I had to contact the hubby yesterday in an emergency. All this talk of budget cuts and football had finally sunk in. Christ! The mortgage, we are stretched to our very limits on an unfortunate 5.75 % fixed rate mortgage. But, there is light at the end of the tunnel and it’s due to renew next year. Or at least it was, panic, what if the interest rate goes sky high likes it did in the 1980’s. We, like many other ordinary middle-class families would be well and truly stuffed.
There is no lea-way in our budgeting. I go to shops look at lovely things that pre-children I would have easily been able to afford and now it’s a real dilemma whether to by them or not. I saw a pair of shoes the other week, they were reduced from £130 to £50. I have lusted after them ever since. I earn a reasonable salary, 5 years short of my age, hubby is a chartered accountant. We should be rich. We are far from it, the mortgage takes the majority of our combined salaries. We are stuck, we can’t live anywhere else as our jobs are here, our house is not expensive for where we live, it’s average.
So back to mortgages, well research indicates that the rate should stay at around 3% until at least 2012. That’s fairly good news then. Like many other families we will make further cut-backs on the shopping bill if the budget impacts on us. Although the hubby seems to think that we fall into a weird bracket combination of taxes, lack of benefits and so forth that it will probably have little impact, other than more expensive shopping. The slight worry is my local government job, but since I have trained as a childminder I have a back-up plan. Pensions? Well, I think we may just have to forget about them and if we make it to 70 we will be living in a tent at the seaside.
The only other alternatives I can see for this government is to adopt historical precedents. I do believe that the Plantagenet invasions of Northern France proved quite successful and the English make remarkably good pirates.