1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Brexit could wipe a fifth off the value of the pound

Discussion in 'Money Matters' started by Micawber, Feb 11, 2016.

Page 5 of 5
  1. Bootsonground
    Online

    Bootsonground Guest

    IMO dont buy it in any form for investment purposes unless you can predict with confidence which way Gold prices will go for at least the next 5 years.
    Graham is OK..He has a huge stash of the yellow stuff that used to belong to a guy named Yamashita in his back garden.
    Alright Graham???? Mate???
    Bootsonground, Feb 27, 2016
    #81
    • Funny Funny x 1
  2. graham59
    Offline

    graham59 Banned

    Shhssh ! :ninja:
    graham59, Feb 27, 2016
    #82
  3. walesrob
    Offline

    walesrob Administrator Staff Member

    Blimey, your a bit a dark horse :eek:
    walesrob, Feb 27, 2016
    #83
    • Funny Funny x 1
  4. oss
    Offline

    oss Somewhere Staff Member

    Yeah I would totally agree with that, the sad thing is that when I had money back about fifteen years ago I was getting constant advice from The Motley Fool to buy gold as it was going to go through the roof, I should have listened as it did :)
    oss, Feb 27, 2016
    #84
  5. KeithAngel
    Offline

    KeithAngel 2063 Lifetime Member

    an ounce of gold was £14 in 1970 a weeks wages now £ 7-800, an ounce a year would be a nice nest egg now of around 60K
    KeithAngel, Feb 27, 2016
    #85
  6. oss
    Offline

    oss Somewhere Staff Member

    In 1977 fourteen quid was a weeks brew (dole) money between terms, in the same year I was on £50 a week in a cloth finishing factory and clearing almost all of that as my total earnings came under my annual tax allowance. (limited number of weeks working)

    Of course I had no foresight at all in those days and it all got blown one way or another :)

    Fourteen quid could get you to Arran and back for almost a week, getting back just in time to sign on again and collect your cheque :)
    oss, Feb 27, 2016
    #86
    • Like Like x 1
  7. graham59
    Offline

    graham59 Banned

    In 1977 I paid the 5% deposit on my first house with 2 weeks (commission-only) pay. £450. Mid-twenties and single. My net mortgage was less than my car repayments. Our kids have things a lot tougher.
    graham59, Feb 27, 2016
    #87
    • Agree Agree x 2
  8. oss
    Offline

    oss Somewhere Staff Member

    You're a wee bit older than me Graham, not by much though I was in my teens then, it was 10 years after that before I started to earn reasonable money, I made a lot of mistakes when I was very young, but that's all in the past.
    oss, Feb 27, 2016
    #88
  9. Micawber
    Offline

    Micawber Renowned Lifetime Member

    First house I bought in 1972 cost £3750 brand new.
    Had the devil's own job getting a mortgage.
    I remember asking for an extra £320 to cover the cost of having a garage and central heating......got refused.

    Those early years weren't kind as interest rates were double figures. I think peaked around 15% + can't remember when.
    Tough times for some. Especially me.
    Micawber, Feb 27, 2016
    #89
  10. walesrob
    Offline

    walesrob Administrator Staff Member

    walesrob, Feb 27, 2016
    #90
    • Like Like x 1
  11. oss
    Offline

    oss Somewhere Staff Member

    Marty !!!!!!!!!!!!!!!!!!! :lol: :D

    And Tim !!! :D
    oss, Feb 27, 2016
    #91
  12. Jim
    Online

    Jim Well-Known Member Trusted Member

    when Maggie Thatcher was in power. I just got out of the army and bought my first house. I remember the rates 15%.:(
    Jim, Feb 27, 2016
    #92
    • Agree Agree x 1
  13. graham59
    Offline

    graham59 Banned

    It was 7% when I bought my first new house in 1977 and had gone up to 15% by the time I bought my second new house in 81/82. However, because Maggie kindly massively increased energy prices and I was selling home insulation, all was still well with my bank account. :) Lots of new customers too, who had rushed to purchase their council houses. :like:
    graham59, Feb 27, 2016
    #93
  14. oss
    Offline

    oss Somewhere Staff Member

    My sister was about seven or eight years into her first couple of mortgages when the rates hit 15% she survived it thank god.

    Actually at the worst interest rates spiked at 17% in Nov 1979 the worst it had been since November 1973 when Heath was in power and the rate was 13%.

    During the following Labour years the rate went down to 5% in October 1975 and climbed back up to about 12% just before Maggie drove it back up to that 17% number, it remained around 15% until 1982 but it was 1988 before it hit a low of 7.37% and another 6 years before it got to 5.13% in February 1994.

    In the 22 years since 1994 the peak the interest rate ever reached was 7.5% in June 1998.

    When, and it will be 'when' the high rates return vast numbers of people in this country are going to be right royally sc.....
    oss, Feb 27, 2016
    #94
  15. Bootsonground
    Online

    Bootsonground Guest

    Wasn't that "Black Wednesday"?? Fortunately I was still not a homeowner then.
    When you look at these ridiculously high interest rates in the 70`s its not hard to see why the cash rich upper class families were rolling in interest income at the time..
    By the time I had a bit of cash in the bank,interest rates were ****e... Best I ever did was in 2007 when we first came over here to live..7%!
    That didn't last very long though.... Bugger!!
    Bootsonground, Feb 27, 2016
    #95
  16. oss
    Offline

    oss Somewhere Staff Member

    No withdrawal from the ERM was 16th Sept 1992 and interest rates hit 12% they were back down to 7% ish by November that year.
    oss, Feb 27, 2016
    #96
  17. graham59
    Offline

    graham59 Banned

    I regret not having bought an extra house or two to let out. Of course in the early days only one mortgage was permitted. No such thing as 'buy to let' . Those with multiple mortgages were often simply committing fraud. There is and always was a lot of 'dishonest' money about. The property market is an ideal place to prosper from it.
    graham59, Feb 28, 2016
    #97
Page 5 of 5

Share This Page