 1908 views | factual_blue |
It's OK. Your personal tax allowance isn't increasing, so that's one thing not to worry about. |  |
| |
| Victor Meldrew maybe on 20:35 - Mar 14 with 1897 views | jontysnut |
Once you hit 60 it's gravy. Pensioners lunches, cheap cinema with free biscuits, concessions, railcards. I'm ticking off the days until I get a bus pass. |  | | |
| Victor Meldrew maybe on 20:47 - Mar 14 with 1877 views | Swansea_Blue |
Some retailers and service providers seem to be playing catch up. Costs were steady(ish) for years and now they’re all making up for it, and some of that will be taking advantage while they can as people now expect price rises. You only have to look at the profits some of the multinationals are making to know they’re profiteering. Yet in other cases prices are holding (I passed a bar earlier today and they were advertising all beers £2.50/pint at all times - I was tempted!).
Official inflation figures can be very misleading too. There’s plenty of things I buy that have gone up 50%+ in the last year. Granted, a lot of that’s in my local shop which we rely on heavily as the kids will eat through any size supermarket shop in 2 days. Welsh cakes were £1.80 for 6, now £2.80. Bread up to £3.50 a loaf. And don’t start me on tinned soup - £2 a tin where we used to get 2 for less than that 
Viva la Revolution ✊ |  |
| |
| Victor Meldrew maybe on 21:07 - Mar 14 with 1842 views | _clive_baker_ |
Not just old men my friend.
Brutal innit. Remortgaged last year, from a rate of 1.5% to 4.9%. That’s me £500 a month worse off. Childcare has gone up, utilities, groceries. Council tax is up 5% or so. Car insurance went up, despite an extra year of no claims and no points. I’m somewhere in the region of £700 a month worse off than a couple of years back, with absolutely nothing more to show for it.
Offset some of it through my wife’s pay rise (NHS) and I’m earning a touch more, but certainly not taking home £700 a month more between us.
Appreciate there’s many worse off, but certainly is difficult. Holding on to the hope inflation falls enough to justify rate cuts ahead of remortgaging again in 2025, but I doubt they’ll be quick or particularly aggressive. Somewhere in the middle of what I was paying vs what I’m paying now would be welcome. |  | | |
| Victor Meldrew maybe on 21:09 - Mar 14 with 1823 views | Swansea_Blue |
| Victor Meldrew maybe on 21:07 - Mar 14 by _clive_baker_ |
Not just old men my friend.
Brutal innit. Remortgaged last year, from a rate of 1.5% to 4.9%. That’s me £500 a month worse off. Childcare has gone up, utilities, groceries. Council tax is up 5% or so. Car insurance went up, despite an extra year of no claims and no points. I’m somewhere in the region of £700 a month worse off than a couple of years back, with absolutely nothing more to show for it.
Offset some of it through my wife’s pay rise (NHS) and I’m earning a touch more, but certainly not taking home £700 a month more between us.
Appreciate there’s many worse off, but certainly is difficult. Holding on to the hope inflation falls enough to justify rate cuts ahead of remortgaging again in 2025, but I doubt they’ll be quick or particularly aggressive. Somewhere in the middle of what I was paying vs what I’m paying now would be welcome. |
Thanks Liz & Kwasi 👍 | |
| |
| Victor Meldrew maybe on 22:53 - Mar 14 with 1696 views | Illinoisblue |
| Victor Meldrew maybe on 21:07 - Mar 14 by _clive_baker_ |
Not just old men my friend.
Brutal innit. Remortgaged last year, from a rate of 1.5% to 4.9%. That’s me £500 a month worse off. Childcare has gone up, utilities, groceries. Council tax is up 5% or so. Car insurance went up, despite an extra year of no claims and no points. I’m somewhere in the region of £700 a month worse off than a couple of years back, with absolutely nothing more to show for it.
Offset some of it through my wife’s pay rise (NHS) and I’m earning a touch more, but certainly not taking home £700 a month more between us.
