Reply With QuoteMust be. Depends on term (15, 25, 35 years) and assumes no changes within the time period selected but yep, that was the difference. Eye opening.Originally Posted by robinsongreen68
It's just for headlines, some nonsense will be announced and the public will think the Government are on the case!
Must be. Depends on term (15, 25, 35 years) and assumes no changes within the time period selected but yep, that was the difference. Eye opening.
100 per cent on it I heard.
That's what I thought ... I wonder what the bankers say when the pitch up in front of the politicians ...
Probably 110% ...100 per cent on it I heard.
11.36% now according to that Truflation tracker so it has come down sharpish in the last few days
That's excellent, I am sure we are on the road to recovery now! (Looks at current cabinet and shudders.)
I think it is core inflation that is currently the biggest concern, not the volatility of non-core items like food and energy.
I think that the link between electricity and gas prices has more to do with our outrageously high energy prices in the UK. Something that the Government could have and still can solve in minutes...
What information, if any, do you have to substantiate that statement?
11.11% now in the UK, down 0.25% in a week. At this rate only 9 months to go before inflation is back to normal (as if)
Mr 6% has landed
RIAC
A dream house nearby sold for 1.2m just under two years ago, family house and bunch of work, up for sale for £1.5m now. Doesn’t make sense why they’d be selling and sister in law is friends with the previous owner so asked if they know why the new owner is selling.
Two year fix with £800k loan. Rate expires Sept. Ouch.
This sounds like the biggest load of pish I’ve ever heard.
Can’t believe anyone hasn’t called you out on it.
“White Flight”?
“Green Levies” causing all of our inflation?
Where on earth do you get your ideas from. Have a look at yourself man.
When I bought my house 2 years ago the rate was 1.59 % With everything going on with the move I didn't even think to ask about a longer term fix (silly as previous was fixed for 5 years but there you go)...
When I was buying the Estate Agent & Solicitor were amazed my mortgage was so small (350k) so I think there will be a lot of very over leveraged people who may have a problem soon.
I have been lucky and my payments have increased from 2,500 approx a month to 2,840 from this month (3.96 fixed now for 5 years) so not helpful but not impossible, although 20k additional over the 5 years that could have been more usefully spent.
I’m from Enfield originally and while it’s a lot less white today than it was when I was growing up I have sincere doubts that you can afford to buy in Cambridge after selling in Enfield. Has to be BS for that alone.
What I find more interesting is what makes one specific group of people flock to one specific area. I get it with the Irish in Cricklewood and Kilburn back in the day due to no blacks, no dogs and no Irish, but what is it about Cheshunt and Turks? Like moths to a flame.
Last edited by wileeeeeey; 4th July 2023 at 16:50. Reason: Autocorrect
Who deosn't like a good chest-nut...?
£350k being small is an eye opener. We had £250k 13 years ago and thought that was scary at the time when we weren’t quite as high on the income scales. That was our stretch, and to be honest once that was in reach of being paid off, we had no intent to move or upgrade.
There are only 2 of us in a 4 bed family home, we have all the space we need day to day. Just feels cramped (to us) when there are 4 people in there as we just aren’t used to it.
We will stay here until we retire as location near Reading is handy for work. It allows us to do things in the house that make it perfect for what we want, like a stupidly expensive kitchen, but has given me an amazing cooking space now.
Wiley, £800k end of fixed, dear god that sends shivers down my spine just reading it. Twitchy few months in the lead up to the end of term.
Yeah location here is pretty ideal here too re logistics and work but lack of garage is still a sore spot. More rooms than people but with a wfh office each bedrooms soon start to vanish.
800k coming to a close must be terrifying. They’ve put it up for £1.5m which isn’t going to happen so after the money they’ve put in and fees I think they’ll be coming out with a bit of a sting.
Makes my sh*tting the bed over my £450k mortgage look like nothing!
Still very annoying that banks are not passing that onto savers
RIAC
I read the figures on here and shudder. Numbers that I cannot even begin to imagine. We haven't earned enough to pay tax for about 15 years now, what kind of salary scale are people on to be able to pay for a £450,000 mortgage? I bet that is close to what I have earned in my lifetime. I also remember when interest rates were 15% base and if you could get 2.5% over base as your personal loan rate you were doing well as most people were on 3% over base. The world has left us far behind.
