How is everyone coping with mortgage rates increasing?!

[Undecided94]

This might be a thread for the money matters section but hopefully, it makes equal sense here.

Early 30s and looking to buy a house with land. The idea is that we will have more space for a home gym, home office and somewhere to keep my horse. I have found a house, it’s been on the market for 5 months with no offers so I’m tempted to make a cheeky offer.

That said, even if they accept the offer, mortgage would be around £2k per month! Add bills on top and it’s feeling scary. Is this normal? Our friends seem to have borrowed much more and earn much less but their interest rates are half! I’m looking at over 5%.

There is a cost either way, if we stay where we are, I continue to pay the monthly fees, which are less than the jump to the house with land but I’d have the convenience of having my horse on my own land.

The cost of living seems to have just shot up. It’s not just the mortgage rates. It’s absolutely everything! How are we all coping? Honest opinions welcome 😊

It is realistic if you put savings before debt, a whole generation is now catching on to this by staying at home and avoiding debt for "education" and massive mortgage debt on shoe-boxes next to a roundabout, so their savings account wins while the landlord, lender and Uni"s running debt scams lose.

How do you propose that works exactly? Should no one be a teacher or a nurse or a paramedic or a speech therapist? None well paid but all require a university degree. How long should a person avoid mortgage debt? Should they rent forever instead? That’s not financial security. What about getting to work? They probably need a car. Most people need to finance one one some way.

You just sound extremely out of touch - where is it exactly that you can get a well paid job without a degree and continue to live at home rent free so you can save a whole year’s salary separate from your house deposit or pension?

Ever heard of plumbers, electricians, bricklayers? Are you seriously proposing that no young people doing these trades live at home and they have all bought overpriced new-builds next to a McDonalds somewhere?

Some people like living at home, it is comfortable and familiar, as a character in a Jason Statham movie said when being teased about still living with his Mum - "She knows how I like my eggs". Imagine working for this lot and living at home, you would be absolutely minted.

https://nursingguild.com/benefits/pay-rates/

Obviously not but we can’t only have tradies can we? People also can’t always live at home for a variety of reasons - I really do think you’re just trolling at this point

Keeppumping you’re not wrong in some respects and I enjoy your posts but you’re wrong to be so smug and crow about people struggling. I too used to be on Housepricecrash back in the day. I still needed to play the game though as I had a family to raise and needed to live somewhere.
You may be thoroughly enjoying the present deflation of the bubble but it’s hardly cleverly prescient to predict that prices will eventually fall. They always do. It’s always a little different each time. This version is interesting but I don’t think will be as dramatic as the crashers want. Am overall pleased the ride has (inevitably) turned.
Most people aren’t idiots who stupidly buy unnecessarily large houses to impress other people. Just trying to build some security somehow.
Anyway I’m glad I didn’t listen to the doom mongers 15 years ago and get out of the market. After 35 years of ups and downs I’ll pay off the mortgage next year.
I have three potential FTB DC and they are watching and waiting like everyone else but will eventually also play the game.
You’d love my neighbour! She’s a smart woman who needs to sell and has just reduced her house to a level that has all the estate in shock! Upset the three others with houses up for much more. Fine as she’s well off and moving abroad but I do have some some empathy for those stuck in this current market.

In France (and I think in many other euro countries) 33.3% is the maximum lenders will allow you to spend on your mortgage or rent. It’s the maximum! They deem higher than this to be unaffordable. I think it’s irresponsible of UK lenders to be encouraging people to borrow higher and higher amounts- another crash will come where people cannot afford their housing costs.

True, but nurses get a grant, 5k a year that they don"t pay back, and as I posted agency nurses can make very good money, also people are not obliged to play in all parts of the debt game, they don"t NEED a degree, most people certainly don"t need the associated 50k debt for something that frankly will get them a job they could have got anyway without the degree, that is the majority IMO, so they may not be able to live at home but they can skip the Uni debt, or they may live at home or flat share for cheap rent to skip the big mortgage debt, people more and more are no longer just blindly following the debt, debt, debt route because they see that the value just isn"t there for what the debt buys them.

I didn't borrow more, but I was always able to budget some over payment out of FAR smaller salaries than the OP is talking about.

Pity the French were not so prudent with the nations finances.