Appreciate there’s many worse off, but certainly is difficult. Holding on to the hope inflation falls enough to justify rate cuts ahead of remortgaging again in 2025, but I doubt they’ll be quick or particularly aggressive. Somewhere in the middle of what I was paying vs what I’m paying now would be welcome. |
That is a brutal difference, although a rate of 1.5% was a steal. That’s some cheap money.! |  |
| |
| Victor Meldrew maybe on 23:33 - Mar 14 with 1630 views | BasingstokeBlue |
| Victor Meldrew maybe on 20:35 - Mar 14 by jontysnut |
Once you hit 60 it's gravy. Pensioners lunches, cheap cinema with free biscuits, concessions, railcards. I'm ticking off the days until I get a bus pass. |
...when you're 65 or 67. |  |
| |
| Victor Meldrew maybe on 23:42 - Mar 14 with 1620 views | factual_blue |
| Victor Meldrew maybe on 21:07 - Mar 14 by _clive_baker_ |
Not just old men my friend.
Brutal innit. Remortgaged last year, from a rate of 1.5% to 4.9%. That’s me £500 a month worse off. Childcare has gone up, utilities, groceries. Council tax is up 5% or so. Car insurance went up, despite an extra year of no claims and no points. I’m somewhere in the region of £700 a month worse off than a couple of years back, with absolutely nothing more to show for it.
Offset some of it through my wife’s pay rise (NHS) and I’m earning a touch more, but certainly not taking home £700 a month more between us.
Appreciate there’s many worse off, but certainly is difficult. Holding on to the hope inflation falls enough to justify rate cuts ahead of remortgaging again in 2025, but I doubt they’ll be quick or particularly aggressive. Somewhere in the middle of what I was paying vs what I’m paying now would be welcome. |
Give up Netflix and a coffee on the way to work and you'll be fine. | |
| |
Login to get fewer ads
| Victor Meldrew maybe on 23:47 - Mar 14 with 1608 views | factual_blue |
| Victor Meldrew maybe on 20:35 - Mar 14 by jontysnut |
Once you hit 60 it's gravy. Pensioners lunches, cheap cinema with free biscuits, concessions, railcards. I'm ticking off the days until I get a bus pass. |
You won't get a bus pass until you're 67, or at whatever age you become eligible for a state pension.
Cineworld first gave us senior's rate before either of us were sixty. The cashier (who was about 12) made an assumption that whoever was going to see that particular film must have been over sixty. Thereafter we always paid the senior rate at Cineworld.
I'm astonished we were never challenged, given our youthful good looks. | |
| |
| Victor Meldrew maybe on 23:49 - Mar 14 with 1606 views | catch74 |
| Victor Meldrew maybe on 20:29 - Mar 14 by factual_blue |
It's OK. Your personal tax allowance isn't increasing, so that's one thing not to worry about. |
Quite brilliantly for pubs beer duty isn’t going up either. #inclover |  |
| |
| Victor Meldrew maybe on 11:08 - Mar 15 with 1334 views | ElephantintheRoom |
Imagine what it’s like for younger people who have massive mortgages, kids to feed - and have to pay for your free prescriptions whilst fretting that the world is about to end because summer is on the way.
And the conservatives are doing their level best to ensure that they will never qualify for a pension | |
| |
| Victor Meldrew maybe on 11:17 - Mar 15 with 1330 views | hype313 |
| Victor Meldrew maybe on 21:07 - Mar 14 by _clive_baker_ |
Not just old men my friend.
Brutal innit. Remortgaged last year, from a rate of 1.5% to 4.9%. That’s me £500 a month worse off. Childcare has gone up, utilities, groceries. Council tax is up 5% or so. Car insurance went up, despite an extra year of no claims and no points. I’m somewhere in the region of £700 a month worse off than a couple of years back, with absolutely nothing more to show for it.
Offset some of it through my wife’s pay rise (NHS) and I’m earning a touch more, but certainly not taking home £700 a month more between us.
Appreciate there’s many worse off, but certainly is difficult. Holding on to the hope inflation falls enough to justify rate cuts ahead of remortgaging again in 2025, but I doubt they’ll be quick or particularly aggressive. Somewhere in the middle of what I was paying vs what I’m paying now would be welcome. |
Yep, I was doing some sums the other day and worked out I'm about £500 a month worse off.
