Cost of Living Crisis

[strichener]

23 hours ago, Todd_is_God said:

Full-Term fixes are really only useful if you never intend / need to move.

I can't imagine the early repayment penalty on them would be particularly competitive either.

You would be surprised.  Kensington had some really good offers where you could move house or even remortgage with minimal fees.  The only time the big penalties came in was if you wanted to pay off your mortgage.

Edited October 28, 2022 by strichener

[Todd_is_God]

21 minutes ago, strichener said:

You would be surprised.  Kensington had some really good offers where you could move house or even remortgage with minimal fees.  The only time the big penalties came in was if you wanted to pay off your mortgage.

Most people with mortgages who move house are upsizing, surely, which makes moving your mortgage to your new house almost certainly nowhere near enough? At which point settling your current mortgage and starting anew the way forward, and that big penalty being paid?

[strichener]

1 hour ago, Todd_is_God said:

Most people with mortgages who move house are upsizing, surely, which makes moving your mortgage to your new house almost certainly nowhere near enough? At which point settling your current mortgage and starting anew the way forward, and that big penalty being paid?

There was no "big penalty" for remortgaging, only for settling early.  That includes remortgaging with a different company.

[Todd_is_God]

10 minutes ago, strichener said:

There was no "big penalty" for remortgaging, only for settling early.  That includes remortgaging with a different company.

Moving house (and needing a bigger loan as a result) and remortgaging are not the same thing.

ETA other than to borrow more money against their current property (i.e. to extend / renovate) I cannot think why anyone on a full term fixed mortgage would need to re-mortgage either.

Edited October 28, 2022 by Todd_is_God

[Soapy FFC]

18 minutes ago, strichener said:

There was no "big penalty" for remortgaging, only for settling early.  That includes remortgaging with a different company.

Am I missing something here? If you are currently in a fixed rate deal and decide to remortgage with another company, then you will have to settle the original mortgage early with the original company, so surely an early repayment penalty would be incurred?

[Salt n Vinegar]

I think we should take a moment to spare a thought for the wealthy and powerful who will be quaking in their boots with terror at the implications for them of all these "difficult" decisions that Sunak and Hunt are said to be wrestling with. Our thoughts are with them at this worrying time. 

[Guest Jedi]

Meanwhile how is the SNP responding to the RMT's campaign for a proper rise for rail workers (in a nationalised Scotrail)? With the unions on strike again today do the Scot govt see it as a priority to sort out more than a 5% offer with inflation at 10% and set to go higher? Answer appears to be no.

Similarly other public sector workers in Scotland, again totally under the control of the Scot govt are not seeing wages anywhere near matching inflation either.

When the Tories don't look after the public sector during this crisis its terrible (which it is)..when the SNP Similarly don't do it (when they have the power to do so) it's Westminster's fault.

[lichtgilphead]

13 minutes ago, Jedi said:

When the Tories don't look after the public sector during this crisis its terrible (which it is)..when the SNP Similarly don't do it (when they have the power to do so) it's Westminster's fault.

Whose fault is it in Wales?

[Granny Danger]

47 minutes ago, Jedi said:

Meanwhile how is the SNP responding to the RMT's campaign for a proper rise for rail workers (in a nationalised Scotrail)? With the unions on strike again today do the Scot govt see it as a priority to sort out more than a 5% offer with inflation at 10% and set to go higher? Answer appears to be no.

Similarly other public sector workers in Scotland, again totally under the control of the Scot govt are not seeing wages anywhere near matching inflation either.

When the Tories don't look after the public sector during this crisis its terrible (which it is)..when the SNP Similarly don't do it (when they have the power to do so) it's Westminster's fault.

 

29 minutes ago, lichtgilphead said:

Whose fault is it in Wales?

[strichener]

13 hours ago, Soapy FFC said:

Am I missing something here? If you are currently in a fixed rate deal and decide to remortgage with another company, then you will have to settle the original mortgage early with the original company, so surely an early repayment penalty would be incurred?

Yes, I got it the wrong way round.  There are no fees for downsizing your property or paying it off early.  However if you fix for life then there isn't really a reason to remortgage.

Details are here - https://wwwdr.kmc.co.uk/new/residential-range/flexi-fixed-for-term

My daughter wanted to take this out for her entire term at 3.69% but she wasn't accepted as she needed a years employment and she was a few months short.  Looks like that was an opportunity missed given where rates look like going.

Edited October 29, 2022 by strichener

[Guest Jedi]

48 minutes ago, lichtgilphead said:

Whose fault is it in Wales?

The SNP have complete control over public sector pay..therefore decisions on what % rises to award are absolutely nothing to do with London...entirely down to decisions made by the Scot govt...either they think public sector workers deserve a rise commensurate with inflation/cost of living or they don't (and they dont)

[Granny Danger]

11 minutes ago, Jedi said:

The SNP have complete control over public sector pay..therefore decisions on what % rises to award are absolutely nothing to do with London...entirely down to decisions made by the Scot govt...either they think public sector workers deserve a rise commensurate with inflation/cost of living or they don't (and they dont)

Who has control over Scotland’s revenue raising powers?

