Mortgage Rate Rises

so our mortgage advisor couldn't get the same deal as we did through our current lender - nationwide

78% LTV 5yr @4.39% and bumped up the term to max(before 65yr retirement) but we're aiming to continue over-paying as much as we can over the next 5 years.

he could only get the same deal at the same term so would've been £300+ extra a month over longer term we got.

wonder if nationwide only offers certain things to customers directly, he even asked his guy at nationwide and there was no way of him getting a switch to longer term and different deal.

anyway, we're ok with this, not great as it goes up by £100 a month but not as bad as it could have been.
 
DJMK4 said:
:(

I think i still have 3.5 years or 3 years on my 5 year fix

Im currently on a 3.95% rate
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Meh.. I don't think that's the end of the world as long as it's affordable for you... I can't see interest rates going back to the historic lows of the last few decades... It wouldn't supprise me if you can only get offers of 3.5-4% in 3yrs time.

Remember we have only 'enjoyed' low BoE base rates of 0.5% or whatever in reaction to the global financial crash from US sub-prime, and now it's getting more 'back to normal'.
 
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why do parents think they have to bank roll their kids house deposits for?? what happened to earn your own money and stand on your own two feet.

i remember buying my first house at 18yrs old, which is 31yrs ago now and it was 52k, worked my nuts off with overtime to save my 50% o fthe deposit which was 2.5k ( 10% of mortgage ) never once asked my parents for help and niether did my partner. Mortgage rate then was 5.25%
 
The Angry Welshman said:
why do parents think they have to bank roll their kids house deposits for?? what happened to earn your own money and stand on your own two feet.

i remember buying my first house at 18yrs old, which is 31yrs ago now and it was 52k, worked my nuts off with overtime to save my 50% o fthe deposit which was 2.5k ( 10% of mortgage ) never once asked my parents for help and niether did my partner. Mortgage rate then was 5.25%
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The average earnings vs average house price has shifted a bit since then…
 
The Angry Welshman said:
why do parents think they have to bank roll their kids house deposits for?? what happened to earn your own money and stand on your own two feet.

i remember buying my first house at 18yrs old, which is 31yrs ago now and it was 52k, worked my nuts off with overtime to save my 50% o fthe deposit which was 2.5k ( 10% of mortgage ) never once asked my parents for help and niether did my partner. Mortgage rate then was 5.25%
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It's probably because they have too many things that they just have to have.
 
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The Angry Welshman said:
why do parents think they have to bank roll their kids house deposits for?? what happened to earn your own money and stand on your own two feet.

i remember buying my first house at 18yrs old, which is 31yrs ago now and it was 52k, worked my nuts off with overtime to save my 50% o fthe deposit which was 2.5k ( 10% of mortgage ) never once asked my parents for help and niether did my partner. Mortgage rate then was 5.25%
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Do some reading about it and you’ll see that it’s much much harder these days.
 
The Angry Welshman said:
why do parents think they have to bank roll their kids house deposits for?? what happened to earn your own money and stand on your own two feet.
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Because what are the alternatives? Have them stay at home for another 10 years or whatever to save a deposit? Kick them out on the street? Let them rent and never be able to save for a deposit?

The Angry Welshman said:
i remember buying my first house at 18yrs old, which is 31yrs ago now and it was 52k, worked my nuts off with overtime to save my 50% o fthe deposit which was 2.5k ( 10% of mortgage ) never once asked my parents for help and niether did my partner.
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How many 52k houses are available now?

The Angry Welshman said:
Mortgage rate then was 5.25%
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And?
 
The Angry Welshman said:
quite a few in the welsh valleys, if your willing to put a shift in and do some grunt work.....
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So live in Wales where the house prices have apparently stayed the same as people's attitudes for the last 30 years :D

The Angry Welshman said:
as for the and on the mortgage rate, thats a lot higher than the current rates available and thats 31yrs ago as stated.
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I'd much rather pay 5.29% on a 52k mortgage than 4.5% on the current UK average house price of £299k

The Angry Welshman said:
Whats wrong with renting??
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Nothing if you're happy with never owning anything, paying off someone else's mortgage whilst having nothing to show for it. Not to mention all the other possible pitfalls such as bad landlords, inability to make changes to the property, possiblity to be kicked out with limited notice etc.
 
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Our first house sold 12 years ago for £155k and it just sold again for £260k. That’s a £105k or a 68% increase in 10 years.

£60k of that you can put down to inflation, the other £45k is a real terms increase. It’s expensive out there at the moment.
 
The Angry Welshman said:
i dont need to read about it as i work within the housing industry, so i know first hand what its like. But i still wouldnt bank roll my kids to get on the ladder, if they want it, then earn it... like i had too
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so you work in the industry and you don't know how difficult it is? odd.

nothing odd about parents with money helping their kids get on the ladder, especially when average property price is 14 times annual salary. I wonder how hard you had to work to get on the ladder at 18 ;) because it took me 8 years of saving for a deposit while getting above average salary to get 10% deposit scrapped together with no help. And I can tell you for sure, I did not start working at 8 years old.
 
grudas said:
so you work in the industry and you don't know how difficult it is? odd.

nothing odd about parents with money helping their kids get on the ladder, especially when average property price is 14 times annual salary. I wonder how hard you had to work to get on the ladder at 18 ;) because it took me 8 years of saving for a deposit while getting above average salary to get 10% deposit scrapped together with no help. And I can tell you for sure, I did not start working at 8 years old.
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i worked pretty damn hard, some weeks 60/70 hrs....... but i got there and got the house.

I know how hard it is, but with hard graft and a better attitude, so will the youngsters of today..... as long as the parents dont keep bailing them out
 
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Armageus said:
people's attitudes for the last 30 years :D

Nothing if you're happy with never owning anything, paying off someone else's mortgage whilst having nothing to show for it. Not to mention all the other possible pitfalls such as bad landlords, inability to make changes to the property, possiblity to be kicked out with limited notice etc.
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Yup because working hard is a bad attitude to have hey.....

Not all landlords are bad, neither are all Housing Associations or councils........as for the limited notice for evictions, we aint living in the 70s mate, theres laws and regulations now. it takes on average 3yrs to evict someone for rent arrears now and thats in extreme arrears. Landlords and HA's allow adaptions to properties and there is payback on the adaptions when you leave too.... someone needs to educate themselves better.
 
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