Add in the fact, you cant get a dentist, or doctor or operation within the decade, or street lights.
Strong and Stable.... |  |
| |
| Victor Meldrew maybe on 11:38 - Mar 15 with 1295 views | _clive_baker_ |
| Victor Meldrew maybe on 22:53 - Mar 14 by Illinoisblue |
That is a brutal difference, although a rate of 1.5% was a steal. That’s some cheap money.! |
It really was, by historic standards (as I'm often reminded by a certain generation). I'm quick to remind them that property price relative to earnings is also significantly higher now though.
I've generally taken quite a prudent approach to my longer term financial commitments, and worked on the assumption that rates wouldn't stay that low forever. The speed at which they've gone up has been a bit nuts though, I would've hoped the absolute cash amount of my debt might've come down a bit more before such time in order to offset the monthly rise a bit, but alas my fixed term ended at a horrible time when my debt is as high as its ever been, savings as low, 2 kids in childcare, and interest rates as high as they've been in my adult life. | | | |
| Victor Meldrew maybe on 11:44 - Mar 15 with 1283 views | cooperd5 |
| Victor Meldrew maybe on 11:17 - Mar 15 by hype313 |
Yep, I was doing some sums the other day and worked out I'm about £500 a month worse off.
Add in the fact, you cant get a dentist, or doctor or operation within the decade, or street lights.
Strong and Stable.... |
and still people vote for them... Never ceases to amaze me how anyone can think the tories have done a good job over the last 14 years... and trust them to carry on for the next term. |  | | |
| Victor Meldrew maybe on 11:45 - Mar 15 with 1272 views | OldFart71 |
| Victor Meldrew maybe on 20:35 - Mar 14 by jontysnut |
Once you hit 60 it's gravy. Pensioners lunches, cheap cinema with free biscuits, concessions, railcards. I'm ticking off the days until I get a bus pass. |
I still drive so I don't have a bus pass.Although the State Pension is deemed a benefit I dispute that as many other benefits don't require any sort of funding from the receiver. The State pension whilst I am grateful for wouldn't keep most people unless you just sat in doors , switched off your heating and lived on fairly basic food. Luckily I receive a company pension on top of the State one, the drawback being I still pay tax. I have never been out of work and didn't finish work until I was 71. I started work part time in my early teens whilst still at school. I don't want a medal for that, just saying, as I loved the independence. Whilst those that are younger seems to think pensioners have it cushy and have never seen the things that today's generation have to endure nothing could be further from the truth. Just as now many couldn't afford to buy their own home and yes there were council houses. Not our fault that Maggie Thatcher decided to allow them to be sold, hence many of today's problems. Sadly my dear Mum was never a well lady and I lived with my grandparents. All the veg and fruit we had he grew and even some of the meat was shot by him. Pigeons, rabbits, hares and he had a couple of pigs. The toilet was down the yard, no lighting, no flush and a bath was a tin one in front of the fire. Again I am not complaining as it was great. Many things I agree like Town tickets, Cinema etc have concessions. Not so sure about the biccies, I buy them at Aldi. | | | |
| Victor Meldrew maybe on 11:49 - Mar 15 with 1253 views | tractorboy1978 |
| Victor Meldrew maybe on 11:38 - Mar 15 by _clive_baker_ |
It really was, by historic standards (as I'm often reminded by a certain generation). I'm quick to remind them that property price relative to earnings is also significantly higher now though.
I've generally taken quite a prudent approach to my longer term financial commitments, and worked on the assumption that rates wouldn't stay that low forever. The speed at which they've gone up has been a bit nuts though, I would've hoped the absolute cash amount of my debt might've come down a bit more before such time in order to offset the monthly rise a bit, but alas my fixed term ended at a horrible time when my debt is as high as its ever been, savings as low, 2 kids in childcare, and interest rates as high as they've been in my adult life. |
The speed at which the rates have gone up is what the 'you shouldn't have over stretched' brigade conveniently miss. 0.1% to 5.25% in the space of 3.5 years - which is well within a fairly standard mortgage deal cycle. And that is off the back of mortgage rates not being higher than 1% since 2009.
