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I was fairly young, so didn't have huge awareness of oil crisis, as i didn't drive until the 80s. Slightly tongue in cheek here... The bad: Constant strikes,
by anexprogrammer 10y ago
I was fairly young, so didn't have huge awareness of oil crisis, as i didn't drive until the 80s. Slightly tongue in cheek here...
The bad:
Constant strikes, works to rule, sympathetic strikes (miners going out in sympathy with the rail works and other such silliness), having to be bailed out by the IMF, three day week and doing homework by candle light due to electric strikes. Horrific fashions and decor. So much bad music! Godawful food - this was when the UK earned the reputtion for terrible food, and it was well deserved. thankfully we're well out the other side of that reputation. High inflation if you were a saver. I recall my childhood saving account paying 16% one year! Tech was a calculator, a record player and a speak and spell. The internet was having a penfriend!
The good:
Simpler expectations, no great media missions to have government "do something" after every minor crime and accident. No 24hr news so little chance of hearing about the 1:1,000,000,000 crime that took place 500 miles away. Terrorism existed, but didn't result in wholesale change of the way we lived. "They won't change our way of life" was the usual refrain rather than "we need a war on terror"[1]. As a householder, high interest rates. Yes really. As a worker it led to regular, large, wage rises - often perceived to be good whatever your stance on the economics. After 3 years at 15%+ the mortgage you made a huge stretch to take has reduced to affordable. After ten or fifteen years its become pocket money. The house was a much lower multiple of wage to start with. After all that you still got tax relief on mortgages (abolished in the 90s). Final pay pensions. Job security, even if you were a manual worker. Your 15yo wasn't demanding an iPhone 6 to replace her iPhone 5 as it's SO much better! (Meanwhile I still used the Nexus 4).
- Domenic_S 10y ago> the mortgage you made a huge stretch to take has reduced to affordable Yeahhhhhh but don't forget interest on that 30-year fixed was 12%+!
- anexprogrammer 10y agoUK mortgages are usually variable, going up and down with changes in interest rates. You can fix, but often for just the first 5 years. Then switch to a different mortgage if you want another 5 or 10 years fixed. Is it usual to fix for full term in the US? With lower interest rates these days fixing is much more common than it was.
- ethbro 10y agoUS has a variety of mortgage products, but yes, a fixed rate amortized over 30 years is pretty standard. There are 5/1 ARMs and the like that are more similar to what you describe, but most rates are locked.