[lichtgilphead]

7 minutes ago, Jedi said:

The SNP have complete control over public sector pay..therefore decisions on what % rises to award are absolutely nothing to do with London...entirely down to decisions made by the Scot govt...either they think public sector workers deserve a rise commensurate with inflation/cost of living or they don't (and they dont)

Absolute nonsense.

Local authorities set the grades relevant to the posts. As an example, my own post is better paid than most equivalent posts in Wales, and I am better paid than some equvalent posts in Scotland, and worse paid than others.

Labour have outright control of 8 councils in Wales & are in coalition or governing as a minority in 7 of the 10 councils with no overall control. They are also in coalition with Plaid in the Sennedd.

Why are staff in these councils so poorly paid?

 

[Guest Jedi]

13 minutes ago, Granny Danger said:

Who has control over Scotland’s revenue raising powers?

Last figures for income tax revenue in Scotland (with the Scot govt os course having the power to set the rates) was 74 billion...add a block grant of 41 billion in there and that is a fair amount of money to play with for public spending 

Years of right wing policies on local Council funding with the Council Tax freezes designed entirely to appease the middle-class, has left Scotland's local authorities underfunded and led to cuts to vital public services...that is a 'political' choice by the SNP as said the tranche of voters they want to please ain't the working class.

So when it comes to pay rises does the Scot govt raise its own revenue to cover this? Of course it does..Independence does not automatically lead to a financial boom which will see large sums spent on public sector pay as the 'political choice' of the SNP would again focus on deep cuts instead.

[Granny Danger]

5 minutes ago, Jedi said:

Last figures for income tax revenue in Scotland (with the Scot govt os course having the power to set the rates) was 74 billion...add a block grant of 41 billion in there and that is a fair amount of money to play with for public spending 

Years of right wing policies on local Council funding with the Council Tax freezes designed entirely to appease the middle-class, has left Scotland's local authorities underfunded and led to cuts to vital public services...that is a 'political' choice by the SNP as said the tranche of voters they want to please ain't the working class.

So when it comes to pay rises does the Scot govt raise its own revenue to cover this? Of course it does..Independence does not automatically lead to a financial boom which will see large sums spent on public sector pay as the 'political choice' of the SNP would again focus on deep cuts instead.

That’s the sort of answer I’d expect from a Starmerite.  Personally I was opposed to a Council Tax freeze.  But a) the idea that it only, or even primarily, benefitted the “middle-class” is preposterous; and b) which class is Starmer’s Labour Party trying to appeal to.

FWIW a Parliament that has complete control over its own revenue raising powers can, and should be, held accountable.

[Guest Jedi]

Preposterous that a right leaning party would seek to benefit the middle class?..Who mostly uses public services? Middle or working class? Who suffers more from the cuts to funding which are a result of tax freezes? The working class. Who has more disposable income in their pockets as a result of tax freezes?..Hmm..would that be the better off middle class instead...Preposterous right enough.

The SNP's natural base is the better off. Labour by contrast in trying to win a UK wide election have to try to appeal to all sections of society..no easy task.

[Granny Danger]

5 minutes ago, Jedi said:

Preposterous that a right leaning party would seek to benefit the middle class?..Who mostly uses public services? Middle or working class? Who suffers more from the cuts to funding which are a result of tax freezes? The working class. Who has more disposable income in their pockets as a result of tax freezes?..Hmm..would that be the better off middle class instead...Preposterous right enough.

The SNP's natural base is the better off. Labour by contrast in trying to win a UK wide election have to try to appeal to all sections of society..no easy task.

I’ve taken you at face value up to now but it’s now obvious that you’re either a troll or an idiot.  I cannot make up my mind which.

[Guest Jedi]

8 minutes ago, Granny Danger said:

I’ve taken you at face value up to now but it’s now obvious that you’re either a troll or an idiot.  I cannot make up my mind which.

Abuse as ever..as your intellectual superiority and sneering inevitably kicks in....any questioning of ANY SNP policy=trolling/idiocy/a moron/puddle drinker/fu*kwit etc.

[jakedee]

Preposterous that a right leaning party would seek to benefit the middle class?..Who mostly uses public services? Middle or working class? Who suffers more from the cuts to funding which are a result of tax freezes? The working class. Who has more disposable income in their pockets as a result of tax freezes?..Hmm..would that be the better off middle class instead...Preposterous right enough.
The SNP's natural base is the better off. Labour by contrast in trying to win a UK wide election have to try to appeal to all sections of society..no easy task.

Hate to ask the obvious, but by winning election after election in Scotland, who do you think the SNP are appealing to?

[Dawson Park Boy]

1 hour ago, Granny Danger said:

Who has control over Scotland’s revenue raising powers?

Scotland can, and does set its own income tax rates.

Why else would Scottish taxpayers have an S in front of their Code Numbers?