Hard to do that for a house unless you have a fabulous inheritance...
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Interest Rates
- Thread starter jowwy
- Start date
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Hard to do that for a house unless you have a fabulous inheritance...
Chislenko
Veteran
Worked hard all my life and now have a healthy bank balance.
Never had an inheritance, just got on with life and didn't do the "feel sorry for me" garbage.
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Alex321
Guru
- Location
- South Wales
Or (as in our case) have paid a mortgage for many years and paid it off before selling and buying another.
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PaulSB
Squire
- Location
- Chorley, Lancashire
I read this and ignored it. Then I read the next three pages. 🤣
PaulSB
Squire
- Location
- Chorley, Lancashire
I was chatting to my eldest son at the weekend who, with his partner, is looking to buy in Manchester. They dont have an offer in place. He didn't quote precise figures but said their anticipated repayments have moved from +/-£800 to +/- £2000. I suspect he was exaggerating to an extent.
Fearing taking on a high rate mortgage, buying in what has been a rapidly increasing priced market and then followed by a substantial drop in house prices they've taken the decision not to buy.
His partner owns their flat, they will stay put, the planned family is on hold etc. Just one example but I'd wager many similar decisions are being taken.
Fearing taking on a high rate mortgage, buying in what has been a rapidly increasing priced market and then followed by a substantial drop in house prices they've taken the decision not to buy.
His partner owns their flat, they will stay put, the planned family is on hold etc. Just one example but I'd wager many similar decisions are being taken.
Deleted User
Guest
- Location
- Wolverhampton
Deleted User
Guest
- Location
- Wolverhampton
Me too but buying my house was a bit beyond what I had.
Yep, I'm lucky enough to be taking home a decent wage, as is my wife. I am extending my existing £230,000 mortgage by £100,000 so it's an additional £500 a month now and an additional 5 years. When I was first looking, I was able to get the additional for about £100 more a month just by extending for 5 years.
To be honest I'm not that worried whether it's 15 or 20 years as we will likely sell the house before then, but the extra makes things tight with the increase in food and electricity costs. It's also concerning that if people like me are worried and feeling the pinch, switching from M&S to Aldi and trying to cut back on expenses, it must be absolutely devastating for people on lower incomes, first time buyers etc.
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Chislenko
Veteran
Yes mate, that was the exception. Borrowed the really large sum of £14000 back in the day. Scrimped and saved, second hand furniture, no car, second job in a bar at night, had it paid off in six years.
Those were the days when there were no penalties for paying off sums on a repayment mortgage so every time I had amassed a few hundred quid would go into the Halifax and pay it off the mortgage.
I am by my nature, debt averse, so have never borrowed a penny since!
Deleted User
Guest
- Location
- Wolverhampton
M&S to Aldi, you poor thing.
Chislenko
Veteran
Fair play to you, I would be absolutely cr-pping myself if I owed that much money regardless of income.
Just shows we all handle things differently.
Don't you mean new borrowers pay more?
D1, high earner, 50%LTV, first time buyer got a GREAT deal
I think we all have our thresholds. As the mortgage will still be less than 50% of the property value, I'm a little reassured - I can always sell the house (and probably will somewhere down the line). I was chatting to a friend the other night and she was a little worried about the mortgage she and her husband have, but theirs is somewhere between £500,000 and £750,000. But then I suppose if you can afford a house that's valued in the millions, you can afford the scary mortgage repayments!
Alex321
Guru
- Location
- South Wales
There were a bunch of posts, by several different people, where they used "lenders" when they actually meant "borrowers", but I think we all knew what was meant. And only one person before you actually commented on it.
Article in the Times this weekend was suggesting that interest rates may be lower over the 5 year term
So while many two-year fixes are approaching 6 per cent, five-year deals are still available at 3.73 per cent. Banks are telling you that they think rates will start to fall in a couple of years.
So while many two-year fixes are approaching 6 per cent, five-year deals are still available at 3.73 per cent. Banks are telling you that they think rates will start to fall in a couple of years.
