New - The things that really annoy you

[Lupo]

Our bill was a bit over half what we were paying on RV after we changed to a meter.
Tbf we are probably classed as a low useage household as there's only 2 of us.

Same, not a big house and just the 2 of us

 

[Tredman]

It’s madness that there is even an option to not be on a meter. Massively favours the well off who have huge gardens etc.

5 of us in our house, we are still comfortably below the RV price.

 

[lemonjelly]

We had a water meter fitted when we bought our home 12 years ago. As there's only 2 of us here, it made a significant difference to our bill compared to RV!

 

[Derby Wolf]

So on top of the council tax increasing by £16 per month we today receive the bill from Severn Trent. Up to £105 per month from 1st April. We requested a metre last year when the bill went up to £94 per month, we're in the system apparently but there are delays due to demand (or so we were told last time we chased)

On the contrary for us, we've had a one off vet bill this month so requested a refund from Severn Trent as we had hundreds of pounds in credit, we were told initially withdrawing the credit might increase our bill but once we went through everything actually got a bill reduction that will cover the 4.99% Council Tax increase.

We are waiting to come off pre-payment electric meter though, there's asbestos present so requires a specialist team but we aren't a priority as the meter is safe. I'm convinced we're paying more though whilst we wait.

 

[Alan]

I'm convinced we're paying more though whilst we wait.

Of course; how else would they pay for the specialists??

 

[Alan]

Related: I don't think I could ever be a homeowner. The shit y'all deal with. Crazy.

 

[b3h]

Related: I don't think I could ever be a homeowner. The shit y'all deal with. Crazy.

If you get a wanker of a landlord it probably evens out!

 

[sycophantia]

Related: I don't think I could ever be a homeowner. The shit y'all deal with. Crazy.

Being a homeowner is seen as really important over here. When I was a child, hardly anyone I knew owned their own home but for various reasons from the late 70s, through the 80s and 90s it became important and relatively affordable. The problem is, that drove the prices up a lot, partly helped by extremely low interest rates from the early 2000s.
Currently its very difficult for younger people to get on the houseing ownership ladder.
The driver to own is rented accomodation will always increase in line with inflation, while a mortgage, although a bit more expensive initially, will reduce in real terms over the length of that mortgage, so by the time you retire, you have 'free' accomodation. Also you then have a big wedge of property cash to hand over to your children when you croak.

 

[Alan]

Oh, I'm the black sheep over here, too. We're effectively the same, culturally, and ditto on the Youths not being able to afford getting in. That's not an insignificant part of my feelings, in truth. Just not responsible financially at the moment (maybe ever, who knows).

The other bit is that the responsibility of upkeep for a house being all on me would be like feeding my OCD the meth from Breaking Bad.

 

[Templeton Peck]

Being a homeowner is seen as really important over here. When I was a child, hardly anyone I knew owned their own home but for various reasons from the late 70s, through the 80s and 90s it became important and relatively affordable. The problem is, that drove the prices up a lot, partly helped by extremely low interest rates from the early 2000s.
Currently its very difficult for younger people to get on the houseing ownership ladder.
The driver to own is rented accomodation will always increase in line with inflation, while a mortgage, although a bit more expensive initially, will reduce in real terms over the length of that mortgage, so by the time you retire, you have 'free' accomodation. Also you then have a big wedge of property cash to hand over to your children when you croak.

Thatcher.

Right to buy fucked the housing market - sold loads and replaced none. Deregulation led to demutualisation of building societies into banks rushing to give mortgages to anyone and everyone leading to 2008. Deregulation of the rental market led to the Duke of Westminster pushing prices through the roof causing the rest of London to follow.

 

[Tredman]

The causes of the 2008 crash had very little to do with the UK economy

 

[AndyWolves]

The causes of the 2008 crash had very little to do with the UK economy

I'm still trying to wrap my head around govt backed entities buying up mortgages

 

[sycophantia]

Thatcher.