A 450k Mortgage is a couple earning 75k each, not that unusual in the larger cities nowadays
Yes it is readily achievable but still a squeeze you don’t want to have.
Yes but you made a very important decision to be there. That’s the primary piece that determined your position & if you didn’t do it, you couldn’t look in the mirror.
It’s awful you had to, but luckily you were able to make the decision vs those that couldn’t. Now that would be really brutal not being able to intervene.
Sole earner here, crystallises the mind somewhat:)
It would be £50k each, possibly less. Scary times for some
I thought you had summat like 3 to 5 more years on a fix at sub 2 percent...so nowt to worry about ryan...farting through silk fella congrats.
Judging by the prices of the homes you guys were posting earlier in the thread which looked like normal family abodes then it's no wonder people are having to take on massive mortgages.
I still maintain you will be fine in the long term with good property.
Historically rates are over 7%. People really should have had their offers stress tested to say 8%.
Again I think lenders have been a bit loose with offers.
I dont think it’s all down to the lenders. They have been stressing their rates for increases for years and most loans are restricted at 4.49 x income. It’s the unsecured debt that affects the affordability. Covid and cheap finance and people have been going crazy for cars and trinkets.
Never heard that phrase before and gave me a chuckle on the train - thanks
€ 400k + is de avarage house price in the Netherlands.
If you want a house in the city you can multiply that…
They will be the first to want to know how the government is going to "help" them too when things go bad.
Maybe they don't have a choice? Mortgage payments were until very recently cheaper than renting. Worst case if it all goes belly up you give the house back and are back where you were in the 1st place
im not disputing that but i also stand over the statement that there are plenty of couples (young couples) with a combined income of 150k, as another poster said banks will lend at higher multiples so you may well get a 450k mortgage at 120k combined income, personally i wouldnt be that comfortable with that multiple of income but people are.
In ireland our rates are lower here you can still fix a mortgage at 3.75% if you are under 80% leveraged on the house and we have a massive issue with rental costs in Dublin (2k a month for a 2 bed apartment is normal now, and a 4 bed house in any sort of decent area is 5-7.5k per month rent) so mortgages are cheaper than renting for most.
But doesn't the age old problem of first time buyers being unable to save the 20% deposit because of rental costs still apply as it does here?
I took a five year fixed at 1.89% which ends in October next year. Hopefully rates will have reduced a bit by then, so fx for that.
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indeed although here FTB can buy with a 10% deposit.
Many move back in with their folks to save.
That must be the only way for many for sure.
Exactly like it is over here.
Interesting that both countries differ so much but the housing problems sound so much the same.
People over here start sharing appartments. Just like students do. Just terrible.
I am in the process of relocating one of my London based guys to Dublin and we have to pay him an extra Dublin cost of living weighting on his salary as Dublin costs more than London!
The wort case is being in negative equity - wouldn't you need to declare bankruptcy to avoid it (if that's allowed) Giving the house back won't let you escape that.
Agreed. Some people just make poor financial choices and when it goes wrong will expect government help.
I paid my mortgage down with great enthusiasm when I was younger. I would never have dreamed of buying a Rolex or flash car until the mortgage was paid.
I still dream of a flash car, maybe one day.
Utter nonsense.
Like said above; renting is more expensive than paying mortgage. Except the uber rich people, average people are leveraged maxed. You have got to live somewhere. Put in the equation a starting family and there you have it. Nothing to do with poor financial choices. It’s how it is these days.
i didnt think it was that bad
Kinda surprised me too.i didnt think it was that bad
Life, all about choices, personal agency...and luck...I really had no choice except to leave where I was born and bred, it's one of those areas in need of levelling wotsit, all the common goods gone the way of the Dodo, little opportunity, thus away to that London and start from scratch.
I suppose in a sense you were lucky to only have to move to a different part of town.
Last edited by Passenger; 5th July 2023 at 11:55.
All that extra Guinness doesn't come cheap.i didnt think it was that bad
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