People might have reasonably expected/planned for a 1%-1.5% rise but a 5.15% rise is mental and has left a number of people anywhere between £300-£1,000 a month worse off before any other price rises. [Post edited 15 Mar 11:52]
| | | |
| Victor Meldrew maybe on 12:00 - Mar 15 with 1225 views | hype313 |
| Victor Meldrew maybe on 11:44 - Mar 15 by cooperd5 |
and still people vote for them... Never ceases to amaze me how anyone can think the tories have done a good job over the last 14 years... and trust them to carry on for the next term. |
Thing is, there genuinely not many who will vote for them, their approval ratings are at the lowest ebb in history. Even their die hard fans are deserting them.
Good riddance, been an absolute stain on this country for the past 14 years. | |
| |
| Victor Meldrew maybe on 12:05 - Mar 15 with 1202 views | OldFart71 |
| Victor Meldrew maybe on 11:08 - Mar 15 by ElephantintheRoom |
Imagine what it’s like for younger people who have massive mortgages, kids to feed - and have to pay for your free prescriptions whilst fretting that the world is about to end because summer is on the way.
And the conservatives are doing their level best to ensure that they will never qualify for a pension |
Yes I'm aware of the mortgage situation. I am mid 70's and still have one.Fortunately I changed provider three years ago and did a five year fix at 1.74%. Not that I have much left on my mortgage and I do sympathise with the problems that face those trying to get on the property ladder. I always quote this with regards to the problems. Back in 2002 I worked at a local factory, I worked an 8 a.m-4.30 p.m. day, the job also entailed working every other Saturday morning for which I was paid £21,000 a year. The same year I sold a three bed detached for £131,000. Now in 2024, 22 years later the same factory pays shift workers around £25,000 for 6 a.m - 2 p.m and 2 p.m.- 10 p.m. a difference of £4,000. The same house that I sold in 2002 now sells for between £315-£345,000. Take the average say £330,00 a difference of almost £200,000. It's not the interest rates that are to blame, it's the house prices. Where I live, about six miles out of Ipswich a new build one bed mid terrace costs £229,000. That's rediculous. | | | |
| Victor Meldrew maybe on 12:09 - Mar 15 with 1191 views | Reus30 |
Agree with you OldFart, it's scary how much things are going up. People are giving up hobbies, socialising and their "third space" in order to just be miserable and get by.
I have had to stop travelling (car or plane) to see my family and things on a wim have just died a death.
Honestly, football aside, it's pretty rough going isn't it. |  | | |
| Victor Meldrew maybe on 12:15 - Mar 15 with 1173 views | textbackup |
It’s not just being older that has you thinking like that.
For a while now I’ve looked at the state of this Town, the country, it’s pretty fcking depressing really. |  |
| |
| Victor Meldrew maybe on 12:32 - Mar 15 with 1127 views | ElephantintheRoom |
| Victor Meldrew maybe on 12:05 - Mar 15 by OldFart71 |
Yes I'm aware of the mortgage situation. I am mid 70's and still have one.Fortunately I changed provider three years ago and did a five year fix at 1.74%. Not that I have much left on my mortgage and I do sympathise with the problems that face those trying to get on the property ladder. I always quote this with regards to the problems. Back in 2002 I worked at a local factory, I worked an 8 a.m-4.30 p.m. day, the job also entailed working every other Saturday morning for which I was paid £21,000 a year. The same year I sold a three bed detached for £131,000. Now in 2024, 22 years later the same factory pays shift workers around £25,000 for 6 a.m - 2 p.m and 2 p.m.- 10 p.m. a difference of £4,000. The same house that I sold in 2002 now sells for between £315-£345,000. Take the average say £330,00 a difference of almost £200,000. It's not the interest rates that are to blame, it's the house prices. Where I live, about six miles out of Ipswich a new build one bed mid terrace costs £229,000. That's rediculous. |
I’ve changed my eating and drinking habits which helps no end - though there’s a finite end fast approaching to those little benefits
I also put us on a war footing, growing fruit and veg and getting to know the local hunters which puts some free meat on the table on the few occasions we eat meat nowadays.