Right to buy fucked the housing market - sold loads and replaced none. Deregulation led to demutualisation of building societies into banks rushing to give mortgages to anyone and everyone leading to 2008. Deregulation of the rental market led to the Duke of Westminster pushing prices through the roof causing the rest of London to follow.

I wasn't against right to buy, it got a lot of people on the house buying ladder who would never have beem able to afgord it previously. The issue was none of the money raised was used to fund the building of more cheap rented properties. As you say Thatcher.

 

[PuntsWolf]

The driver to own is rented accomodation will always increase in line with inflation, while a mortgage, although a bit more expensive initially, will reduce in real terms over the length of that mortgage, so by the time you retire, you have 'free' accomodation. Also you then have a big wedge of property cash to hand over to your children when you croak.

Problem is, rents are higher than the monthly fee on the mortgage so people can’t actually save for a deposit

 

[sycophantia]

Problem is, rents are higher than the monthly fee on the mortgage so people can’t actually save for a deposit

Yep this is the issue for my daughter and her family. They'd like to buy and although their rent isnt too bad, saving enough for a deposit and fees would be around 25-30 grand, not gunna happen on their current salaries, also she is 40 soon and her partner is 43 so they're running out of time.

 

[EpsomWolf]

The causes of the 2008 crash had very little to do with the UK economy

True, but we were already on the same trajectory with subprime mortgages.

In 2005 in a transitional crisis situation I bought a property with a self-certification interest only mortgage. The mortgage application was in reality a nonsense of made up numbers and the only check was a tick box where you declared the information was correct.

That was part of a very short term solution to a problem with a predetermined end game which in retrospect worked out very well, but it’s that sort of mortgage that enabled a lot of people here to buy properties which put them in a unbelievably precarious position.

People were gambling they could make mortgage repayments they couldn’t afford, based on a salary they’d made up, with no means of paying off the mortgage itself. They were gambling the property would increase in value to at least make a few quid in equity (and they were at least out of rented accommodation) and the banks were gambling the property would increase in value so they’d still have a healthy margin after the lender was evicted for defaulting even after the repossessed property was flogged off at auction.

Seems unimaginable in 2026 but that’s how it was. The house of cards came tumbling down via the USA but we were well on the way ourselves.

 

[Derby Wolf]

Yep this is the issue for my daughter and her family. They'd like to buy and although their rent isnt too bad, saving enough for a deposit and fees would be around 25-30 grand, not gunna happen on their current salaries, also she is 40 soon and her partner is 43 so they're running out of time.

This is where we are too, if I had a mortgage I'd be paying £400 less than I'm paying in rent now.

Landlord is needlessly gendered I prefer landbastard. I'm lining my lansbastards pockets while staring down housing instability in 20-30 years when I want to retire but can't without significant chunks of my pension pot also going to a landbastard.

Parasites the lot of them.

 

[EpsomWolf]

Problem is, rents are higher than the monthly fee on the mortgage so people can’t actually save for a deposit

And they’re a two-tier thing going on as it’s often the parents helping with things like deposits which facilitates getting their kids on the ladder. Sometimes even a healthy deposit isn’t enough if you need a huge salary on top to facilitate the colossal mortgage to get started.

At least those being given a leg up are given a chance, Lord knows how anyone manages without it.

 

[EpsomWolf]

Also you then have a big wedge of property cash to hand over to your children when you croak.

Be careful with that one. In modern thinking you’re considered fortunate and wealthy. The government will target what you want to bequeath to your kids and your asset might be wiped out by paying for your care.

Could always look at getting some advice and using your asset to help your daughter get started and shielding as much as possible from HMRC.

Careful though, that’s sort of thing comes with a tax-evading finger-pointing heath warning

 

[jlo]

@Derby Wolf & @sycophantia check out Skipton's 0% deposit track record mortgage product, based on rent paid over last 12 months. I wouldn't be on the property ladder without it, and they've been great to deal with.