Mortgage Rate Rises
- Thread starter glenimp617
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Caporegime
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- 22 Oct 2002
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more likely to be gen x35k to go
I am a millennial and only 50k left. I haven't done nothing special though I just don't live in the south and bought at the perfect time. I could have paid it off by now actually but chose to buy a new car instead because YOLO baby.
Permabanned
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- by the tower the one up north ..
48K .. 2 of us .. ..
it's not much but will do for the next 3 yrs so we can semi retire at 60 
I guess it depends on where you live, and that's the problem, my exact same house a mile away over the border wouldn't be far off that for nothing special, and all those bigger houses between the two probably average out at a million each at least.
I'll just stay in the ghettos it's not that bad
48K .. 2 of us .. ..
200k makes it too hard to work out retiring
I'd rather have more holidays a longer mortgage and work more at the moment.
Only just been able to do this in last 2 years.
23 years left on mortgage. Could probably pay it off in 10 but fun (optional) stuff would take a hit. Like buying my van etc.
You can take a reasonable stab at incoming by looking at the mortgage. I mean my other half and I haven't gotten half a million on £25k a year
I'm with @413x though, yes we overpay slightly and we do/did plan to more but at the same time I could drop dead tomorrow so within acceptable limits I'm happy to let it run it's course.
I'm with @413x though, yes we overpay slightly and we do/did plan to more but at the same time I could drop dead tomorrow so within acceptable limits I'm happy to let it run it's course.
I get you guys wincing at a £630k mortgage but that’s just the reality of buying a house in London and the south east in 2023.
@dlockers has posted loads of renovation pictures of his house in home and garden and it’s a pretty normal size house and ‘in need of modernisation’ when he got it.
@dlockers has posted loads of renovation pictures of his house in home and garden and it’s a pretty normal size house and ‘in need of modernisation’ when he got it.
Deleted User 298457
Deleted User 298457
Also the reality of getting no leg up/generational wealth so my LTV sucks.
Checking in as I tick both of these boxes too. I'll be extremely lucky if I can clear my mortgage before I retire, but on current trends I'll be cashing out part of my pension to clear the last of it with these interest rates.
Deleted User 298457
Deleted User 298457
That's a great idea tbf. Need to math
Soldato
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- 14 Apr 2014
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- East Sussex
We will have 500K and 29 years left to go at renewal in 2025 (with 200K of equity in the property), combined salaries of 165K.
It's surprisingly close to being unaffordable at anything over 5% mortgage rate. Though I guess our salaries will go up a bit over the next 2 years.
We could probably manage 6% - but it wouod be tight.
It's surprisingly close to being unaffordable at anything over 5% mortgage rate. Though I guess our salaries will go up a bit over the next 2 years.
We could probably manage 6% - but it wouod be tight.
Do you still have 200k equity in this market?
Soldato
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- East Sussex
Yeah - it's a very unique property, it's effectively 2 dwellings on a generous plot on the edge of an AONB. So it's looking alright in that regard.
Don't underestimate piece of mind value into your calcs as well as a reserve for life contingencies. Sounds like you're already feeling it and who's to say rates will only go down.
If anyone works in the mortgage industry feel free to correct but I think banks like to use 35% of your net monthly take-home as an acceptable yard stick. If you stretch yourself too much even if nothing bad happens that mental fatigue and stress can't be worth it imo.
Deleted User 298457
Deleted User 298457
Yep. If anything it's gone up. A house much worse than mine has sold for about what I paid (waiting for land registry to update).
Only for sale here not really selling so much not that I'm paying a huge amount of attention.
Up for sale means little, it's completed transactions that matter.
This guy sold his house and seems to revel in the negative news. He is presenting facts though and it doesn't seem that great to me.
youtu.be
This guy sold his house and seems to revel in the negative news. He is presenting facts though and it doesn't seem that great to me.
Sellers Are Starting To PANIC! (UK House Price Crash)
The UK House Price CRASH is ACCELERATING and sellers are starting to PANIC with substantial HOUSE PRICE REDUCTIONS becoming more and more widespread on Right...
youtu.be
Deleted User 298457
Deleted User 298457
Post your own thoughts instead of someone else's?Up for sale means little, it's completed transactions that matter.
This guy sold his house and seems to revel in the negative news. He is presenting facts though and it doesn't seem that great to me.
Sellers Are Starting To PANIC! (UK House Price Crash)
The UK House Price CRASH is ACCELERATING and sellers are starting to PANIC with substantial HOUSE PRICE REDUCTIONS becoming more and more widespread on Right...