Anyone here had financial responsibilities 16/9/92?

[FishFright]

Ahh yes, the IMF - aren't they the people who backtrack on their erroneous predictions?

Would you prefer them to stick with their erroneous predictions?

 

[spen666]

Would you prefer them to stick with their erroneous predictions?

I would prefer them to improve their predicting and not have to backtrack so often

 

[FishFright]

I would prefer them to improve their predicting and not have to backtrack so often

You should let them know , just in case they have never thought of that.

Like a lot of organisations most people only remember their errors.

 

[stephec]

Around that time in 1992 I first became a mortgage slave, Mrs Stephec worked for a bank at the time so we got a staff rate, apparently not so much of a good deal anymore, £37500 for a big two bed terrace on a combined income of around £19000, that house is somehow now worth £200000.

As rates changed over the years we always looked for short term fixed deals, with rates coming down I'd ask about a price to pay off quicker, if we had 20 years left we'd go for an 18 year deal, etc.

Moving up extended things a bit, luckily we moved in late 2001 just before there was a silly price jump, but I reckon we saved about 5 years of payments in total, and we finally paid everything off a few month ago.

 

[steverob]

Like some on here while I was too young to have a mortgage in 1992, I do remember my parents panicking over everything when Black Wednesday happened and wondering if they'd be able to afford their payments that month, which clearly left a bit of a mark on me, albeit in a good way (kind of).

It meant that when it came a time for me to get a mortgage about ten years later, even though rates at the time were around 4-5%, the fear of something like that happening again meant I overcompensated massively and priced up whether I could afford it at 10% before deciding on my budget. Of course, five years later rates dropped to under 1% and stayed there seemingly forever and as I was on a tracker, I decided the best course of action was to start overpaying - basically kept my payment the same as it was before the rates dropped. Eventually I got the mortgage clear 9 years ahead of term; if I hadn't, I'd still have 3-4 years left on it now.

 

[CXRAndy]

Had my first mortgage in 1986, £8k. Moved in 1997, just about to sell that house, having rented it for nearly 20 years

 

[Ian H]

Towards the end of 92 my two year old company was starting to make a profit & I had taken on a business partner. This brought some money into the business. I don't recall any direct adverse effects from the financial debacle. By the following year I had enough free time to start cycling seriously again.

 

[bruce1530]

I remember when the mortgage rates hit 15% briefly. We had just bought a house, and I had to borrow money from parents to meet the monthly payment.

My sister worked for an insurance, pensions and financial services company. Two of their clients took their own lives the day the rates went to 15%.

 

[CXRAndy]

It only went to 15% for one day, then back down to 10% the next day where it had been previously.

 

[gbb]

But the rates were significantly high for some period i seem to remember. A colleague of mine had brought an expensive house not long before those days of high rates and as they fell back, I remember saying to him...'you must be pleased to see your repayments falling now ?'
Phhh , he replied, I'm about £1000 a month better off now.

Christ knows how much his payments were at the peak ?

 

[gbb]

the one thing you realise, if you're taking notice, is how we suffer the same problems, make the same mistakes, every twenty years or so. The amount of times people discuss something like this and you think...yer, seen all this before.

 

[Jameshow]

the one thing you realise, if you're taking notice, is how we suffer the same problems, make the same mistakes, every twenty years or so. The amount of times people discuss something like this and you think...yer, seen all this before.

Except politicians! They cannot see beyond 4 years!!!

 

[rogerzilla]

I remember when the mortgage rates hit 15% briefly. We had just bought a house, and I had to borrow money from parents to meet the monthly payment.

My sister worked for an insurance, pensions and financial services company. Two of their clients took their own lives the day the rates went to 15%.

Base rate was planned to go to 20% for a few hours - never implemented - before Lamont abandoned the ERM and let the pound float (i.e. sink).

I was working in a building society and it was quite an exciting day.

 

[Pale Rider]

I was working in a building society and it was quite an exciting day.

I recall going home on the tube, by the time I got into the house there had been another couple of rises.