I wouldn't have an issue with a 1k mortgage... I am already overpaying to that amount anyway. It's all relative to income.
Interest rates increased
- Thread starter Dirk Diggler
- Start date
Not nessesarily, if the rooms are not doubles, or worse, hardly big enough to be singles.
I've a 2 bed place, but bed 2 would litterally be full with just a single bed in it. fine for me as its basically a wardrobe/storage room for me.
Associate
In his case 2 double, 2 large singles. When he got it all the rooms were enormous. (And I was being a little Sarcastic...)
I think that is the point, using bedrooms to value a property is flawed.
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Soldato
Some might wonder how people with 500 quid mortgages aren't rolling in cash...
Soldato
I wish my mortgage was £1k lol.
I'd be rolling in it.
try nearly double that, first time buyer too. Small 3bed(2 bed really with a box room) in west sussex. So that 1% bump in rate for me would be scary.
Rookie numbers, try 3k
I'm only fixed for 2 years so I have spent the "spare money" in buying lube.
Soldato
3k mortgage is bold, fair play. Hope you either kept the receipts for the lube or have some seriously good income protection insurance.Rookie numbers, try 3k
I'm only fixed for 2 years so I have spent the "spare money" in buying lube.
My 5 year fix is ending in September, desperate to try and renew soon. We fixed for 5 (at a relatively high rate of 2.32%) as expected brexit to be a disaster, turns out that it's been the lowest ever rates-wise, and my high fix is now ending just after rates pick up again, maddening. Around 3k in early repayment fees if I remortgage now with current provider, or no repayment fees if I do it no earlier than 1st July.
Mind you I think I can probably get a better deal away from current provider, but that means waiting another 3 months during which time rates will rise more. Groan.
Soldato
madness! not your first house is it?Rookie numbers, try 3k
I'm only fixed for 2 years so I have spent the "spare money" in buying lube.
2nd, I felt just as sick as I did then signing up to £1788/mo but ca la vie.
Tbh this one is so big I am in the "it's more their problem than mine" if I can't pay it back******* hell guys, 1, 2, 3k mortgages....absolutely crazy what you guys are forced into taking out.
Just to make you sick, mine's now £178 after the interest rate rises
Soldato
yup! that is why that 1-2% rise in rates for people who are paying CURRENT mortgage prices is scary.
if I was on a £500/month mortgage that 1,2,3 or 5% wouldn't scare me as much.
but what choice do I have? pay similar-ish to rent or buy and hopefully own it outright in the future? I know what I'd prefer.
Soldato
Would hate to be paying that much for one house. My total mortgage costs are £1769 but that is over 4 properties.
Soldato
The amount of people who will be paying tiny mortgages on houses they've been in for 20 years+, yet are earning current day 'market rate' salaries will be high. They are very lucky people.
How about we means test the whole of life. That would make it fair.
My mortgage when I get one will be between 33 and 40% of my after tax income. Someone else on the same pay as me might have 5% of their income on their mortgage.
All because of timing. I will never see 5% of my income spent on my mortgage, it will go from 30 ish percent to zero on the day its paid off.
A certain generation has benefited from concurrent house price growth and salary growth at the same time.
How about we means test the whole of life. That would make it fair.
My mortgage when I get one will be between 33 and 40% of my after tax income. Someone else on the same pay as me might have 5% of their income on their mortgage.
All because of timing. I will never see 5% of my income spent on my mortgage, it will go from 30 ish percent to zero on the day its paid off.
A certain generation has benefited from concurrent house price growth and salary growth at the same time.
Yep... pretty depressing but it is a pay to play society. The alternative is to move to a dump and hope it gentrifies to rip off the next generation.
Caporegime
You are missing the 2nd sentence which says "and I am getting £4k in rent to cover it all" lol
I'm paying 1200 rent for a 1 bed flat so can never end up getting a mortgage anyway******* hell guys, 1, 2, 3k mortgages....absolutely crazy what you guys are forced into taking out.
Just to make you sick, mine's now £178 after the interest rate rises
Soldato
That's natural economics though - inflation "erodes" debt in real terms. Salaries generally rise but you've really got to be in the right sector, be skilled and move jobs to really up your salary over time.
Soldato
Sure but if part of the reason for salary increases is to accomodate the cost of living, yet person A is mortgage free, then should he get the same salary as person B who just bought a house?
Our whole economy is backwards really, people should leave school earning £200k a year then it should fall over your lifetime. Obviously im being flippant, but more money is needed when you're young.
Soldato
I wish!
One is my home, one I bought to help a relative out, one is my family's old home, and have just bought another today to house my eldest whose just had a baby.
Property baron? Accidental (reluctant even!) landlord is far more apt.