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Author Topic: Gas & Leccy. Who you with? Whatcha paying?  (Read 4818 times)

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Andy B

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #30 on: 02 October 2022, 15:59:55 »

That's scary Steve, guess I'm just a tight bastard..😁
Our daughter has an £18,000 mortgage but I've encouraged them to overpay it & theirs finishes in a couple of years,
£18000 mortgage? That's loan kind of money 
Or did you mean £180k?
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Andy B

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #31 on: 02 October 2022, 16:03:16 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more. :-\
Well, they'll just have to strike for a 10% wage rise, as is the fashion these days  ;D
We were offered what was described as an 11% rise .... it was a manipulation of figures. That was refused but "we" accepted the revised offer .... almost the same but slightly different   ;)
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Field Marshal Dr. Opti

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #32 on: 02 October 2022, 16:23:48 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more. :-\

At one point, in another life, I had part repayment mortgage and part interest only mortgage on the same property. The interest only part was about £700 each month.

Literally dead money.

I hope not to be in that position again. :-[
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STEMO

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #33 on: 02 October 2022, 16:30:06 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more. :-\
Well, they'll just have to strike for a 10% wage rise, as is the fashion these days  ;D
We were offered what was described as an 11% rise .... it was a manipulation of figures. That was refused but "we" accepted the revised offer .... almost the same but slightly different   ;)
I thought baked beans had gone up in price  ;D
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Field Marshal Dr. Opti

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #34 on: 02 October 2022, 16:32:57 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
There are quite a few here at work with that kind of monthly mortgage payment.  Christ knows what they'll be paying when interest rates go up even more. :-\

Sadly it may mean repossession and then back with Mum and Dad. :-\
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TheBoy

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #35 on: 02 October 2022, 17:17:12 »

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...
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STEMO

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #36 on: 02 October 2022, 17:28:51 »

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...
When we took our mortgage out, fixed at 2.5% for five years I think, the lender had to add 3% to that rate, and make sure it was still affordable. As far as I know, this has been required by the FCA for a good number of years now, so a 3% rise should be ok, unless circumstances have changed. Once the base rate starts getting towards 5-6%, it might become unmanageable for some.
But lenders are also required to bend over backwards to accommodate any request for a payment holiday, or a reduced payment over a longer period. Trouble is, people didn't realise that, when they took payment holidays during covid, the amount owed and, therefore, their payments would increase once it was over. A lot of people thought they could just stop paying for 3/6 months and everything would just resume as normal. Fraid not.
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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #37 on: 02 October 2022, 17:34:12 »

That's scary Steve, guess I'm just a tight bastard..😁
Our daughter has an £18,000 mortgage but I've encouraged them to overpay it & theirs finishes in a couple of years,
£18000 mortgage? That's loan kind of money 
Or did you mean £180k?
.

No £18,000 they had already paid their mortgage off borrowed a bit for a kitchen extension.
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Doctor Gollum

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #38 on: 02 October 2022, 17:54:29 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
On my basic take home pay I couldn't even live in Barnsley. That's really depressing.
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STEMO

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #39 on: 02 October 2022, 18:03:21 »

Was paying £115 per month , had some cash stagnant in an ISA so transferred £1750 into my energy account now paying £95 per month instead of around £300 which they had quoted now in credit by £1956. We have never paid out £300 a month for anything & have no intention of doing so. Even when we had a mortgage many years ago the payment was less than £200 when I read what some folk are having to pay I really don't know how they exist.
Try £1200 a month, Mick, that's our mortgage payment. It does include an overpayment though. Mo took out a 15 year mortgage in 2016 (I'm too old to be considered) and it will be paid off early next year, 8 years early.
On my basic take home pay I couldn't even live in Barnsley. That's really depressing.
Not for those living in Barnsley it's not  ;D
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Field Marshal Dr. Opti

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #40 on: 02 October 2022, 18:31:54 »

We've had historically low interest rates for nearly 15 years, it was inevitable they were going to rise to the more normal 5-6% average.

If people have over-stretched that they were never going to be able to afford that, best they not come to me for sympathy...

I had a 15% mortgage in place but  wanted to buy a new Yamaha FJ1200 rather than pay the 10% deposit required

The result was a 100% mortgage at 16.5% for the first 12 months and a shiny new beast to fit in my brand new garage. :y :y

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Field Marshal Dr. Opti

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #41 on: 02 October 2022, 18:34:24 »

It was an endowment mortgage and we all know it didn't end well with these. :-X
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TheBoy

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #42 on: 03 October 2022, 08:18:48 »

It was an endowment mortgage and we all know it didn't end well with these. :-X
Mine worked out OK.  Granted, it didn't quite make the required amounts, but then interest rates dropped from around 14% to about 7%, so the overpayments going into the interest only mortgage account more than made up the shortfall.  In fact, added together, I'd say mine outperformed the original upper estimate....

...because I was so reckless as to change the mortgage repayments once interest rates dropped.
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Andy B

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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #43 on: 03 October 2022, 08:23:12 »

...
No £18,000 they had already paid their mortgage off borrowed a bit for a kitchen extension.

 :y :y
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Re: Gas & Leccy. Who you with? Whatcha paying?
« Reply #44 on: 03 October 2022, 13:24:55 »

33 euros a month Used to be 150 before we got our solar up and running.
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