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The years of discontent, 2022/23


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8 hours ago, Honest_Man#1 said:

If you’d been on a 10 year fixed deal from 2010, you’d presumably have paid off a significant chunk of the mortgage, and very likely be able to remortgage to at least be paying the same. Quite unlikely you’d be remortgaging at £250 a month more than before.

Its how much its risen since we got our mortgage in 2016, should have been clearer. 

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36 minutes ago, DeeTillEhDeh said:

Some people do need advice - the problem is they are often not proactive in seeking that advice

Even after teaching personal finance for the past 10+ years. and having a pretty good knowledge of different financial services, I would always go to a properly accredited financial advisor to confirm what I wanted to do.

You're right about seeking solid advice from professionals when making big financial decisions.

The bit in bold is what we agree on. There's far too many people who are tuned to the moon when it comes to finances.

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6 minutes ago, Inanimate Carbon Rod said:

f**k sake, bought house in 2016, 3/4 year fixed rate deals and remortgage in the summer of 2023. 

Got you.

All my deals were 5 years - more for the longer-term budgeting - never really fancied anything shorter and I wouldn't touch a tracker with a barge pole.

Mind you - our first mortgage was from Northern Rock (H_B's favourite investment) - a 125% LTV available in those days.  When I think about it now we were lucky with timings because we did our second deal just before the credit crunch - with an LTV of 95%.

Edited by DeeTillEhDeh
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1 hour ago, Inanimate Carbon Rod said:

Since 2016, fixed term ended and re-mortgage at the cheapest deal so far is £250 a month more, price of things like home insurance and childcare also risen.

I see your 'since 2015' statement at the end of your post now, which makes sense. But it also means that your scenario doesn't really match up to the 'pay cut since 2010!' nonsense argument. That entire decade was dominated by practically free money to borrow at ultra-low historical rates. Someone with a secure job enjoyed more than a full decade of that before interest rates began to rise in the past 18 months. Their mortgage could only be substantially higher in 2020 than in 2010 out of a personal choice to move up the ladder - the basic outgoing would have been pretty much flat all decade. 

Edited by vikingTON
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7 minutes ago, virginton said:

I see your 'since 2015' statement at the end of your post now, which makes sense. But it also means that your scenario doesn't really match up to the 'pay cut since 2010!' nonsense argument. That entire decade was dominated by practically free money to borrow at ultra-low historical rates. Someone with a secure job enjoyed more than a full decade of that before interest rates began to rise in the past 18 months. Their mortgage could only be substantially higher in 2020 than in 2010 out of a personal choice to move up the ladder - the basic outgoing would have been pretty much flat all decade. 

Sometimes that moving up the ladder is not through choice but necessity. Having more bairns will often mean you need a larger property. Obviously once they grow up you can benefit by choosing to downsize.

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2 hours ago, Todd_is_God said:

You're right about seeking solid advice from professionals when making big financial decisions.

The bit in bold is what we agree on. There's far too many people who are tuned to the moon when it comes to finances.

But that’s the real pisser here. You have idiots on TV, infomercials with “experts”, books on saving money by doing this and/or that, plus assorted grifters and scum/non-fiduciary financial advisors. People are bombarded with information, much of it either wrong for them or their situation, and they make decisions on that basis because paying an advisor isn’t easy to do. A good fee for service advisor is something everyone should use, but the idea of lumping out a couple of thousand quid for “a plan” is about as popular as telling people to make a will/living will/power of attorney, etc. It’s simply human nature that most people will get hooked like fish by one scheme or another from this crap and end up in situations they might have avoided.

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3 hours ago, virginton said:

I see your 'since 2015' statement at the end of your post now, which makes sense. But it also means that your scenario doesn't really match up to the 'pay cut since 2010!' nonsense argument. That entire decade was dominated by practically free money to borrow at ultra-low historical rates. Someone with a secure job enjoyed more than a full decade of that before interest rates began to rise in the past 18 months. Their mortgage could only be substantially higher in 2020 than in 2010 out of a personal choice to move up the ladder - the basic outgoing would have been pretty much flat all decade. 

I know that in my organisation pay hasnt kept up anywhere near the rest of the public sector so the real terms cut is quite significant. Since the realities of brexit began to bite (and i view that to be the most significant economic event in my adulthood) say 2017 onwards id argue all ‘basic’ outgoings have risen abruptly. 

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Meanwhile, with inflation still above 10%, FE lecturers have been offered.....2%.

https://www.eis.org.uk/latest-news/festrikballot

 

As a more general point, pay negotiations have been a shambles since the current government implemented national bargaining in colleges in 2016 (for fairness this policy was also supported by Scottish Labour)

Edited by O_Kahn
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21 minutes ago, O_Kahn said:

Meanwhile, with inflation still above 10%, FE lecturers have been offered.....2%.

https://www.eis.org.uk/latest-news/festrikballot

 

As a more general point, pay negotiations have been a shambles since the current government implemented national bargaining in colleges in 2016 (for fairness this policy was also supported by Scottish Labour)

The union are wanting a £5k flat increase instead though. Both starting positions for negotiation are as out of touch as each other. Safe to say that all the other staff needed to keep a college running will be fucked over regardless. 

Pretty sure that the union was on board with national pay bargaining rather than handling every buckshee institution.

At least they're not repeating the gormless May 'strike' tactics this time round. 

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55 minutes ago, virginton said:

The union are wanting a £5k flat increase instead though. Both starting positions for negotiation are as out of touch as each other. Safe to say that all the other staff needed to keep a college running will be fucked over regardless. 

Pretty sure that the union was on board with national pay bargaining rather than handling every buckshee institution.

At least they're not repeating the gormless May 'strike' tactics this time round. 

I daresay that if there was an offer of 7% similar to teachers and firefighters, it would be accepted pretty quickly.  Given the miserly settlement the SFC received from national government, I suspect this dispute will be long and acrimonious.

I think this was the first teacher's strike over pay in 40 years whereas there have been 2 or 3 in just the last 10 years in FE.  

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That's junior doctors in England walking out again. This time for four days immediately after the Easter weekend. Devastating timing. Steve Barclay seems to have no intention to negotiate in good faith. Junior doctors in Scotland currently being balloted about industrial action and consultants about to be asked if they would consider it prior to being balloted.

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Quote

But I think in terms of morale, it would at least make me feel that the government actually cares and [is] committed to keeping doctors in the country.

Tiffany Li there, as quoted in that article, being a bit annoying.

That junior doctors in Scotland are so quick to consider leaving Scotland is not just a reflection of their working conditions.  Other workers in other sectors also feel their conditions are unsatisfactory but fleeing abroad is not something they threaten because its not an option for them. Firstly, junior doctors are less likely to be Scottish. There's also the socio-economic background of all the non-Scottish junior doctors in Scotland. They are all from wealthy homes in their nation of origin. So either returning to be a doctor in their home nation or moving on to a third nation is comparatively very easy for them. This contrasts with non-Scottish workers in other sectors, who are not from wealthy backgrounds and are normally permanent residents in Scotland for reasons other than their current job. Such workers are much less likely to consider moving back to their nation of origin or onto a third nation.

So I don't like this implication that junior doctors considering leaving the country shows their plight to be worse than other workers.

Edited by FreedomFarter
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