This is the route we’ve just taken and today’s base rate reduction has just knocked £65 off before the mortgage has even started. However, we will be looking to move don’t works better for us.
Mortgage Rate Rises
- Thread starter glenimp617
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Man of Honour
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Hoping come our remortgage in October it’ll be a bit cheaper and thus will free up a bit more money in our pocket.
Its funny the perspective.
The whole reason housing costs are so ludicrous is exactly because banks are willing to loan exorbitant sums of money.
You could say:
The whole reason housing costs are so ludicrous is exactly because people are willing to borrow exorbitant sums of money.
Not true... the real reason why house prices are ridiculous are because of NIMBYs.. people who have already purchased houses and then refuse development or re-development of housing, causing the limited supply of houses to go up in prices.
The banks are only offering a service as people demand it, it would be business suicide not to offer a service that their rivals are doing.
When I was looking to buy, estate agents in my area was expecting buyers to offer way more the market prices and put up the differece betweeen the what the banks were prepared to lend for the house and the offering price.
Ah £20 a month better off, fanx BoE.
Realistically does it make that much of a difference? What's the realistic worst case scenario?Seems a strange take on things.
People are just trying to live. If renting was better financially long term, people would do that. It isn't in this system and likely never will be.
BOE decreased rates to 3.75%. There will come a point next year I expect where it would have been better if I had gambled on a tracker rather than a 2 year fix at 4.07%.
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Probably most sensible option.
I need to look into it a lot. There are a few options in the cards. But nothing I'm sure of yet
Why don't you just rent out your place and get a van to live in..... VANLIFE!!
This place wouldn't be good to rent out.
Its a small detached house with a garden that requires work.
So this house has to go. It's just what to do next.
Don’t worry, that’s not tax evasion, oh wait…
If you rent your house out, you can’t claim rent a room allowance. The clue is in the name, if you rent a room and you still have to live there in practice, not just on paper.
I’ve got till ‘29 at 4.4%
Your be surprised what would rent out... if the garden is big enough fence of a partition and get water to it, you can park your van there when your not travelling. It's probably better that the garden needs work, make it low maintance as possible before renting it out.
Not possible in this case. The majority of the work comes from 2 huge TPO trees.
Soldato
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Seems a good idea, good LTV opens up a wider choice of deals. Does the overpayment have the positive feedback effect of lowering your monthly mortgage payment
I’ve got till ‘29 at 4.4%
Urgh. '27 here at a much better 4.39.
It is true. Why did the government have to put stronger affordability rules in place after the last housing crash?
The availability to borrow absurd amounts of money in comparison to wages is absolutely a major reason for why house prices are silly, and often far, far exceed the actual construction/land cost.
Soldato
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you could argue it's entirely every governments fault, as if they had put in bigger restrictions, like one can only borrow 2 times their annual salary, this would force house prices to never exceed that, but then, this would probably so unpopular as home owners want to borrow more but aren't allow, that no government would ever thing to add a rule that strict. but then you could argue it's the voters fault for never voting in someone to deal with this issue.
house prices are always going to be pushed and increased to as much as possible which is limited to what people can afford to pay. as almost no one can buy out right, what someone can afford is limited to what they can borrow. and what someone can borrow is limited to the laws/rules set by banks.
who's at fault for that, well it can be argued many people are
house prices are always going to be pushed and increased to as much as possible which is limited to what people can afford to pay. as almost no one can buy out right, what someone can afford is limited to what they can borrow. and what someone can borrow is limited to the laws/rules set by banks.
who's at fault for that, well it can be argued many people are
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