Mortgage Rate Rises

413x said:
I'd be quitting work at 40! :D

I do love when someone drops a "high earner" carrot. And the forum Ignites!
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Usually it's because said person is just getting their wang out, slapping it on the table and saying "ave it" towards everyone else....

In the example above, a mention of the mortgage increase is sufficient. The addition of the "it's only 15% of monthly net" is easily read as coming across like my point above...
 
sigma said:
I think @Classic Blue Theme can beat that?
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Yeah not looking good atm

tpWG0Lj.png


Edit: this is me extending the term back to 25 years too.
 
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jonneymendoza said:
Well when we was in the EU, we was geting quality people coming in.

for instance, if you are a Software developer from poland, its better to go to germany or Amsterdam then to london.

Basically why go to london when you can go to germany etc ?

The quality specialised engineers are slowly shying away from the UK because of Brexit.
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Can't they just work remotely? Company I work for has literally tons of Romanian Devs on the payroll. Brexit changed nothing.
 
neocon said:
Can't they just work remotely? Company I work for has literally tons of Romanian Devs on the payroll. Brexit changed nothing.
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Our firm is similar, before we left the EU we established local entities on all the EU countries we had a major presence in, obviously it costs a bit, but it's still better than leaving the EU labour market for us at least
 
Is compound interest calculated daily, weekly, monthly or yearly? Does it just depend on the provider?


Classic Blue Theme said:
Yeah not looking good atm

tpWG0Lj.png


Edit: this is me extending the term back to 25 years too.
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A 25 year term with those rates and monthly payments, you'll be paid off by month 71.

A great compound interest calculator I found. Not mine, from Vertex42. Should work and its shared read-only. @Classic Blue Theme I used your example but change as needed.

docs.google.com

compound-interest-calculator.xlsx

docs.google.com docs.google.com



My offer has been accepted by Santander, it just needs finalising today and submitting.
£100,000 borrow, 10 year term, 5 year fixed at 5.79%
£1099 PCM / no fee / free legals
Santander will allow the product to be switched (if interest rates do drop a bit) anytime after offer


I've calculated I can have this paid off in 5 years if I overpay by £825 a month. (£1924 total)

If I had the same rate I did 5 years ago, id be 10k better off...

BUT... If I applied for the same mortgage I did 5 years ago (2.21%, 25 year yer, £834/month) but with the interest rates today after 5 years it would have gone from 192,000 balance to 198,000 balance! :D At 2.1% it would have been 161,500 balance! For it to be around the same balance after 5 years, the monthly payments would have gone from £834/month to £1400/month. That was impossible at the time

Thankfully I overpaid my balls off, paid my 'gifted' loan back and borrowed more money to bring it down to 100k.

Yes, I could look at high interest rate savings account instead but Id rather just have my mortgage paid off so I can either pay £0 / month (sounds incredible!) rent this place out and move somewhere else or sell up (which would be stupid based on the location and rental potential)
 
Guest2 said:
Is compound interest calculated daily, weekly, monthly or yearly? Does it just depend on the provider?



A 25 year term with those rates and monthly payments, you'll be paid off by month 71.

A great compound interest calculator I found. Not mine, from Vertex42. Should work and its shared read-only. @Classic Blue Theme I used your example but change as needed.

docs.google.com

compound-interest-calculator.xlsx

docs.google.com docs.google.com



My offer has been accepted by Santander, it just needs finalising today and submitting.
£100,000 borrow, 10 year term, 5 year fixed at 5.79%
£1099 PCM / no fee / free legals
Santander will allow the product to be switched (if interest rates do drop a bit) anytime after offer


I've calculated I can have this paid off in 5 years if I overpay by £825 a month. (£1924 total)

If I had the same rate I did 5 years ago, id be 10k better off...

BUT... If I applied for the same mortgage I did 5 years ago (2.21%, 25 year yer, £834/month) but with the interest rates today after 5 years it would have gone from 192,000 balance to 198,000 balance! :D At 2.1% it would have been 161,500 balance! For it to be around the same balance after 5 years, the monthly payments would have gone from £834/month to £1400/month. That was impossible at the time

Thankfully I overpaid my balls off, paid my 'gifted' loan back and borrowed more money to bring it down to 100k.

Yes, I could look at high interest rate savings account instead but Id rather just have my mortgage paid off so I can either pay £0 / month (sounds incredible!) rent this place out and move somewhere else or sell up (which would be stupid based on the location and rental potential)
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Most providers charge daily interest now
 
Mercenary Keyboard Warrior said:
Years ago they calculated your interest annually.
You paid the whole year as if your balance was the same as it was at the start of the year.
It was very much a win for consumers when they moved to daily interest.
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What I was thinking. Surely its best for consumers for it to be calculated daily instead of point in time be a month ago, week ago or year ago. (where you would pay more)
 
Guest2 said:
What I was thinking. Surely its best for consumers for it to be calculated daily instead of point in time be a month ago, week ago or year ago. (where you would pay more)
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Very much so

They didn't even used to reflect interest rate changes. The whole thing was updated once a year!
then over time its become faster and faster with everything basically real time.

Overpayments for example you didnt make until end of the year since they were not taken into account in interest calcs until the next annual account review.
 
We will have to move soon one way or another. Because if sea level rises start to scare people out of low lying homes we might never get out!
 
413x said:
We will have to move soon one way or another. Because if sea level rises start to scare people out of low lying homes we might never get out!
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Sea level rise, most onerous case is 0.8m to the end of this century. Most likely 0.5m. Otherwise London is in deep ****.
 
Hagar said:
Sea level rise, most onerous case is 0.8m to the end of this century. Most likely 0.5m. Otherwise London is in deep ****.
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You know its going to be higher.
all these predictions seem conservative
 
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413x said:
You know its going to be higher.
all these predictions seem conservative
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I'm talking mean sea levels and a lot if work has gone into predicting this. Storm surges can easily lift this figure by a metre or more though.
 
413x said:
We will have to move soon one way or another. Because if sea level rises start to scare people out of low lying homes we might never get out!
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Get ahead of it, live on a boat.

Your home is 1/3rd of the oceans surface. You can move if you don't like your neighbours. Rising sea levels only gives you more surface area as potential space.
 
Hagar said:
I'm talking mean sea levels and a lot if work has gone into predicting this. Storm surges can easily lift this figure by a metre or more though.
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I still think it'll be worse. It always is.
We're hitting new records for temperature regularly.
Not willing to take the chance with a house that may be valued at 0 if wait too long
 
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