I’m fairly sure it was ever thus. My parents bought their first house for £2000 - yet couldn’t afford a car for seven years after that massive expenditure - and my dad walked nearly three miles to work and back… though people used to stop and offer lifts. On the plus side that generation produced probably the richest pensioners there have ever been with huge house inflation and final salary pensions to cushion the aches and pains.
Things seem expensive now because the financial crash brought zero interest rates - which meant nobody bothered to save. The came the perfect storm of leaving the EU, Boris Johnson, Covid and Liz Truss - but I doubt things are anything like as bad now as when I fixed our mortgage at 10%… | |
| |
| Victor Meldrew maybe on 12:40 - Mar 15 with 1113 views | Help |
| Victor Meldrew maybe on 12:32 - Mar 15 by ElephantintheRoom |
I’ve changed my eating and drinking habits which helps no end - though there’s a finite end fast approaching to those little benefits
I also put us on a war footing, growing fruit and veg and getting to know the local hunters which puts some free meat on the table on the few occasions we eat meat nowadays.
I’m fairly sure it was ever thus. My parents bought their first house for £2000 - yet couldn’t afford a car for seven years after that massive expenditure - and my dad walked nearly three miles to work and back… though people used to stop and offer lifts. On the plus side that generation produced probably the richest pensioners there have ever been with huge house inflation and final salary pensions to cushion the aches and pains.
Things seem expensive now because the financial crash brought zero interest rates - which meant nobody bothered to save. The came the perfect storm of leaving the EU, Boris Johnson, Covid and Liz Truss - but I doubt things are anything like as bad now as when I fixed our mortgage at 10%… |
Try 80s rates of 13% and more. Then tell me how hard a 5% rate rise is. |  | | |
| Victor Meldrew maybe on 13:41 - Mar 15 with 1044 views | _clive_baker_ |
| Victor Meldrew maybe on 12:40 - Mar 15 by Help |
Try 80s rates of 13% and more. Then tell me how hard a 5% rate rise is. |
The average property value was £28k in 1985. Average earnings for those aged 30-40 according to ONS was £12k. Average house was therefore 2.3x average earnings.
Today its 7.5x for the same house relative to the earnings of the same demographic. So yes, a higher interest rate in % terms, but on a significantly lower number relative to earnings.
I'll take 13% interest rates if it meant I could get an average home for £86k in todays money. | | | |
| Victor Meldrew maybe on 14:10 - Mar 15 with 998 views | Reus30 |
| Victor Meldrew maybe on 13:41 - Mar 15 by _clive_baker_ |
The average property value was £28k in 1985. Average earnings for those aged 30-40 according to ONS was £12k. Average house was therefore 2.3x average earnings.
Today its 7.5x for the same house relative to the earnings of the same demographic. So yes, a higher interest rate in % terms, but on a significantly lower number relative to earnings.
I'll take 13% interest rates if it meant I could get an average home for £86k in todays money. |
Boom.
£86k will buy you half a garage these days. A good % of people will never be able to have their own home. | | | |
| Victor Meldrew maybe on 14:15 - Mar 15 with 982 views | SuperKieranMcKenna |
| Victor Meldrew maybe on 13:41 - Mar 15 by _clive_baker_ |
The average property value was £28k in 1985. Average earnings for those aged 30-40 according to ONS was £12k. Average house was therefore 2.3x average earnings.
Today its 7.5x for the same house relative to the earnings of the same demographic. So yes, a higher interest rate in % terms, but on a significantly lower number relative to earnings.
I'll take 13% interest rates if it meant I could get an average home for £86k in todays money. |
I don’t begrudge the older generation being able to get a house for a fiver on right to buy, and now driving round in range rovers because they sold it on for 600k (where I live at least). But a bit of understanding of the struggles of the young having to find 12 times their salary for a property the size of a shoe box would not go amiss… | | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
