Kia Owners Club Forum banner
1 - 2 of 2 Posts

·
Registered
Joined
·
461 Posts
I like a piece of lamb, but the price has reach stupid levels. It's not just used car prices, used caravan prices have gone daft and at the same time caravan manufacturers are cutting back on production, which in turn is forcing prices up.
I am old enough to remember the day when we accepted a mortgage with a 14% interest. Are those days on their way back?
Of course in those days you actually got tax relief on mortgage interest which if you were a higher rate tax payer was quite a substantial discount.The other thing was that lenders had sensible lending policies ( 3 x highest earner and 1 x for spouse) based on realistic house values.

In many cases though inflation is only a published figure and for those that shop around it is nearly always possible (with certain exceptions as you say) to make best possible use of deals/cashback offers to keep your costs under the headline rate. Energy costs are probably the main component in rising household bills and I accept that there's not much you can do about those at the moment apart from those who perhaps were forward thinking and invested in solar panels etc when feed in tariffs were generous.
 

·
Registered
Joined
·
461 Posts
i had endowments taken out in the 80's and 90's when it became known that these were no good. i decided to pay the mortgage off (it make good sense not to pay all that interest) So by having a series of fixed rate mortgages ( remorgaging downwards by paying back lump sum saved each time) i was mortgage free a good 10 years early. to do this i had to work overtime saving the extra money, not decorating or upgrading a perfectly adequate house for a few years,keeping a perfectly functional car instead of renewing. i have had 2 of the three windfall endowment payments (and life cover) and are looking forward to spending the last payment when it comes next year !
I don't know that your wise approach would work with today's younger generation unfortunately.

House prices have become so inflated generally and the concept of scrimping/scraping/saving is totally alien to many now just who live for the day!

The linking of endowments with mortgage products was always questionable and I recall debating this issue in the very early 70's when you would be faced with the choice of "with profits" or "standard"! I always plumped for standard repayment terms despite the pressures from mortgage providers to sell you the endowments. Maybe I've missed out on misselling compensation by not having such products but just not into that culture I'm afraid.
 
1 - 2 of 2 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top