To wonder how we managed our mortgage when interest rates were 13.6%

[BlueBloodedBlue]

We bought our flat in 1990 with a mortgage rate of 13.6%

I know house prices were much lower but so were wages.

I'm obviously not minimising the current nightmare situation so many people are facing, I just don't really understand the economics so would be grateful if anyone is able to explain in simple terms please?

Haven't they? I never said it was equal. There are friends of my parents who have the great fortune to have final salary pensions - both retired at 55 and have spent longer in retirement than they did in work. Their health is not so good now that they are older-old, but up until a few years ago they had numerous foreign holidays and extensive travel, weekends away, theatre trips, meals out, a new car every three years and so on. As I said earlier, my parents weren't so lucky and a treat for them is fish and chips that they have bought in rather than made themselves.

This generation - you have people who are earning well. In non-traditional jobs, there are influencers that have successfully monetised their content and made significant sums of money. As an example Woody and Kleiny (my knowledge of these two being courtesy of one of my nephews!) seem to spend their time pranking each other. They have made a very good living out of this on YouTube. At the other end of the scale you have young people graduating in £££ of debt, having to scrabble for unpaid internships, working in the gig economy on zero hours contracts with no benefits or employment protection, unable to move out of their parents' homes because they can't afford a flat-share let alone buying a place.

Ive noticed over the years that the number of people included in age categories now. Baby boomers referred to people born after the war up to the late 50s I thought.

Is this a "We've had record repossessions before after a dozen or so years of Conservative governments" thread?

So they've turned the younger generation against the older ones looking at this thread. Well done. I'll attach this photo again. It's up to is to change this you know.

Yep! I think it's used in more general terms now. Someone called me it at work recently. I asked them what they thought it meant and they thought it was 'just' old(er) and privileged. I'm in my mid-40s so not a post-war baby in the boomer sense of the word!

I don't know. Personally I think it's quite an interesting thread. I think there are always people who look for a pithy one-liner. But most of the posts are pretty informative.

This is such utter nonsense. People just spent their disposable income on different things. Computer games existed. Video rental existed. Pubs/cinemas/tea rooms etc all existed. It's 30 years ago, not the stone age.

So they've turned the younger generation against the older ones looking at this thread

I think the vast majority of people desperately want unity. But getting rid of ridiculous levels of inequality would be a good starting point. For instance tax second homes and buy to lets. Better wages, that sort of thing.

Don't believe any Government, Union, including the EU etc etc. they do NOT care about us.

Totally agree @mintywinter

In terms of the stats of women working, I wonder how those things are calculated, no one would have known my mum was working, it was cash in hand for 'pin money'.

One thing I do really like and admire about the current generation (Z?) is their willingness to challenge the status quo. I might not always agree with them, but I like the fact that generally speaking they are more vocal about speaking up and not wanting to accept unfairness.

I do feel for them as they face a number of challenges that are coalescing into a perfect storm. The rise of pandemics (I read somewhere that statistically speaking the risk of pandemics is increasing, which is quite frightening when aligned to the increase in antibiotic resistance), the economy, jobs, housing, energy security, the environment and climate change....

Maybe in your middle class utopia.
Life was a hard grind elsewhere.

People have challenged the status quo throughout times gone past all the time. Theres nothing that different about this or any other generation in that respect.

Oh do sod off.

The point being that people spent disposable income back in the 1990s, just as they do now. To claim otherwise universally is just utter rubbish.

WGSW There are a few influencers and people who've made money off Youtube. But things like final salary pensions were a one off, and any hope of a pension actually, will be out of reach for most young people who can't even meet rent. It used to be that many people knew that one day they would be able to get a house of their own, but when I look at my dcs, how is that ever going to be possible. In general terms things are much much worse for young people than they used to be. Young people can't continue bearing all of the burden, nor can they fund the NHS for an ageing population, big pensions, and BTL profits, and student loans. It's completely selfish and I include my own generation (gen X) in that.

This is almost me. Only I was a single purchaser (female) and my mum helped me out with part of the initial deposit on a small flat. But I had a lodger, I worked as much overtime as I could, 2nd hand furniture (and not fancy) from auctions. Eating out rarely and maybe 1 short holiday a year - celebrating the end of yet another set of exams. I then moved abroad for a while - and had tenants - remember watching in 1992 as the interest rate soared to 15%. Their rent didnt cover my mortgage let alone the other bills. So I had to fund that each month on op of my own living expenses. I absolutely believe that expectations in this country of lifestyle have had a very big part to play in personal debt. Cars on pcp - no if you cant afford the car then buy a cheaper one. My car was a small 2nd hand ford focus. Nothing fancy. But it was OK for at least 2 children. I guess the travel systems have grown in size. Netflix - fucking luxury - if you cant afford it dont have it. Etc etc. So I do have sympathy (living in the South) but at that time I lived within my means. And perhaps this is what the middle earners might need to do. (I think the low earners need every penny of support we can give them). As for the top earners - sorry not printable views.

I'm a financial adviser and you'd think I'm a rich Tory arsehole, right? I'm not, I've deliberately chosen a simple life so I can enjoy life, I'm not rich I have a small cottage and a Toyota Aygo 2016. I care not about being rich but I do care about my clients. I have no HNW clients but clients like me

I am disgusted with what's happening. Thankfully I don't work for a huge financial institution but a little local one that cares.

Good job really as if not I'd have quit!

I know. I don't have a final salary pension - I do have a pension but it's worth bugger all. I'll be working until I drop. The societal inequality gap is getting worse and worse. I don't know what the answer is but things can't continue as they are

Sod off yourself.
You have no idea what other people's were like.

All my salary went on the mortgage, we delayed having children by four years, lived without central heating didn’t go out, takeaways weren’t a thing then some didn’t have them either.

Easy.....my mortgage was paid by other taxpayers, through a scheme called MIRAS. Gordon Brown called it 'a middle-class subsidy', when he ended it in 2000. Essentially it entailed poor sods who couldn't afford a mortgage, paying the mortgage interest of people like myself - who could.

You could borrow 2.5 or 3 times your income on a maximum 25 year mortgage.

Thatll be back.

Only a quarter of it! I’d forgotten about MIRAS, it was an iniquitous and immoral tax dodge, even if I did benefit from it. Another Thatcher bribe.